Peachtree 2013 Annual Report Download - page 112

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Results for the year continued
106 The Sage Group plc | Annual Report & Accounts 2013
3 Income tax expense continued
2013
£m
2012
£m
Tax on items credited to other comprehensive income
Deferred tax charge/(credit) on actuarial loss on post-employment benefit obligations 0.4 (1.0)
Deferred tax charge on share options –1.7
T
otal tax on items charged to other comprehensive income/equity 0.4 0.7
The tax for the year is higher (2012: higher) than the standard rate of corporation tax in the UK of 23.5% (2012: 25%)
The differences are explained below:
Note
2013
£m
2012
£m
Profit on ordinary activities before income tax 164.1 334.3
Exceptional items 2.1 188.2 –
Profit on ordinary activities before income tax before exceptional items 352.3 334.4
Profit on ordinary activities multiplied by rate of corporation tax in the UK of 23.5% (2012: 25%) 82.8 83.6
T
ax effects of:
A
djustment in respect of prior years (6.4) (20.0)
A
djustment in respect of foreign tax rates 24.1 21.0
Non-deductible expenses and permanent items net of non-taxable income and other credits 1.1 10.8
Utilisation of unrecognised losses (2.4) –
T
ax on ordinary activities 99.2 95.4
T
ax charged on exceptional loss on disposal 17.4 –
T
otal income tax 116.6 95.4
4 Earnings per share and dividends
4.1 Earnings per share
Basic earnings per share is calculated by dividing the profit for the year by the weighted average number of ordinary shares in issue during the year,
excluding those held as treasury shares, which are treated as cancelled.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential
ordinary shares. The Group has two classes of dilutive potential ordinary shares: those share options granted to employees where the exercise
price is less than the average market price of the Company’s ordinary shares during the year and the contingently issuable shares under the Group’s
long-term incentive plan. For performance-related share plans, a calculation is performed to determine the satisfaction, or otherwise, of the forecast
performance conditions at the end of the reporting period, and the number of shares which would be issued based on the forecast status at the end
of the reporting period.
Reconciliations of the earnings and weighted average number of shares
Underlying
2013
Underlying
2012
Statutory
2013
Statutory
2012
Earnings (£m)
Profit for the year from continuing operations 260.3 254.8 46.4 238.9
Profit for the year from discontinued operations –1.2 –57.8
260.3 256.0 46.4 296.7
Number of shares (millions)
Weighted average number of shares 1,168.8 1,282.2 1,168.8 1,282.2
Dilutive effects of shares 2.0 1.9 2.0 1.9
1,170.8 1,284.1 1,170.8 1,284.1
Earnings per share
Basic earnings per share (pence)
Continuing operations 22.27 19.87 3.97 18.63
Discontinued operations – 0.09 – 4.51
22.27 19.96 3.97 23.14
Diluted earnings per share (pence)
Continuing operations 22.23 19.84 3.96 18.60
Discontinued operations – 0.09 –4.50
22.23 19.93 3.96 23.10
110 The Sage Group plc | Annual Report & Accounts 2013