NATS-Annual-Report-2015

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Annual Report and Accounts 2015 | NATS Holdings Limited Financial Statements 110 Notes forming part of the consolidated accounts (continued) 11. Tax 2015 2014 £m £m Corporation tax Current tax 36.1 32.5 Adjustments in respect of prior year (0.5) (0.6) 35.6 31.9 Deferred tax (see note 22) Origination and reversal of temporary timing differences 7.6 9.9 Effects of tax rate change on opening balance 0.2 (13.6) 7.8 (3.7) 43.4 28.2 Corporation tax is calculated at 21% (2014: 23%) of the estimated assessable profit for the year. The charge for the year can be reconciled to the profit per the income statement as follows: 2015 2014 £m % £m % Profit on ordinary activities before tax 200.3 157.5 Tax on profit on ordinary activities at standard rate 42.1 21.0 36.2 23.0 in the UK of 21% (2014: 23%) Tax effect of change in corporation tax from - - (13.7) (8.7) 21% to 20% (2014: 23% to 20%) Patent box (1.1) (0.5) (0.9) (0.6) Loss/(profit) on disposal - - (0.6) (0.4) Goodwill impairment 3.6 1.8 7.4 4.7 Tax effect of prior year adjustments (0.5) (0.2) (1.0) (0.6) R&D expenditure increased deductions (0.1) (0.1) - - Other permanent differences (0.6) (0.3) 0.8 0.5 Tax charge for year at an effective tax rate of 21.7% (2014: 17.9%) Deferred tax credit taken directly to equity (see note 22) 43.4 21.7 28.2 17.9 (76.4) (13.1) Financial Statements
Annual Report and Accounts 2015 | NATS Holdings Limited Financial Statements 111 Notes forming part of the consolidated accounts (continued) 12. Dividends 2015 2014 £m £m Amounts recognised as dividends to equity shareholders in the year: First interim dividend of 35.65 pence per share (2014: 32.51 pence per share) paid in May 2014 51.0 46.5 Second interim dividend of 18.18 pence per share (2014: 10.84 pence per share) paid in 26.0 15.5 November 2014 77.0 62.0 In May 2015, the Board declared an interim dividend for the year ending 31 March 2016 of 38.03 pence per share, totalling £54.4m which was paid in June 2015. 13. Goodwill £m Cost At 31 March 2014 and 31 March 2015 351.0 Accumulated impairment losses At 1 April 2013 - Impairment provision recognised in income statement 32.0 At 1 April 2014 32.0 Impairment provision recognised in income statement 17.0 At 31 March 2015 49.0 Carrying amount At 31 March 2015 302.0 At 31 March 2014 319.0 The group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. The carrying value is determined by reference to value in use calculations and the net realisable value of the regulated asset bases of UK Air Traffic Services and North Atlantic Air Traffic Services, representing the cash generating units, including opportunities for outperformance of regulatory settlements and market premia for economically regulated businesses (assumed at 5-6 %, 2014: 7-8 %). The key assumptions for value in use calculations are the discount rate, future cash flows to the end of Reference Period 2 (31 December 2019 for UK Air Traffic Services and 31 March 2020 for North Atlantic Air Traffic Services) as assumed in the group’s business plans, and a terminal value at that date, reflecting the regulatory asset bases of £1,175.4m (2014: £1,174.8m) and a market premium which is assessed annually. The group’s business plans reflect the outcome of the latest price control review which included forecasts of traffic volumes reflecting the current economic environment. The discount rate is a pre-tax nominal rate of 9.42% (2014: 10.28%) for cash flows arising in Reference Period 2. See note 3. Financial Statements
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NATS-Annual-Report-2015

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