John Lewis Partnership plc annual report and accounts 2012


Notes to the accounts continued


4 Net finance costs (continued)


Table showing Net finance costs (continued)


2012 (£m) | 2011 (£m)


Premium paid on bond redemption – | 9.2
Finance income in respect of investments (2.4) | (2.8)
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Net finance costs in respect of borrowings and investments 60.3 | 61.7
Net fair value measurements and other 3.0 | (0.8)
Net finance income arising on defined benefit retirement schemes (30.3) | (2.5)
Net finance costs arising on other employee benefit schemes 6.5 | 4.7
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Net finance costs 39.5 | 63.1






5 Profit on ordinary activities before taxation


Table showing Profit on ordinary activities before taxation


2012 (£m) | 2011 (£m)


Profit on ordinary activities before taxation is stated after charging/(crediting) the following:
Staff costs (note 9) 1,475.9 | 1,425.8
Depreciation – owned assets 240.4 | 214.9
Depreciation – assets held under finance leases 0.6 | 0.6
Amortisation of intangible assets 32.3 | 24.0
Profit on sale of property (1.5) | (1.9)
Loss on disposal of other tangible and intangible fixed assets 5.4 | 0.9
Inventory – cost of inventory recognised as an expense 5,166.5 | 4,878.7
Restructuring costs 2.1 | 9.0
Operating lease rentals:
– land and buildings 113.4 | 106.7
– plant and machinery 0.4 | 0.3
Sub lease income:
– land and buildings (5.9) | (4.7)
Fees payable to the group’s auditors for audit services
pursuant to legislation:
– parent company and group audit 0.3 | 0.3
– subsidiary audits 0.4 | 0.4
Fees payable to the group’s auditors and its associates
for other services:
– taxation services – | 0.1
– other non-audit services 0.2 | 0.3



In addition to the above, the group’s auditors also acted as auditors to the group’s pension schemes. The aggregate fee for audit services to the pension schemes during the year was £49,500 (2011: £50,600).


Contingency rents expensed during the year were £2.6m (2011: £3.6m). Contingency rents are determined based on store revenues.






54

Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90