Carphone Warehouse 2013 Annual Report Download - page 83

Download and view the complete annual report

Please find page 83 of the 2013 Carphone Warehouse annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 88

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88

ANNUAL REPORT 2013 CARPHONE WAREHOUSE GROUP PLC 81
BUSINESS REVIEW GOVERNANCE FINANCIAL STATEMENTS
2PROFIT AND LOSS ACCOUNT
In accordance with the exemption permitted by section 408 of the Companies Act 2006, the profit and loss account of the Company is
not presented separately. The loss recognised for the year to 31 March 2013 was £3.6m (2012: profit of £789.6m). Information regarding
the audit fees for the Group is provided in note 3 to the Group financial statements.
3 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 distributions are 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 to the Group financial statements) and the fact that theGroup’s ESOT hasagreed to waive its rights
toreceive dividends (see note 5g to the Group financial statements).
4 FIXED ASSET INVESTMENTS
2013 2012
£m £m
Opening balance 749.9 750.4
Additions —87.0
Disposals —(0.6)
Impairments (9.4) (86.9)
Closing balance 740.5 749.9
Cost 838.4 838.4
Accumulated impairments (97.9) (88.5)
Net carrying amount 740.5 749.9
Fixed asset investments comprise investments in subsidiary undertakings, joint venture investments and other minority investments.
Details of the Company’s investments in material subsidiary undertakings are provided in note 12 to the Group financial statements.
During the year, CPW Acton One Limited disposed of its investment property in Acton, London, for £40.5m in cash. Following this transaction
the net assets of CPW Acton One Limited fell below the value of the Company’s investment in that company resulting in an impairment.
Additions during the year ended 31 March 2012 primarily reflect the transfer of part of the Group’s interest in Best Buy Europe from
CPWRetail Holdings Limited to the Company. CPW Retail Holdings Limited paid a dividend to the Company during the years ended
31March2013 and 31 March 2012 resulting intheimpairment of the Company’s investment in that company in both years.
Disposals for the year ended 31 March 2012 reflect the sale of shares in Virgin Mobile France to management of that business.