Marks and Spencer 2007 Annual Report Download - page 65

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55 FFIINNAANNCCEE CCOOSSTTSS//IINNCCOOMMEE220000772006
££mm£m
FFiinnaannccee ccoossttss::
Interest payable on bank borrowings 4
4..114.2
Amortisation of issue costs of bank loans 1
1..552.3
Interest payable on syndicated bank facility 66..887.7
Interest payable on medium term notes 7
777..5596.2
Interest payable on securitised loan notes 1199..0020.3
Interest payable on finance leases 22..222.3
Dividend on non-equity B shares 00..222.3
Unwinding of discount on Partnership liability to the Marks & Spencer UK Pension Scheme 1
1..33–
1
11122..66135.3
Less: amounts included in profit from discontinued operation –
–(0.4)
Before exceptional finance costs 1
11122..66134.9
Exceptional finance costs1
13
300..44–
FFiinnaannccee ccoossttss114433..00134.9
F
Fiinnaannccee iinnccoommee::
Bank and other interest receivable 1
133..0013.4
Pension finance income (net) (see note 11E) 2200..8817.5
Fair value hedges2
2–
–0.2
3
333..8831.1
Less: amounts included in profit from discontinued operation –
–(0.6)
FFiinnaannccee iinnccoommee3333..8830.5
NNeett ffiinnaannccee ccoossttss3
31
10099..22104.4
1
1The exceptional finance costs represent the unamortised transaction costs, a one-off make-whole premium and the cancellation of the swaps arising on the redemption
of £317.2m of secured bonds. These bonds were redeemed in order to release properties for use in the limited partnership with the Marks & Spencer UK Pension
Scheme. See note 21 for further details of the bond redemption.
22Last year includes a fair value gain on hedging instruments of £67.2m and a corresponding fair value loss on underlying medium term notes of £67.0m, which were
designated into a hedging relationship. As at year end there were no fair value hedges.
33Where applicable, interest payable amounts are shown net of their assigned interest rate derivative. The fair values of these derivatives have been reported as a net
figure under interest income.
66 IINNCCOOMMEE TTAAXX EEXXPPEENNSSEE
AATTaaxxaattiioonn cchhaarrggee2
20000772006
££mm£m
CCuurrrreenntt ttaaxx
UK corporation tax at 30% (last year 30%)
– current year 1
17722..44150.3
– current year tax on exceptional finance costs (
(66..55))–
– prior years 6
6..11(2.0)
1
17722..00148.3
Overseas current taxation 7
7..555.3
TToottaall ccuurrrreenntt ttaaxxaattiioonn117799..55153.6
Deferred tax (see note 25)
– current year 1
10088..2271.8
– prior years (
(1100..22))(0.3)
TToottaall ddeeffeerrrreedd ttaaxxaattiioonn9988..0071.5
TToottaall iinnccoommee ttaaxx eexxppeennssee227777..55225.1
wwwwww..mmaarrkkssaannddssppeenncceerr..ccoomm//aannnnuuaallrreeppoorrtt22000077MARKS AND SPENCER GROUP PLC 6633
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