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CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 201368
NOTES TO THE FINANCIAL STATEMENTS continued
7 TAXATION continued
Deferred tax balances recognised by the Group and movements thereon during the year are as follows:
2013 2012
£m £m
Opening balance 1.3 1.4
(Charge) credit to the income statement (0.7) 0.8
Movements through accumulated profits —(1.1)
Current year tax losses carried forward —0.2
Closing balance 0.6 1.3
Deferred tax comprises the following balances:
2013 2012
£m £m
Deferred tax assets 1.0 1.3
Deferred tax liabilities (0.4) —
0.6 1.3
The Government has announced the reduction of the UK corporation tax rate from 24% to 23% with effect from April 2013 and then
to21% from April 2014. The impact of this reduction is not material to the wholly-owned Group.
8 EQUITY DIVIDENDS AND OTHER DISTRIBUTIONS
The following dividends and distributions were paid during the year:
2013 2012
£m £m
Final dividend for the year ended 31 March 2011 of 5.0p per ordinary share —22.7
Interim dividend for the year ended 31 March 2012 of 1.75p per ordinary share —7.9
Dividend of 172p per C share through the B/C Share Scheme —223.0
Redemption of 172p per B share through the B/C Share Scheme 32.9 556.9
Final dividend for the year ended 31 March 2012 of 3.25p per ordinary share 15.4 —
Interim dividend for the year ended 31 March 2013 of 1.75p per ordinary share 8.3 —
56.6 810.5
The following distribution is proposed but had not been effected at 31 March 2013:
2013
£m
Final dividend for the year ended 31 March 2013 of 3.25p per ordinary share 16.9
The proposed final dividend for the year ended 31 March 2013 is subject to shareholders’ approval at the forthcoming annual general
meeting and has notbeen included as a liability in these financial statements. The expected cost of this dividend reflects the placing by
the Group of 47.2m shares, which completed on 3 May 2013, the fact that Best Buy has agreed to waive its rights to dividends payable on
the Consideration Shares (see note 21) and the fact that theGroup’s ESOT hasagreed to waive its rights to receive dividends (see note 5g).
9 RECONCILIATION OF HEADLINE RESULTS TO STATUTORY RESULTS
Profit before Profit
investment income, before Net profit
interest and taxation taxation for the year
2013 £m £m £m
Headline results 57.1 59.0 58.1
Share of joint venture exceptional items (post-tax) * (53.4) (53.4) (53.4)
Share of amortisation of joint venture acquisition intangibles (post-tax) * (0.5) (0.5) (0.5)
Statutory results 3.2 5.1 4.2
* See note 4 for further details.