Experian 2014 Annual Report Download - page 170

166
C. Other operating income and charges
Other operating income and charges principally comprise charges to and from other Group undertakings in respect of Group
management services provided during the year. A review of the related administrative arrangements with effect from 1 April 2013
has given rise to the recognition of operating income in the year ended 31 March 2014. Other operating charges include a fee of
US$0.4m (2013: US$0.4m) payable to the Company’s auditor and its associates for the audit of the Group financial statements.
D. Staff costs
2014
US$m
2013
US$m
Directors’ fees 2.6 2.5
Wages and salaries 1.0 1.1
Social security costs 0.1 0.3
Other pension costs 0.1 0.1
3.8 4.0
Executive directors of the Company are employed by other Group undertakings and details of their remuneration, together with
that of the non-executive directors, are given in the audited part of the Report on directors’ remuneration. The Company had two
employees throughout both years.
E. Interest payable and similar charges
2014
US$m
2013
US$m
Interest on amounts owed to Group undertakings 0.7 0.6
Foreign exchange losses – 9.2
0.7 9.8
F. Tax on loss on ordinary activities
There is no current or deferred tax charge for the year ended 31 March 2014 or for the prior year. The current tax charge for the
year is therefore at a rate higher (2013: higher) than the main rate of Irish corporation tax of 25% (2013: 25%) with the difference
explained below.
2014
US$m
2013
US$m
Loss on ordinary activities before tax 10.8 51.0
Loss on ordinary activities multiplied by the applicable rate of tax of 25% (2013: 25%) 2.7 12.8
Effects of:
Income not taxable 4.0 –
Expenses not deductible for tax purposes – (3.2)
Tax losses not utilised (6.7) (9.6)
Current tax charge for the year – –
The Company’s tax charge will continue to be influenced by the nature of its income and expenditure and prevailing Irish and Jersey
tax law. The Company has no recognised deferred tax (2013: US$nil) and has not recognised a deferred tax asset of US$53m (2013:
US$47m) in respect of tax losses which can only be recovered against future profits.
G. Dividends
The Company paid interim dividends during the year of US$14.2m (2013: US$18.7m) to those shareholders who did not elect to
receive dividends under the Income Access Share arrangements. Total dividends of US$348.6m (2013: US$321.4m) were paid to
Experian shareholders during the year with the balance of US$334.4m (2013: US$302.7m) paid by a subsidiary undertaking under
the Income Access Share arrangements.
Since the balance sheet date, the directors have announced a second interim dividend of 26.00 US cents per ordinary share for
the year ended 31 March 2014. No part of this dividend is included as a liability in these financial statements. Further details of
payment arrangements, including the Income Access Share arrangements, are given in the Shareholder information section.
Notes to the parent company financial statements
for the year ended 31 March 2014 continued
Financial statements • Notes to the parent company financial statements