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John Lewis Partnership plc Interim Report 2009


6 Income taxes

Income tax expense is recognised based on management’s best estimate of the full year effective tax rate based on estimated full year profits. The estimated full year effective tax rate for the year to 30 January 2010 is 34% (the estimated tax rate for the period to 26 July 2008 was 30%). The increase on last year is mainly because last year’s tax charge was reduced by one-off deferred tax credits relating to properties.


7 Capital expenditure

Property, plant and equipment Intangible assets
£m £m

Net book values at 31 January 2009 3,176.8 85.1
Additions 261.8 19.7
Disposals (1.1) –
Depreciation and amortisation (97.1) (11.6)

Net book values at 1 August 2009 3,340.4 93.2

Property, plant and equipment additions include £49.5m in respect of store development in John Lewis and £181.9m in respect of store acquisitions and development in Waitrose.

Intangible assets additions primarily relate to internally developed IT systems.
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