6 Taxation
|
a) Analysis of tax charge in the year
|
 |
 |
2002
£million |
2001
restated
£million |
|
| Current tax: |
|
|
|
|
|
| UK corporation tax at 30.0% |
2.2 |
|
6.9 |
|
|
| Double tax relief |
- |
|
(0.8 |
) |
|
| Overseas corporation tax |
1.4 |
|
0.8 |
|
|
| Adjustments in respect of prior years |
(1.0 |
) |
(9.2 |
) |
|
| Recoverable ACT |
(1.5 |
) |
(4.5 |
) |
|
| Total current tax |
1.1 |
|
(6.8 |
) |
|
| Deferred tax: |
|
|
|
|
|
| United Kingdom |
0.3 |
|
0.5 |
|
|
| Overseas |
(7.6 |
) |
(7.9 |
) |
|
| Adjustments in respect of prior periods |
2.3 |
|
6.2 |
|
|
| Recoverable ACT |
0.4 |
|
- |
|
|
| Total deferred tax |
(4.6 |
) |
(1.2 |
) |
|
| Tax credit |
(3.5 |
) |
(8.0 |
) |
|
b) Factors affecting tax charge for the year
|
|
| |
2002
£million |
2001
restated
£million |
|
| Loss on ordinary activities before tax |
(34.2 |
) |
(3.3 |
) |
|
| Tax on ordinary activities at 30.0% |
(10.3 |
) |
(1.0 |
) |
|
| Recoverable ACT |
(1.5 |
) |
(4.5 |
) |
|
| Differences in overseas effective tax rates |
4.3 |
|
(1.4 |
) |
|
| Expenses not deductible for tax purposes |
0.1 |
|
6.4 |
|
|
| Overseas tax losses unrelieved |
- |
|
2.2 |
|
|
| Accelerated capital allowances |
(0.2 |
) |
(0.1 |
) |
|
Deferred tax not provided on excess capital
allowances
and other timing differences |
9.7 |
|
(0.4 |
) |
|
| ACT utilised on remittance of overseas profits |
- |
|
1.1 |
|
|
| Prior year adjustments |
(1.0 |
) |
(9.1 |
) |
|
| Current tax charge/(credit) |
1.1 |
|
(6.8 |
) |
|
| |
The total tax charge in future periods will be affected by any
changes in the corporation tax rates in force in the countries in
which Elementis operates.
The current tax charge will also be affected by the utilisation
of surplus ACT and the utilisation of tax losses. The total tax
charge will also be affected by the future recognition of the unprovided
deferred tax in relation to losses.
8 (Loss)/earnings
per ordinary share
|
|
|
Loss
for the
financial
year*
£million |
2002
Weighted
average
number
of shares
million |
Earnings
per share
pence |
Profit
for the
financial
year*
restated
£million |
2001
Weighted
average
number
of shares
million |
Earnings
per share
restated
pence |
|
| Basic
(loss)/earnings per share |
(30.8 |
) |
431.6 |
|
(7.1 |
) |
4.5 |
|
431.5 |
|
1.0 |
|
|
| Share
options |
- |
|
3.5 |
|
- |
|
- |
|
3.6 |
|
- |
|
|
| Diluted
(loss)/earnings per share |
(30.8 |
) |
435.1 |
|
(
7.1 |
) |
4.5 |
|
435.1 |
|
1.0 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic
(loss)/earnings per share |
(30.8 |
) |
431.6 |
|
(
7.1 |
) |
4.5 |
|
431.5 |
|
1.0 |
|
|
| Goodwill
amortisation net of taxation |
8.7 |
|
- |
|
2.0 |
|
9.0 |
|
- |
|
2.1 |
|
|
| Exceptionals
net of taxation |
36.8 |
|
- |
|
8.5 |
|
(0.7 |
) |
- |
|
(0.2 |
) |
|
| Basic
earnings per share before goodwill amortisation and exceptionals |
14.7 |
|
431.6 |
|
3.4 |
|
12.8 |
|
431.5 |
|
2.9 |
|
|
| Share
options |
- |
|
3.5 |
|
- |
|
- |
|
3.6 |
|
- |
|
|
| Diluted
earnings per share before goodwill amortisation and exceptionals |
14.7 |
|
435.1 |
|
3.4 |
|
12.8 |
|
435.1 |
|
2.9 |
|
|
| |
