Full Year Results -2 -20-
March 19 2009 - 3:01AM
UK Regulatory
+----------------------------------------------+-------+--------------+--------------+
| Interest on borrowings | | 7,511 | 18,184 |
+----------------------------------------------+-------+--------------+--------------+
| | | | |
+----------------------------------------------+-------+--------------+--------------+
| Other investment expenses | | 2,487 | 2,932 |
+----------------------------------------------+-------+--------------+--------------+
| | | | |
+----------------------------------------------+-------+--------------+--------------+
| Exchange losses on non-functional currencies and | | 3,324 | 580 |
| transactions losses | | | |
+---------------------------------------------------+--+--------------+--------------+
| | | | |
+----------------------------------------------+-------+--------------+--------------+
| | | 13,322 | 21,696 |
+----------------------------------------------+----+--+--------------+--------------+
14 Net gains or losses on borrowings
+-----+---------------------------------------+-----+---------------+----------------+
| | | | Year ended | Year ended |
+-----+---------------------------------------+-----+---------------+----------------+
| | | | 31 December | 31 December |
| | | | 2008 | 2007 |
+-----+---------------------------------------+-----+---------------+----------------+
| | | | $'000 | $'000 |
+-----+---------------------------------------+-----+---------------+----------------+
| | | | | |
+-----+---------------------------------------+-----+---------------+----------------+
| Capitalised debt raising expenses charged | | 82 | 518 |
| to income statement | | | |
+---------------------------------------------+-----+---------------+----------------+
| | | | | |
+-----+---------------------------------------+-----+---------------+----------------+
| | | | 82 | 518 |
+-----+---------------------------------------+-----+---------------+----------------+
15 Income tax expense
+-----------------------------------+---------------+--------------+---------------+
| | | Year ended | Year ended |
+-----------------------------------+---------------+--------------+---------------+
| | | 31 December | 31 December |
| | | 2008 | 2007 |
+-----------------------------------+---------------+--------------+---------------+
| | | $'000 | $'000 |
+-----------------------------------+---------------+--------------+---------------+
| | | | |
+-----------------------------------+---------------+--------------+---------------+
| Current tax expense/(credit): | | | |
+-----------------------------------+---------------+--------------+---------------+
| | | | |
+-----------------------------------+---------------+--------------+---------------+
| UK corporation tax | | (9) | (5) |
+-----------------------------------+---------------+--------------+---------------+
| Foreign tax | | 1,092 | 1,002 |
+-----------------------------------+---------------+--------------+---------------+
| | | | |
+-----------------------------------+---------------+--------------+---------------+
| Total current tax | | 1,083 | 997 |
+-----------------------------------+---------------+--------------+---------------+
| | | | |
+-----------------------------------+---------------+--------------+---------------+
| | | | |
+-----------------------------------+---------------+--------------+---------------+
| Deferred tax (note 22): | | 1,156 | (897) |
+-----------------------------------+---------------+--------------+---------------+
| | | | |
+-----------------------------------+---------------+--------------+---------------+
| Total income tax expense | | 2,239 | 100 |
+-----------------------------------+---------------+--------------+---------------+
UK corporation tax was calculated at 30% until 31 March 2008. From 1 April 2008,
the rate was reduced to 28% (2007: 30%) of the estimated assessable UK profit
for the year.
Taxation for other jurisdictions is calculated at the rates prevailing in the
respective jurisdictions.
The tax expense for the periods presented varied from the stated rate of UK
corporation tax as explained below:
+-----------------------------------------------+------------------+----------------+
| | Year ended | Year ended |
+-----------------------------------------------+------------------+----------------+
| | 31 December | 31 December |
| | 2008 | 2007 |
+-----------------------------------------------+------------------+----------------+
| | $'000 | $'000 |
+-----------------------------------------------+------------------+----------------+
| Profit/(loss) on ordinary activities before | 6,178 | (78,080) |
| taxation | | |
+-----------------------------------------------+------------------+----------------+
| | | |
+-----------------------------------------------+------------------+----------------+
| Profit/(loss) on ordinary activities | 1,761 | (23,424) |
| multiplied by the weighted average1 standard | | |
| rate of UK corporation tax at 28.5% (2007: | | |
| 30%) | | |
+-----------------------------------------------+------------------+----------------+
| | | |
+-----------------------------------------------+------------------+----------------+
| Factors affecting tax expense/(credit): | | |
+-----------------------------------------------+------------------+----------------+
| Adjustment in respect of foreign tax rates | (1,639) | 11,426 |
+-----------------------------------------------+------------------+----------------+
| Adjustment in respect of prior periods | 15 | 130 |
+-----------------------------------------------+------------------+----------------+
| Overseas and other taxes | 780 | 670 |
+-----------------------------------------------+------------------+----------------+
| Change in UK corporation tax rate used to | - | 79 |
| provide deferred tax asset | | |
+-----------------------------------------------+------------------+----------------+
| Deferred tax asset in respect of current year | 5,208 | 9,936 |
| losses not recognised | | |
+-----------------------------------------------+------------------+----------------+
| Utilisation of tax losses in respect of which | (4,731) | (600) |
| no deferred tax assets were provided | | |
+-----------------------------------------------+------------------+----------------+
| Other permanent differences | 845 | 1,883 |
+-----------------------------------------------+------------------+----------------+
| | | |
+-----------------------------------------------+------------------+----------------+
| Tax expense for the year | 2,239 | 100 |
+-----------------------------------------------+------------------+----------------+
In addition to the amount expensed to the income statement, deferred tax of $1.0
million has been credited to equity in the year (2007: expense of $1.0 million).
1 UK corporation tax was calculated at 30% until 31 March 2008. From 1 April
2008, the rate was reduced to 28% (2007: 30%) of the estimated assessable UK
profit for the year.
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