20645_Scapa_AR_160504

More documents

Recommendations

Info

NOTES ON ON THE THE ACCOUNTS CONTINUED CONTINUED 9. TAXATION CONTINUED As required by IAS 12, deferred tax assets and liabilities may only be offset where they arise in the same jurisdictions and are therefore presented on the Balance Sheet as follows: Deferred tax assets as above 9.1 12.2 – Accelerated tax depreciation liabilities/assets in different countries (1.5) (3.1) Deferred tax asset on the Balance Sheet 7.6 9.1 Deferred tax liabilities as above (7.9) (9.6) – Accelerated tax depreciation liabilities in different countries 1.5 3.1 Deferred tax liability on the Balance Sheet (6.4) (6.5) 2016 £m 2015 £m Tax assets amounting to £13.5m (2015: £14.3m) have not been recognised due to the uncertainty over the utilisation of the underlying tax losses in each jurisdiction. Deferred tax is only recognised in respect of entities that made a trading profit in the current and preceding year. Movement in deferred tax 2016 £m 2015 £m Beginning of the year 2.7 2.9 Income Statement charge (1.3) (1.1) Acquisitions – (0.8) Deferred tax on actuarial loss (0.2) 1.6 Deferred tax through other comprehensive income – 0.1 End of year 1.2 2.7 Movement in unrecognised deferred tax 2016 £m 2015 £m Beginning of the year 14.3 15.3 Current year movement in income statement – (0.7) Current year movement in other comprehensive income 0.4 (0.2) Effect of reduction in UK corporation tax rate to 18% (1.2) – Foreign exchange – (0.1) End of year 13.5 14.3 10. EARNINGS PER SHARE Basic Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year. Diluted Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potentially dilutive ordinary shares 152,929,762 (2015: 153,093,244). Diluted earnings per share has been calculated including share options in existence at 31 March 2016. 88 SCAPA GROUP PLC ANNUAL REPORT AND ACCOUNTS 2016 83 Annual Report and Accounts 2016 Scapa Group plc
NOTES ON THE ACCOUNTS CONTINUED FINANCIAL STATEMENTS 10. EARNINGS PER SHARE CONTINUED Underlying Underlying earnings per share is calculated by dividing the trading profit less cash interest less tax on operating activities by the weighted average number of ordinary shares in issue during the year. 2016 2015 Profit attributable to equity holders of the Company (£m) 6.1 9.5 Weighted average number of ordinary shares in issue (m) 148.3 146.8 Basic earnings per share (p) 4.1 6.5 Weighted average number of shares in issue, including potentially dilutive shares (m) 152.9 153.1 Diluted earnings per share (p) 4.0 6.2 Underlying earnings per share (p) 10.7 9.1 11. DIVIDEND PER SHARE A final dividend of [1.5p] per share is proposed for the year ended 31 March 2016 (2015: 1.5p). 12. GOODWILL Cost 1 April 56.3 44.0 Additions – 6.7 Exchange differences 1.4 5.6 31 March 57.7 56.3 Accumulated amortisation and impairment 1 April (22.4) (19.9) Exchange differences (0.6) (2.5) 31 March (23.0) (22.4) Net book value at 31 March 34.7 33.9 2016 £m 2015 £m Goodwill relates to the Acutek Medical operation £13.4m (2015: £13.1m), Webtec £14.6m (2015: £14.1m) and First Water Limited £6.7m (2015: £6.7m). The carrying value of the Group’s goodwill is not subject to annual amortisation and was tested for impairment at March 2016. The recoverable amount has been determined on a value in use basis on each cash-generating unit using the management approved 12-month forecasts for each cash-generating unit. The base 12-month projection is inflated by 3.0% up