Experian 2008 Annual Report Download - page 138

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136 Experian Annual Report 2008
C. Operating loss (continued)
2008 2007
(iv) Net operating lease rental expense £m £m
Costs incurred relating to a property lease 0.3 –
D. Net interest (expense)/income
2008 2007
£m £m
Interest income:
External interest income 0.2 0.3
Interest on amounts owed by subsidiary undertakings – 8.0
Unwinding of discount on amount owed by subsidiary undertaking – 0.7
0.2 9.0
Interest expense:
Interest on amounts owed to subsidiary undertakings – (0.3)
Discount on amount owed by subsidiary undertaking (0.7) –
(0.7) (0.3)
Net interest (expense)/income (0.5) 8.7
E. Tax on loss on ordinary activities
(i) Tax charge for the year
There was no tax charge for the year (2007: £nil). The applicable rate of corporation tax in Ireland is 25% for investment
income (12.5% for trading income). The reconciliation of the tax charge for the year is as follows:
2008 2007
£m £m
Loss on ordinary activities before taxation (15.2) (4.2)
Loss on ordinary activities before tax multiplied by the applicable rate of
corporation tax in Ireland of 25% (12.5% for trading income) (3.8) (1.1)
Effects of:
Income not taxable – (0.1)
Expenses not deductible 0.4 1.2
Tax losses not utilised 3.4 –
Current tax charge for the year – –
(ii) Factors that may affect future tax charges
In the foreseeable future, the Company’s tax charge will continue to be influenced by the nature of its income and expenditure
in subsequent accounting periods and could be affected by changes in tax law.
(iii) Tax effect of exceptional items
The exceptional items included within the Company’s administrative expenses in the year ended 31 March 2007 were not
deductible for tax purposes.
F. Dividend
During the year the Company paid interim equity dividends of £30.9m (2007: £20.4m) to ordinary shareholders. The directors
propose a further dividend of 12 US cents per ordinary share for the year ended 31 March 2008. This dividend is not included as
a liability in the current year financial statements as it was not announced before 31 March 2008. For further details of payment
arrangements see note 14 in the Experian Group financial statements. Additionally, in the period ended 31 March 2007, there was
a dividend in specie of £3,497.5m relating to the demerger of Home Retail Group.
Notes to the parent company financial statements continued