54 Finsbury Food Group Annual Report & Accounts 2017
8. Taxation (continued)
The UK corporation tax rate reductions from 20% to 19% from 1 April 2017 and 18% from 1 April 2020 were substantively enacted on 26 October 2015. An additional reduction to 17% from 1 April 2020 was substantively enacted on 6 September 2016. The deferred tax assets and liabilities at 1 July 2017 have been calculated based on these rates.
The adjustment of £90,000 for prior year includes, ineligible capital spends offset partially by additional tax relief on qualifying R&D expenditure for prior periods.
The Company has an unrecognised deferred tax asset of £162,605 (2016: £172,170) relating to capital losses carried forward. This asset has not been recognised in the Financial Statements as it is not expected that suitable gains will arise in the future in order to utilise the underlying capital losses.
9. Earnings Per Ordinary Share
Basic earnings per share for the period is calculated on the basis of profit for the year after tax, divided by the weighted average number of shares in issue being 126,979,000 (2016: 126,938,000).
Basic diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue to assume conversion of all potential dilutive ordinary shares. At 1 July 2017, the diluted weighted average number of shares in issue was 130,992,000 (2016: 129,206,000).
An adjusted earnings per share and an adjusted diluted earnings per share have also been calculated for a 52 week period as in the opinion of the Board this will allow shareholders to gain a clearer understanding of the trading performance of the Group and year on year comparisons. These adjusted earnings per share exclude:
• Reorganisation and other significant non-recurring items • IAS 39 ‘Financial Instruments: Recognition and Measurement’ fair value adjustment relating to the Group’s interest rate swaps and foreign exchange contracts
• IAS 19 (revised) ‘Accounting for retirement benefits’ relating to net income • The taxation effect at the appropriate rate on adjustments • Amortisation of intangible assets
52 weeks to 1 Jul 2017 £000
Profit
Profit attributable to equity holders of Company (basic)
Significant non-recurring and other items as per Strategic Report
Intangible amortisation net of deferred tax
Numerator for adjusted earnings per share calculation (adjusted basic)
9,048
2,901 446
12,395
Basic ‘000
Shares
Weighted average number of ordinary shares in issue during the period
Dilutive effect of share options
126,979 -
126,979
Basic Pence
Earnings per share (pence per share) Basic and diluted
Adjusted basic and adjusted diluted
126,979 4,013
130,992
Diluted Pence
126,938 -
126,938
Basic Pence
126,938 2,268
129,206
Diluted Pence
126,938 -
126,938
Basic Pence
126,938 2,268
129,206
Diluted Pence
Diluted ‘000
7,791
4,250 442
12,483
Basic ‘000
Diluted ‘000
7,528
4,250 442
12,220
Basic ‘000
Diluted ‘000
53 weeks to 2 Jul 2016 £000
52 weeks to 2 Jul 2016 £000
7.1 9.8
6.9 9.5
6.1 9.8
6.0 9.7
5.9 9.6
5.8 9.5
Significant non-recurring and other items are tabled in the Strategic Report on page 17 and comprise: significant non recurring items (£3,320,000). Defined benefit pension scheme (£3,000) and fair value of interest rate swaps and foreign exchange contracts £422,000.
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
