10773 AirlingPDF - Aer Lingus

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AER LINGUS GROUP PLCNOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED7. TaxationThe tax charge for the year comprises: 2000 1999€000 €000Current taxIrelandCorporation tax 5,165 4,801OverseasCorporation tax 1,297 1,347Total current tax 6,462 6,148Deferred taxOrigination and reversal of timing differences 11,938 (3,864)Effect of discount (1,529) 460Total deferred tax 10,409 (3,404)16,871 2,744The differences between profit on ordinary activities multiplied by the standard Irish corporation tax rate of 24% (1999: 28%)and the current tax charge for the year are:2000 1999€000 €000Profit on ordinary activities before tax multipliedby standard Irish corporation tax rate of 24% (1999: 28%) 21,384 16,675Effects of:Expenses not deductible for tax purposes 2,414 397Depreciation in excess of capital allowances 130 145Utilisation of tax losses (8,749) 258Utilisation of provisions (3,318) 3,446Differences in tax rates (5,399) (14,773)Current tax charge for year 6,462 6,148In prior years, the Group applied the provisions of SSAP 15 (Accounting for deferred tax), which only permitted a provisionto be made for deferred tax to the extent that it was expected to become payable in the foreseeable future. Following itspublication in December 2000, the Group has applied the provisions of FRS 19 (Deferred tax), which supersede those of SSAP15 and require provision to be made for deferred tax on all timing differences which have originated at the balance sheet date.The effect of this change in policy is to reduce the tax charge in 1999 by €3.5m and to increase the deferred tax provision andreduce shareholders funds at 31 December 1999 by €6.7m. The effect of the change in 2000 is to increase the deferred taxcharge by €10.4m.30
AER LINGUS GROUP PLCNOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED8. Earnings per share2000 1999Weighted average number of shares in issue (‘000) 255,790 254,655Profit for the year (€000) 71,626 55,465Earnings per share (cents) 28.0c 21.8cProfit for the year from continuing operations before exceptional items (€000) 66,080 60,314Earnings per share – continuing operations before exceptional items (cents) 25.8c 23.7c9. Tangible AssetsFlight Property Ground Other TotalEquipment Freehold/ Equipment EquipmentLeasehold€000 €000 €000 €000 €000CostBeginning of year 688,952 40,833 54,515 43,726 828,026Additions 100,834 6,344 5,365 16,904 129,447Disposals (2,024) (109) (2,560) (3,251) (7,944)Reclassifications - 715 (1,519) 804 -End of year 787,762 47,783 55,801 58,183 949,529DepreciationBeginning of year 203,352 25,062 32,147 26,369 286,930Charge for year 41,975 2,138 3,943 5,887 53,943Disposals (330) (7) (2,407) (2,840) (5,584)Reclassifications - 715 (1,519) 804 -End of year 244,997 27,908 32,164 30,220 335,289Net Book ValueEnd of year 542,765 19,875 23,637 27,963 614,240Beginning of year 485,600 15,771 22,368 17,357 541,096Leased assets included in the above:Net book value - end of year 386,281 - - - 386,281Net book value – beginning of year 402,413 - - 13 402,42631
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