to year 5, which management believes does not exceed the long-term average growth rate for the industry, and then kept constant for years 6 to 20. These cash flows are discounted at a pre-tax discount rate of 10% and adjusted for specific risk factors that take into account the sensitivities of the projection. Terminal values are not used in the calculations. The Group has conducted a sensitivity analysis on the impairment test. If the assumed growth rate in years 2–5 was reduced to 0%, the recoverable amount of all cash-generating units individually would remain greater than their carrying values. An increase in the pre-tax discount rate to 14% would result in positive headroom on the carrying value of goodwill for each cash-generating unit. 84 Scapa Group plc Annual Report and Accounts 2016 89 ANNUAL REPORT AND ACCOUNTS 2016 SCAPA GROUP PLC
Page 1 and 2:
STRATEGIC VALUE CREATION SCAPA GROU
Page 3 and 4:
FINANCIAL HIGHLIGHTS STRATEGIC REPO
Page 5 and 6:
STRATEGIC REPORT REVENUE BY DIVISIO
Page 7 and 8:
STRATEGIC REPORT PERFORMANCE AND DI
Page 9 and 10:
STRATEGIC REPORT STRATEGIC PROGRESS
Page 11 and 12:
STRATEGIC REPORT 2016 STRATEGIC GOA
Page 13 and 14:
STRATEGIC REPORT UNDERLYING CASH FL
Page 15 and 16:
STRATEGIC REPORT RISK MANAGEMENT MO
Page 17 and 18:
PRINCIPAL RISKS AND UNCERTAINTIES S
Page 19 and 20:
STRATEGIC REPORT Risk Accountable E
Page 21 and 22:
VIABILITY STATEMENT STRATEGIC REPOR
Page 23 and 24:
STRATEGIC REPORT Healthcare has del
Page 25 and 26:
STRATEGIC REPORT We continue to inv
Page 27 and 28:
STRATEGIC REPORT Umquasperum unt qu
Page 29 and 30:
STRATEGIC REPORT OUR STRATEGY 2015/
Page 31 and 32:
STRATEGIC REPORT The underlying eff
Page 33 and 34:
STRATEGIC REPORT projects that prov
Page 35 and 36:
STRATEGIC REPORT OUR EXECUTIVE TEAM
Page 37 and 38:
STRATEGIC REPORT ENVIRONMENTAL PERF
Page 39 and 40:
CORPORATE GOVERNANCE of Group Finan
Page 41 and 42: CORPORATE GOVERNANCE M C BUZZACOTT
Page 43 and 44: CORPORATE GOVERNANCE The Chief Exec
Page 45 and 46: CORPORATE GOVERNANCE Board diversit
Page 47 and 48: CORPORATE GOVERNANCE REPORT OF THE
Page 49 and 50: CORPORATE GOVERNANCE To assess the
Page 51 and 52: CORPORATE GOVERNANCE REPORT OF THE
Page 53 and 54: REPORT OF THE REMUNERATION COMMITTE
Page 55 and 56: CORPORATE GOVERNANCE REMUNERATION C
Page 57 and 58: CORPORATE GOVERNANCE Purpose Operat
Page 59 and 60: CORPORATE GOVERNANCE Purpose Operat
Page 61 and 62: DIRECTORS’ ANNUAL REMUNERATION RE
Page 63 and 64: CORPORATE GOVERNANCE The performanc
Page 65 and 66: CORPORATE GOVERNANCE HISTORICAL CHI
Page 67 and 68: CORPORATE GOVERNANCE The salary of
Page 69 and 70: CORPORATE GOVERNANCE shareholders g
Page 71 and 72: DIRECTORS’ RESPONSIBILITIES FINAN
Page 73 and 74: CONSOLIDATED STATEMENT INCOME INCOM
Page 75 and 76: CONSOLIDATED STATEMENT OF CHANGES O
Page 77 and 78: GROUP ACCOUNTING POLICIES POLICIES
Page 79 and 80: GROUP ACCOUNTING POLICIES CONTINUED
Page 85 and 86: NOTES ON ON THE THE ACCOUNTS FINANC
Page 87 and 88: FINANCIAL STATEMENTS 2. SEGMENT ASS
Page 89 and 90: FINANCIAL STATEMENTS current status
Page 91: FINANCIAL STATEMENTS 9. TAXATION CO
Page 95 and 96: NOTES ON THE ACCOUNTS CONTINUED FIN
Page 115 and 116: FIVE YEAR SUMMARIES FINANCIAL STATE
Page 117 and 118: COMPANY BALANCE SHEET SHEET AS AT 3
Page 119 and 120: STATEMENT OF ACCOUNTING POLICIES CO
Page 129: COMPANY INFORMATION FINANCIAL STATE
show all

20645_Scapa_AR_160504

Create successful ePaper yourself

Delete template?

Save as template?