Carphone Warehouse 2015 Annual Report Download - page 141

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Dixons Carphone plc Annual Report and Accounts 2014/15
Financial statements
139
C1 Accounting policies continued
g) Provisions
Provisions are recognised when a legal or constructive obligation exists as a result of past events and it is probable that an
outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Provisions are discounted where the time value of money is considered to be material.
C2 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 profit recognised for the 13 months ended 2 May 2015 was £64 million (2013/14:
£19 million). Information regarding the audit fees for the Group is provided in note 3 to the Group financial statements.
C3 Equity dividends
2 Ma
y
2015
£million
29 March
2014
£million
A
mounts recognised as distributions to equity shareholders in the period
– on ordinary shares of 0.1p each
Final dividend for the year ended 31 March 2013 of 3.25p per ordinary share — 19
Interim dividend for the year ended 29 March 2014 of 2.00p per ordinary share — 11
Final dividend for the year ended 29 March 2014 of 4.00p per ordinary share 23 —
Interim dividend for the 13 months ended 2 May 2015 of 2.50p per ordinary share 29 —
52 30
The following distribution is proposed but had not been effected at 2 May 2015 and is subject to shareholders’ approval at the
forthcoming Annual General Meeting:
£million
Final dividend for the 13 months ended 2 May 2015 of 6.0p per ordinary share 69
C4 Fixed asset investments
2 May
2015
£million
29 March
2014
£million
Opening balance 753 741
A
dditions 3,965 12
Disposals (2,040) —
Closing balance 2,678 753
Cost 2,776 851
A
ccumulated impairments (98) (98)
Net carrying amount 2,678 753
Fixed asset investments comprise investments in subsidiary undertakings, joint venture investments and other minority
investments. Details of the Company’s investments in subsidiary undertakings are provided in note C12.
2014/15:
On 6 August 2014, the Group completed an all-share merger of Dixons and Carphone after which the shareholders of Dixons
and Carphone each held 50% of Dixons Carphone on a fully diluted basis taking into account existing share options and award
schemes for both companies.
Under the terms of the Merger, Dixons shareholders received 0.155 of a new Dixons Carphone Share in exchange for each
Dixons share. In accordance with the criteria in IFRS 3 ‘Business Combinations’ it has been determined that Carphone acquired
Dixons and accounts for the majority of the additions listed. Immediately following the Merger, the shareholding in Dixons was
transferred down to the Company’s immediate subsidiary, New CPW Limited, and this transaction accounts for the majority of
the disposals.
2013/14:
Additions reflected the cost of shares issued to satisfy Best Buy’s obligations in relation to incentive schemes (see note 23 to the
Group financial statements).