Marks and Spencer 2002 Annual Report Download - page 36

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34 Marks and Spencer Group p.l.c.
Notes to the financial statements
5. Exceptional items continued
D Loss on sale/termination of operations
The loss on sale/termination of operations in the current year is analysed as follows: Continental Brooks
Europe Brothers Total
£m £m £m
Net closure costs (94.3) – (94.3)
Less provision made last year 104.3 – 104.3
Net sale proceeds less net assets – (8.5) (8.5)
Goodwill previously written off to reserves – (368.2) (368.2)
10.0 (376.7) (366.7)
The loss on disposal last year of £1.7m relates to the sale of the Group’s interest in Splendour.com and is stated after
a charge of £1.0m for goodwill.
6. Net interest income 2002 2001
£m £m £m £m
Bank and other interest income 321.1 302.6
Less: amounts included in turnover of Financial Services (283.9) (288.7)
37.2 13.9
Interest expenditure (116.9) (107.4)
Less: interest charged to cost of sales of Financial Services 103.7 115.3
Intra-group interest charged to cost of sales of Financial Services (see note 3) (6.4) (7.9)
(19.6) –
Net interest income 17.6 13.9
Interest expenditure comprises:
Amounts repayable within five years:
Bank loans, overdrafts and other borrowings (38.0) (33.2)
Medium term notes (63.1) (73.0)
(101.1) (106.2)
Amounts repayable after five years:
Medium term notes (15.8) (1.2)
(116.9) (107.4)
7. Taxation on ordinary activities 2002 2001
A Taxation charge for the period As restated As restated
£m £m £m £m
Current taxation
UK corporation tax at 30% (last year 30%):
Current year 190.1 151.0
Prior years 4.4 (6.3)
194.5 144.7
Double taxation relief (0.1) (4.7)
194.4 140.0
Overseas taxation 6.3 7.7
Total current taxation 200.7 147.7
Deferred taxation (see note 22)
Current year (4.4) 2.5
Prior years (13.8) (0.7)
Total deferred taxation (18.2) 1.8
182.5 149.5
Of the current year deferred tax credit, a credit of £13.2m relates to the closure of French operations offset by a
charge of £8.8m arising from short-term timing differences.
Included in the tax charge for the year is a credit of £13.2m (last year £8.5m) which is attributable to exceptional charges.