Guinness Peat Group plc Annual Report 2011 (pdf version)

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Guinness Peat Group plc Annual Report 2011 (pdf version)

34ANNUAL REPORT 2011Notes to Financial Statements – continued6. Profit Before Taxation from Continuing OperationsYear ended 31 December 2011 2010*£m £mProfit before taxation is stated after charging/(crediting):Amortisation of intangible assets 5 6Depreciation of property, plant and equipment 32 34Impairment of property, plant and equipment 2 –Impairment of investments in associated undertakings 30 2Impairment of fixed asset investments 10 1Group audit fees:Fees payable for the audit of the Company’s annual accounts** – –Fees payable for the audit of the Company’s subsidiaries 2 2Other Deloitte LLP services:Taxation services 1 1Total fees charged by Deloitte LLP 3 3Operating lease rentals:Plant and equipment 5 4Other 11 11Equity-settled share-based payments – 1Cash-settled share-based payments (see note 24) 2 –Research and development expenditure 1 –Bad and doubtful debts 1 1Net foreign exchange (gains)/losses (1) 7Rental income from land and buildings (1) (1)Inventory as a material component of cost of sales 450 381Inventory write-downs to net realisable value 6 3**The audit fee payable to the Company’s auditor for the audit of the Company’s annual accounts is £196,500 (2010: £186,000).The Company-only charge for share-based payments is £120,000 (2010: £420,000).7. Finance Costs (net)Year ended 31 December 2011 2010*£m £mInterest payable on bank loans and overdrafts (25) (25)Net finance income on pension scheme net assets (note 10) 12 10Unwinding of discount on provisions (note 29) – (1)Interest payable on Capital Notes (19) (17)(32) (33)Interest capitalised 3 3(29) (30)The cumulative amount of capitalised interest included in development land held at 31 December 2011 was £8 million(2010: £6 million). The weighted average interest rate for interest capitalised during the year was 8.0% (2010: 7.6%).*Restated to reflect Turners & Growers Ltd as a discontinued operation.

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