Experian 2016 Annual Report Download - page 177

175•Notes to the Company nancial statementsFinancial statements
K. Tax on (loss)/profit on ordinary activities
There is no current or deferred tax charge for the year ended 31 March 2016 or for the prior year. The tax charge for the year is therefore
at a rate higher (2015: lower) than the main rate of Irish corporation tax of 25% (2015: 25%) with the difference explained below.
2016
US$m
2015
US$m
(Loss)/profit on ordinary activities before tax (12.3) 7,904.8
(Loss)/profit on ordinary activities before tax multiplied by the applicable rate of tax (3.1) 1,976.2
Effects of:
Income not taxable (0.6) (1,995.9)
Expenses not deductible 0.3 14.9
Tax losses not recognised 3.4 4.8
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 (2015: US$nil) and has not recognised a deferred tax asset of US$61m
(2015: US$58m) in respect of tax losses which can only be recovered against future profits.
L. Dividends
Total dividends of US$379.6m (2015: US$373.7m) were paid to Experian shareholders during the year. The Company paid interim
dividends of US$27.7m (2015: US$18.7m) to those shareholders who did not elect to receive dividends under the Income Access
Share (‘IAS’) arrangements. The balance of US$351.9m (2015: US$355.0m) was paid by a subsidiary undertaking, Experian (UK)
Finance Limited (‘EUKFL’), under the IAS arrangements. The Company’s profit and loss account reserve is available for distribution
by way of dividend. At 31 March 2016, the distributable reserves of EUKFL as determined under UK company law are US$6,702.1m
(2015: US$8,170.1m).
Since the balance sheet date, the directors have announced a second interim dividend of 27.5 US cents per ordinary share for the
year ended 31 March 2016. No part of this dividend is included as a liability in these financial statements. Further details of payment
arrangements, including the IAS arrangements, are given in the Shareholder and corporate information section of the Annual Report.
M. Investments – shares in Group undertakings
2016
US$m
2015
US$m
Cost and net book amount
At 1 April 5,476.2 5,895.9
Additions – fair value of share incentives issued to Group employees 54.3 47.3
Other additions 1,368.1 865.1
Disposals –(1,332.1)
At 31 March 6,898.6 5,476.2
A list of the Company’s subsidiary undertakings is given in note S(i). The Company directly holds interests in the whole of the issued
share capital of the following undertakings.
Company Principal activity Country of incorporation
Experian Holdings (UK) Limited Holding company England and Wales
Experian Finance Holdings Limited Finance company Ireland
Experian Group Services Limited Administrative services Ireland
Experian Holdings Ireland Limited Holding company Ireland
Experian Ireland Investments Limited Holding company Ireland
Experian Luxembourg Investments Sarl Finance company Luxembourg