GPG Report & Accounts 2003 - Guinness Peat Group plc

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GUINNESS PEAT GROUP PLC • ANNUAL REPORT • 3924. Provisions for Liabilities and ChargesGroupCompanyYear ended 31 December 2003 2002 2003 2002£000 £000 £000 £000Deferred tax 1,849 7,388 – –Pension liabilities 978 1,068 – –Onerous lease commitments 6,980 6,116 1,087 966Other provisions 855 1,212 – –10,662 15,784 1,087 966Deferred Pension Onerous Othertax liabilities leases provisions Total£000 £000 £000 £000 £000GROUPAt 1 January 2003 7,388 1,068 6,116 1,212 15,784Currency translation differences 1,067 (63) 294 40 1,338Acquisition of subsidiaries (note 32) – – 1,068 – 1,068Utilised in year – (53) (1,217) (547) (1,817)Charged to the profit and loss account (3,105) 26 499 135 (2,445)Unwinding of discount – – 220 15 235Released from reserves (3,501) – – – (3,501)AT 31 DECEMBER 2003 1,849 978 6,980 855 10,662Overseas taxation of £200,000 (2002: £3,500,000) has been provided in respect of timing differences that are not expected toreverse in the foreseeable future.Notes:i) Included in the Group’s provisions for onerous leases, pensions and other commitments are amounts totalling £1,738,000 (2002:£2,590,000) which are payable within one year. The leases relate to buildings which are no longer occupied by the Group. In many cases,sub-leases have been granted in respect of these buildings but where the rent receivable is insufficient to cover the lease commitments aprovision has been made for the deficit. The provision covers the period to 2023 (2002: 2023) and is based on assumptions concerningthe outcome of rent reviews and the rent receivable from new sub-tenants, both of which are uncertain. The expected future cash flowshave been discounted on a pre-tax basis at nominal interest rates of 5.0% (UK) and 3.0% (Germany).ii) Other provisions mainly comprise post retirement healthcare obligations for former employees of Staveley in the UK and the US. Theseliabilities expire on the death of the beneficiaries. They are based on management’s estimate of future costs, having regard to pastexperience, and have been discounted at 5.3%.Year ended 31 December 2003 2003 2002 2002Provided Unprovided Provided Unprovided£000 £000 £000 £000DEFERRED TAX IS ANALYSED AS FOLLOWS:Accelerated capital allowances (470) – 1,958 –Short term timing differences (187) (581) 4,517 (4,270)Revenue losses carried forward – (14,480) (2,670) (10,266)Capital losses carried forward (1,131) (72,743) (8,222) (37,100)(1,788) (87,804) (4,417) (51,636)Comprising:Deferred tax assets (3,637) (11,805)Deferred tax liabilities 1,849 7,388(1,788) (4,417)
40 • GUINNESS PEAT GROUP PLC • ANNUAL REPORTNotes to Financial Statements – continued24. Provisions for Liabilities and Charges - continuedA number of Group companies have losses carried forward. Such losses are only recognised in the financial statements to theextent that it is considered more likely than not that sufficient future taxable profits will be available for offset.Year ended 31 December2003COMPANY £000Onerous leasesAt 1 January 2003 966Discount unwound 47Utilised in the year (50)Charged to the profit and loss account 124AT 31 DECEMBER 2003 1,08725. Operating Lease CommitmentsLand andLand andbuildings Other buildings OtherYear ended 31 December 2003 2003 2002 2002£000 £000 £000 £000Annual commitments under operating leases expiring:Within one year 453 863 1,220 278Between one and two years 1,121 2,542 1,210 2,121Between two and five years 2,552 372 1,560 99Over five years 3,457 147 3,207 3657,583 3,924 7,197 2,86326. Share CapitalYear ended 31 December 2003 2003 2002 2002Number £000 Number £000AuthorisedOrdinary Shares of 5p each 5,000,000,000 250,000 2,000,000,000 100,000Issued and fully paidOrdinary Shares of 5p each 689,220,175 34,461 621,888,241 31,094The issued ordinary share capital of GPG increased during the year to 31 December 2003 as follows:Date of event Stock event No. of shares £0001 January 2003 Brought forward 621,888,241 31,0946 January 2003 Exercise of options 161,036 828 January 2003 Exercise of options 13,310 114 February 2003 Conversion of CLNs 2,886,368 14416 May 2003 Scrip dividend 8,211,461 41127 May 2003 Capitalisation issue 63,301,316 3,1654 July 2003 Conversion of CLNs 2,886,806 1449 July 2003 Share buy-back (10,419,320) (521)10 July 2003 Exercise of options 121,000 616 July 2003 Exercise of options 27,292 120 October 2003 Exercise of options 15,298 111 December 2003 Exercise of options 127,367 731 December 2003 Carried forward 689,220,175 34,461Since the year end as a result of the exercise of options an additional 7,548,382 shares have been issued increasing the numberof shares in issue to 696,768,557.
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GPG Report & Accounts 2003 - Guinness Peat Group plc

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