Marks and Spencer 1999 Annual Report Download - page 39

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37
MARKS AN D SPEN CER p.l.c.
19.Analysis of financial liabilities (CO N TIN UED )
C BORROW ING FACILITIES
At 31 March 1999, the Group had an undrawn committed facility of $50m (last year $50m) linked to its commercial paper programme and subject
to annual review.The Group also has a number of undrawn uncommitted facilities available to it.At 31 March 1999 these amounted to £691.7m
(last year £617.4m).
20. Provisions for liabilities and charges
THE GRO UP THE CO MPAN Y
£m £m
Post-retirement health benefits
At 1 April 1999 27.8 27.8
Utilised during the year
Interest charged
At 31 March 2000
Restructuring provisions
At 1 April 1999 26.6 24.0
Additions during the year
Utilised during the year
Exchange differences
At 31 March 2000
Total at 31 March 2000
Total at 31 March 1999 54.4 51.8
The £• m provision for post-retirement health benefits represents the estimated value of the Company’s subsidy of the Marks & Spencer Health Insurance
Scheme, in so far as it relates to private medical benefits for retired employees and their dependants, for whom the Company meets the whole, or part, of
the cost (see note 9B for further details).
The £• m restructuring provision at the beginning of the year relates to discontinued Canadian operations, of which £• m has been utilised.
The additional provision during the year of £• m is in respect of UK restructuring costs and represents the cost of rationalising the Group’s head
office functions. £• m of this provision has been utilised and the majority of the remainder is expected to be utilised during the next financial year.
21. Deferred taxation
A ANALYSIS OF DEFERRED TAX PROVISION
THE GRO UP THE CO MPAN Y
1999
2000 As restated 2000 1999
£m £m £m £m
D eferred tax provision arising on short-term timing differences 58.9 52.8
D eferred tax asset arising on post-retirement health benefits (8.3) (8.3)
50.6 44.5
Recoverable ACT offset against deferred tax provision (see note 13) – –
At 31 March 50.6 44.5
The movement in deferred tax comprises:
At 1 April as previously stated 41.8 39.0
Prior year adjustment 1.2 –
At 1 April as restated 43.0 39.0
Charged to the profit and loss account (see note 5) 7.6 5.5
Exchange differences ––
At 31 March 50.6 44.5
N OTES TO THE FIN AN CIAL STATEMEN TS
ANNUAL REPORT AND FIN ANCIAL STATEMENTS 1999