Guinness Peat Group plc

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GUINNESS PEAT GROUP PLC • ANNUAL REPORT 23attributable to the work performed to date.The amountsrecoverable from such contracts, being the excess of theirvaluation over payments received and receivable,are includedin debtors.Progress payments in excess of the value of thework performed are included in creditors as payments onaccount. Provision is made for all losses expected to arise oncompletion of the contracts entered into at the balance sheetdate, whether or not work on these has commenced.Land for resale, which is included within work in progress, isvalued at the lower of cost and net realisable value. Costincludes capitalised interest and those costs necessary toprepare the land for sale.k) PENSIONS AND OTHER POST RETIREMENT BENEFITSPension costs in respect of defined contribution schemes arecharged to the profit and loss account in the year to which theyrelate.Costs in respect of defined benefit pension schemes andother post retirement benefits are spread over the employees’service lives,in accordance with actuarial advice in such a waythat the pension cost is a substantially level percentage ofcurrent and expected future pensionable payroll.m) INVESTMENT INCOMEIncome from equity investments is recognised when thelegal entitlement vests.Dividends from UK companies are presented net of theattributable tax credit. Dividends received from overseascompanies include any withholding taxes, but exclude anyunderlying tax paid by the investee company on its ownprofit. Special dividends arising from the Group’s investmentsare included as income in the profit and loss account and,where appropriate, an impairment provision is recognisedagainst the investment.n) EMPLOYEE ENTITLEMENTSProvision is made for long service leave and annual leavepayable to employees on the basis of relevant statutoryrequirements or contractual entitlements.l) TAXATIONProvision is made for domestic and foreign taxation assessableon the profit for the year as adjusted for disallowable and nontaxableitems.Deferred taxation is provided in full in respect oftiming differences which have arisen but not reversed at thebalance sheet date,except that deferred tax assets (includingthose attributable to tax losses carried forward) are onlyrecognised if it is considered more likely than not that they willbe recovered.Deferred taxation is not provided in respect ofthe accumulated reserves of overseas subsidiaries,associatesand joint ventures unless a dividend has been declared orthere is a binding obligation to distribute those reserves.Deferred taxation is measured on a non-discounted basis.
24 GUINNESS PEAT GROUP PLC • ANNUAL REPORTNotes to Financial Statements – continued2. Segmental Analysis – Turnover (including share of joint ventures)Continuing Discontinued Total Continuing Discontinued TotalYear ended 31 December 2004 2004 2004 2003 2003 2003£m £m £m £m £m £mGEOGRAPHIC ANALYSIS BY ORIGINUK/Europe 626.0 – 626.0 503.2 – 503.2Australasia 264.5 – 264.5 263.1 – 263.1North America 214.5 7.7 222.2 152.8 9.0 161.8Asia 205.1 – 205.1 109.0 – 109.0Other 81.1 – 81.1 57.7 – 57.71,391.2 7.7 1,398.9 1,085.8 9.0 1,094.8Amounts relating to acquired businesses:Group – UK/Europe 242.5 – 242.5 – – –Group – Australasia 6.4 – 6.4 – – –Group – North America 162.7 – 162.7 – – –Group – Asia 173.8 – 173.8 – – –Group – Other 68.7 – 68.7 – – –654.1 – 654.1 – – –GEOGRAPHIC ANALYSIS BY DESTINATIONUK/Europe 687.8 – 687.8 583.1 – 583.1Australasia 158.1 – 158.1 155.2 – 155.2North America 239.5 7.7 247.2 180.8 9.0 189.8Asia 225.8 – 225.8 109.0 – 109.0Other 80.0 – 80.0 57.7 – 57.71,391.2 7.7 1,398.9 1,085.8 9.0 1,094.8Amounts relating to acquired businesses:Group – UK/Europe 241.4 – 241.4 – – –Group – Australasia 6.4 – 6.4 – – –Group – North America 167.2 – 167.2 – – –Group – Asia 172.9 – 172.9 – – –Group – Other 66.2 – 66.2 – – –654.1 – 654.1 – – –BUSINESS ANALYSISInvestment 36.1 – 36.1 41.4 – 41.4Property development 15.4 – 15.4 10.4 – 10.4Testing services 18.7 7.7 26.4 34.0 9.0 43.0Building services 253.4 – 253.4 240.1 – 240.1Fruit/produce distributionand food processing 209.4 – 209.4 218.3 – 218.3Accident repair services 61.8 – 61.8 59.5 – 59.5Thread manufacture 795.6 – 795.6 482.1 – 482.1Other 0.8 – 0.8 – – –1,391.2 7.7 1,398.9 1,085.8 9.0 1,094.8Amounts relating to acquired businesses:Group – thread manufacture 653.3 – 653.3 – – –Group – other 0.8 – 0.8 – – –654.1 – 654.1 – – –TOTALGroup 1,187.1 7.7 1,194.8 544.0 9.0 553.0Joint ventures 204.1 – 204.1 541.8 – 541.81,391.2 7.7 1,398.9 1,085.8 9.0 1,094.8Notes:The turnover attributable to joint ventures arose from property development and investment activities in Australasia (2004: £Nil; 2003:£0.3 million), from accident repair services in UK/Europe (2004: £61.8 million; 2003: £59.5 million), and from thread manufacture in UK/Europe(2004: £142.3 million; 2003: £482.0 million).
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