Dave Forsey Chief Executive 19 July 2012 - Sports Direct International

The movements in the present value of the plan liabilities are as follows:
53 weeks ended
29 April 2012
(£’000)
52 weeks ended
24 April 2011
(£’000)
At the start of the period (53,044) (52,888)
Current service cost (7) (9)
Interest cost (2,526) (2,564)
Actuarial (loss) / gain (5,539) 869
Employee contributions (9) (14)
Benefits paid out 1,636 1,511
Exchange gain 66 51
At the end of the period (59,423) (53,044)
The net movements in the net present value of the plan liabilities were as follows:
53 weeks ended
29 April 2012
(£’000)
52 weeks ended
24 April 2011
(£’000)
Net liability at the start of the period (16,186) (19,739)
Movement in fair value of plan assets 3,247 3,709
Movements in the present value of the plan liabilities (6,379) (156)
Net liability at the end of the period (19,318) (16,186)
In addition to the amounts recognised in relation to the defined benefit retirement plans, amounts of £187,000 and £132,000 have been
recognised in the income statement in the periods ended 24 April 2011 and 29 April 2012 in relation to defined contribution retirement
benefit plans.
25. Deferred tax asset and liabilities
Accounts depreciation
exceeding tax depreciation
(£’000)
Tax losses
recoverable
(£’000)
Pension plan
liabilities
(£’000)
Other temporary
differences
(£’000)
At 25 April 2010 (6,204) 1,475 5,527 (26,643) (25,845)
Credited / (charged) to the income statement 2,458 (575) (395) 5,286 6,774
Credited to the statement of comprehensive income - - - 4,276 4,276
Foreign exchange adjustments - - - - -
At 24 April 2011 (3,746) 900 5,132 (17,081) (14,795)
Credited / (charged) to the income statement 5,066 (375) (350) 2,946 7,287
Credited to the statement of other comprehensive income - - 1,430 14,229 15,659
Foreign exchange adjustments - - - (1,315) (1,315)
At 29 April 2012 1,320 525 6,212 (1,221) 6,836
29 April 2012
(£’000)
Total
(£’000)
24 April 2011
(£’000)
Deferred tax assets 32,625 13,443
Deferred tax liabilities (25,789) (28,238)
Net deferred tax balance 6,836 (14,795)
Deferred tax assets are recognised for tax losses recoverable and pension plan liabilities to the extent that realisation of the related tax benefit is
probable on the basis of the Group’s current expectations of future taxable profits.
Included within other temporary differences is a deferred tax asset in relation to the bonus share scheme and a deferred tax liability recognised
on other intangible assets upon acquisition.
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