Consolidated profit and loss account - Stagecoach Group

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Notes to the accounts 2003 Note 7 Taxation on (loss)/profit on ordinary activities (a) Analysis of charge in the year 2003 2002 Performance Goodwill and Results Performance Goodwill and Results pre goodwill exceptional for year pre goodwill exceptional for year and exceptionals items and exceptionals items »m »m »m »m »m »m Current tax: UK corporation tax at 30% (2002 ^ 30%) 24.7 Nil 24.7 12.6 Nil 12.6 Share of joint ventures’ current tax 2.4 Nil 2.4 0.2 Nil 0.2 Share of associates’ current tax 0.3 Nil 0.3 3.1 Nil 3.1 Foreign tax (current year) 3.2 Nil 3.2 2.8 Nil 2.8 Foreign tax (adjustments in respect of prior periods) (3.6) Nil (3.6) (0.3) Nil (0.3) Total current tax 27.0 Nil 27.0 18.4 Nil 18.4 Deferred tax: Origination and reversal of timing differences (0.2) (3.8) (4.0) 7.4 (9.2) (1.8) Adjustments in respect of prior periods 2.0 Nil 2.0 (1.6) Nil (1.6) Total deferred tax 1.8 (3.8) (2.0) 5.8 (9.2) (3.4) Tax on (loss)/profit on ordinary activities 28.8 (3.8) 25.0 24.2 (9.2) 15.0 (b) Factors affecting tax charge for the year 2003 2002 »m »m (Loss)/profit on ordinary activities before tax (500.2) 42.0 (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 30% (150.1) 12.6 Effects of: Goodwill amortisation 7.7 11.6 Impairment loss 172.5 Nil Non-deductible expenditure 4.4 0.7 Capital allowances for period in excess of depreciation (4.3) (7.1) Losses not utilised (2.1) 4.1 Movement in general provisions and other short term timing differences 5.6 2.8 Foreign taxes differences (3.1) (4.8) Adjustments to tax charge in respect of prior periods (3.6) (1.5) Current tax charge for the year (note 7(a)) 27.0 18.4 (c) Factors that may affect future tax charges No provision has been made for deferred tax on rolled over gains. The total amount unprovided for is »3.3m (2002 ^ »3.3m). No deferred tax is recognised on the unremitted earnings of overseas subsidiaries, associates and joint ventures unless a binding agreement exists at the balance sheet date to remit such earnings in the future. Deferred tax assets in respect of corporation tax losses carried forward within UK companies are provided against where the recoverability is in doubt. 51
Notes to the accounts 2003 Note 8 Dividends 2003 2002 »m »m Ordinary shares ^ interim paid (0.8 pence (2002 ^ 1.3 pence) per share) 10.6 17.1 ^ final proposed (1.8 pence (2002 ^ 1.3 pence) per share) 23.7 17.0 34.3 34.1 During the year, a share alternative was offered in respect of the interim dividend of 0.8 pence per share. The cash cost to the Company is unaffected but the cash is used by the Company’s registrars to acquire shares to be provided to shareholders as an alternative to the cash dividend. The alternative comprised ordinary shares with a market value of 36.13 pence per existing ordinary share. A similar arrangement applied to last year’s final dividend of 1.3 pence per share, the relevant market value being 22.00 pence per existing ordinary share. Note 9 (Loss)/earnings per share (Loss)/earnings per share have been calculated in accordance with FRS 14 ‘‘Earnings per Share’’ by calculating Group (loss)/profit on ordinary activities after tax, divided by the weighted average number of shares in issue during the year based on the following: 2003 2002 (Loss)/ Weighted (Loss)/ (Loss)/ Weighted (Loss)/ earnings average no. earnings earnings average no. earnings of shares per share of shares per share »m million pence »m million pence Basic (525.2) 1,314.4 (40.0) 27.0 1,309.9 2.1 Adjusted (pre goodwill and exceptional items) 84.1 1,314.4 6.4 82.6 1,309.9 6.3 Dilutive shares ^ Executive Share Option Scheme ^ 2.3 Nil ^ 0.1 Nil ^ Employee SAYE Scheme ^ Nil Nil ^ 0.2 Nil Diluted excluding goodwill and exceptional items 84.1 1,316.7 6.4 82.6 1,310.2 6.3 Include goodwill and exceptional items (55.6) ^ (4.2) Diluted 27.0 1,310.2 2.1 (Loss)/earnings per share before goodwill and exceptional items is calculated after adding back goodwill amortisation and exceptional items after taking account of taxation, as shown on the consolidated profit and loss account on page 36. This has been presented to allow shareholders to gain a clearer understanding of the underlying performance. In accordance with FRS 14, share options are only treated as dilutive in the calculation of diluted earnings per share if their exercise would result in the issue of ordinary shares at less than fair value. Potential ordinary shares are only treated as dilutive where the effect is to reduce earnings per share or increase loss per share. Accordingly, the basic loss per share for 2003 has not been adjusted for the dilutive shares as the effect would be to reduce the loss per share. 52
Page 1 and 2: Consolidated profit and loss accoun
Page 3 and 4: Company balance sheet As at 30 Apri
Page 5 and 6: Consolidated statement of total rec
Page 7 and 8: Notes to the accounts 2003 Note 1 S
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Consolidated profit and loss account - Stagecoach Group

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