Marks and Spencer 2007 Annual Report Download - page 66

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66 IINNCCOOMMEE TTAAXX EEXXPPEENNSSEE continued
BBTTaaxxaattiioonn rreeccoonncciilliiaattiioonn2
20000772006
££mm£m
Profit before tax 9
93366..77745.7
Taxation at the standard UK corporation tax rate of 30% (last year 30%) 2
28811..00223.7
Depreciation and charges on non-qualifying fixed assets 5
5..4410.2
Other income and expenses not taxable or deductible (
(11..00))(2.7)
Tax on exceptional finance costs not deductible 2
2..66–
Overseas profits taxed at lower rates (
(66..44))(3.8)
Adjustments to tax charge in respect of prior periods (
(44..11))(2.3)
TToottaall iinnccoommee ttaaxx eexxppeennssee227777..55225.1
The post-exceptional effective tax rate was 29.6% (last year 30.2%) and the pre-exceptional effective tax rate was 29.4%
(last year 30.2%).
77 DDIISSCCOONNTTIINNUUEEDD OOPPEERRAATTIIOONN
On 31 March 2006, the Group announced the sale of Kings Super Markets Inc to a US investor group for $61.5m excluding cash in
the business at the date of disposal. The disposal of the business was completed on 28 April 2006.
A
APPrrooffiitt ffrroomm ddiissccoonnttiinnuueedd ooppeerraattiioonn2
20000772006
££mm£m
Revenue 1
133..00228.2
Cost of sales (
(88..22))(144.7)
Gross profit 4
4..8883.5
Net operating expenses (
(44..55))(80.5)
Net interest receivable –
–0.2
Profit before taxation 0
0..333.2
Taxation on results –
–(0.7)
Profit after taxation 0
0..332.5
Gain on disposal of subsidiary net assets 00..44–
Taxation –
––
Net gain on disposal 0
0..44–
PPrrooffiitt ffrroomm ddiissccoonnttiinnuueedd ooppeerraattiioonn00..772.5
B
BEExxppeennddiittuurree,, ddeepprreecciiaattiioonn aanndd aammoorrttiissaattiioonn
The following items have been excluded from the segmental disclosures in note 2.
2
20000772006
££mm£m
Expenditure on property, plant and equipment –
–5.4
Depreciation 0
0..336.3
Notes to the financial statements continued
6
644MARKS AND SPENCER GROUP PLC wwwwww..mmaarrkkssaannddssppeenncceerr..ccoomm//aannnnuuaallrreeppoorrtt22000077