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78 The Carphone Warehouse Group PLC Annual Report 2008
Notes to the Company Financial Statements continued
2 Profit and loss account
In accordance with the exemption permitted by section 230 of the Companies Act 1985, the profit and loss account of the Company is not presented
separately. The profit recognised for the period was £15.4m (2007 – £83.4m).
Audit fees for the audit of the Company financial statements are £0.01m (2007 – £0.01m).
3Equity dividends
2008 2007
£m £m
Final dividend for the period ended 1 April 2006 of 1.75p per ordinary share –15.3
Interim dividend for the period ended 31 March 2007 of 1.00p per ordinary share –8.8
Final dividend for the period ended 31 March 2007 of 2.25p per ordinary share 20.1 –
Interim dividend for the period ended 29 March 2008 of 1.25p per ordinary share 11.3 –
31.4 24.1
Proposed final dividend for the period ended 29 March 2008 of 3.00p per ordinary share 27.2
The proposed final dividend for the period ended 29 March 2008 is subject to shareholders’ approval at the Annual General Meeting and has not been
included as a liability in these financial statements.
The expected cost of the proposed final dividend for the period ended 29 March 2008 reflects the fact that the Group’s Employee Share Ownership Trust
has agreed to waive its rights to receive dividends.
4Non-current asset investments
£m
At 1 April 2007 874.7
Additions 16.5
Impairments (9.5)
Foreign exchange 41.3
Reclassification to current asset investments (7.8)
Changes in fair value (2.2)
At 29 March 2008 913.0
£m
At 2 April 2006 735.2
Additions 158.9
Disposals (16.8)
Foreign exchange (6.8)
Changes in fair value 4.2
At 31 March 2007 874.7
Fixed asset investments at 29 March 2008 comprise £909.0m in relation to subsidiary undertakings and £4.0m in relation to non-Group investments.
The non-Group investments relate to interests in Frontiers Capital II LP, an independently managed wireless investment fund. The fair value of the non-
Group fixed asset investments has been determined using the International Private Equity and Venture Capital Valuation Guidelines. Movements
in fair value are recognised in reserves.
During the period the Company transferred its shareholding in Spinvox Limited, a provider of mobile communication services, to current asset investments,
and subsequently disposed of 72% of its investment.
Additions include £4.0m (2007 – £6.1m) of capital contributions to subsidiary undertakings by way of share-based payments in accordance with
UITF44 ‘FRS20 – Group and Treasury Share Transactions’. The remaining additions relate to acquisitions of a number of subsidiaries during the period.
Details of the Company’s investments in material subsidiary undertakings are provided in note 14 to the Group’s financial statements.