Carphone Warehouse 2013 Annual Report Download - page 69

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ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC 67
BUSINESS REVIEW GOVERNANCE FINANCIAL STATEMENTS
6 INTEREST INCOME, INTEREST EXPENSE AND INVESTMENT INCOME
Interest income is analysed as follows:
2013 2012
£m £m
Interest on cash and cash equivalents 0.6 1.0
Interest and other finance income from joint ventures 0.8 1.5
Other interest income 0.2 0.4
1.6 2.9
Interest expense is analysed as follows:
2013 2012
£m £m
Other interest expense —0.2
—0.2
Investment income is analysed as follows:
2013 2012
£m £m
Consideration from the Best Buy Mobile Disposal —813.0
Income from minority investments 0.3 0.2
0.3 813.2
In the year ended 31 March 2012 the Group received initial consideration of £813.0m for its interest in Best Buy Mobile in the form
ofadividend. The dividend was received in US Dollars and hedged to convert it to £813.0m. The amount of the dividend received was
US$1,303.4m, which was exchanged for £813.0m on 26January 2012.
7 TAXATION
The tax charge (credit) comprises:
2013 2012
£m £m
Current tax:
UK corporation tax 0.2 0.7
Adjustments made in respect of prior years —(0.2)
0.2 0.5
Deferred tax:
Origination and reversal of timing differences 0.2 (0.9)
Adjustments in respect of prior years 0.5 0.1
0.7 (0.8)
Total tax charge (credit) 0.9 (0.3)
The principal differences between the tax charge (credit) and the amount calculated by applying the standard rate of UK corporation tax
of24% (2012: 26%) to profit before taxation are as follows:
2013 2012
£m £m
Profit before taxation 5.1 762.2
Profit before taxation at 24% (2012: 26%) 1.2 198.2
Adjustments in respect of prior years 0.5 (0.1)
Items attracting no tax relief or liability (0.8) (198.4)
Total tax charge (credit) 0.9 (0.3)
Items attracting no tax relief or liability relate primarily to the Group’s share of results of joint ventures and certain profits or losses associated
withfreehold property. In the year ended 31 March 2012, items attracting no tax relief or liability also reflect exceptional items associated
with the Best Buy Mobile Disposal. Taxation associated with the Group’s interests in joint ventures is recognised within their results.