Reuters Group PLC Annual Report and Form 20 ... - Thomson Reuters

More documents

Recommendations

Info

40 Reuters Group PLC Annual Report and Form 20-F 2002Notes on the consolidated profit and loss accountcontinued2. Operating costs continuedFees payable to PricewaterhouseCoopers were as follows:2002 % 2001 % 2000£m change £m change £mAudit fees:United Kingdom 0.9 – 0.9 – 0.9Overseas 1.4 8% 1.3 44% 0.92.3 5% 2.2 22% 1.8Audit-related services:United Kingdom 0.6 0.2 (82%) 1.1Overseas 0.9 (68%) 2.8 133% 1.21.5 (50%) 3.0 30% 2.3Non-audit services:United Kingdom 4.3 (47%) 8.1 56% 5.2Overseas 1.0 (44%) 1.8 (68%) 5.65.3 (46%) 9.9 (8%) 10.89.1 (40%) 15.1 1% 14.9The United Kingdom audit fee of £0.9 million includes £10,000 in respect of the parent company audit.Non-audit services were as follows:2002 % 2001 % 2000£m change £m change £mManagement consultancy 3.4 (52%) 7.1 45% 4.9Taxation advice 1.7 (19%) 2.1 (43%) 3.7Other 0.2 (71%) 0.7 (68%) 2.25.3 (46%) 9.9 (8%) 10.8Management consultancy fees represent fees earned by PwC Consulting, which ceased to be part of PricewaterhouseCoopers on 1 October 2002.The directors consider it important that the company has access to a broad range of external advice, including from PricewaterhouseCoopers.Where appropriate, work is put out to competitive tender. The Audit Committee monitors the relationship with PricewaterhouseCoopers,including the level of non-audit fees.3. Net interest receivable/(payable)2002 2001 2000£m £m £mInterest receivable:Listed investments 1 1 5Unlisted investments 19 28 19Share of joint ventures and associates interest (see note 16) 9 16 1329 45 37Interest payable:Bank loans and overdraft (4) (3) (3)Other borrowings (45) (51) (31)(49) (54) (34)(20) (9) 3
Reuters Group PLC Annual Report and Form 20-F 2002 414. Taxation on profit on ordinary activities2002 2001 2000£m £m £mUK corporation taxCurrent tax on income for the period 43 37 292Adjustments in respect of prior periods (13) (19) (40)30 18 252Double taxation relief (7) (23) (264)23 (5) (12)Foreign taxCurrent tax on income for the period 82 150 133Share of tax of joint ventures and associates (see note 16) 6 (4) 1Adjustments in respect of prior periods (9) 16 1579 162 149Total current tax 102 157 137Deferred taxation (see note 24)Deferred tax in respect of the current period (61) (50) (1)Deferred tax in respect of prior periods (18) – –(79) (50) (1)Tax on (loss)/profit 23 107 136In accordance with the requirements of the FRS 19 ‘Deferred Tax’, a reconciliation of the current tax charge on ordinary activities for the periodreported in the profit and loss account is set out below.2002 2001 2000£m £m £mCorporation tax on pre-tax (loss)/profit at UK nominal rate of 30% (148) 48 197Non tax deductible amortisation of goodwill and other intangibles 88 28 21Adjustments in respect of prior years (22) (3) (25)Permanent differences 13 2 26Book profit on TSI public share issues not taxable – – (47)Tax deduction arising from exercise of employee options – – (60)Book profit on Instinet IPO not taxable – (60) –Non tax deductible investment impairments 77 86 –Fixed asset related timing differences 1 5 (4)Non fixed asset related timing differences 39 11 5Tax losses not currently utilised 35 35 10Tax on dividend received on acquisition of Island 10 – –Other differences 9 5 14Total current tax 102 157 137The other differences are primarily due to overseas profits taxed at rates differing from those in the UK and the geographical mix of profits.No tax is expected to fall due in respect of the disposal of fixed asset investments, subsidiaries and associates in 2002 (2001: nil).There is no tax impact on the unrealised gains arising in 2002 (2001: nil).5. Dividends2002 2001 2000£m £m £mInterim paid 53 54 51Final (2002 proposed) 86 86 173139 140 224Per ordinary share Pence Pence PenceInterim paid 3.85 3.85 3.65Final (2002 proposed) 6.15 6.15 12.3510.00 10.00 16.00
Page 1 and 2: The 2002 Results.Be informed.Reuter
Page 3 and 4: Reuters Group PLC Annual Report and
Page 11 and 12: Directors’ reportReuters Group PL
Page 39 and 40: Notes on the consolidated profit an
Page 41: Reuters Group PLC Annual Report and
Page 51 and 52: Reconciliation of movements in shar
Page 65 and 66: Accounting policiesReuters Group PL
Page 67 and 68: Summary of differences between UK a
Page 73 and 74: Information for shareholdersReuters
Page 83 and 84: Eleven year consolidated financial
Page 87 and 88: Financial diary for 2003Where to fi

Reuters Group PLC Annual Report and Form 20 ... - Thomson Reuters

Create successful ePaper yourself

Delete template?

Save as template?