John Lewis Partnership plc annual report and accounts 2013






Notes to the accounts continued






4 Net finance costs (continued)


2013 £m - 2012 £m



Finance costs in respect of borrowings 61.9 62.7


Finance income in respect of investments (1.9) (2.4)


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Net finance costs in respect of borrowings and investments 60.0 60.3


Net fair value measurements and other 0.6 3.0


Net finance income arising on defined benefit retirement schemes (38.2) (30.3)


Net finance costs arising on other employee benefit schemes 20.4 6.5


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Net finance costs 42.8 39.5


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5 Profit before tax


2013 £m - 2012 £m



Profit before tax is stated after charging/(crediting) the following:


Staff costs (note 9) 1,605.0 1,475.9


Depreciation – owned assets 251.7 240.4


Depreciation – assets held under finance leases 3.4 0.6


Amortisation of intangible assets 41.9 32.3


Profit on sale of property – (1.5)


Loss on disposal of other plant and equipment and intangible assets 6.1 5.4


Inventory – cost of inventory recognised as an expense 5,640.1 5,166.5


Reorganisation costs 16.2 2.1


Operating lease rentals:


– land and buildings 127.9 113.4


– plant and machinery 0.2 0.4


Sub lease income:


– land and buildings (6.1) (5.9)


Fees payable to group’s auditors and its associates for the audit of


parent company and consolidated financial statements 0.4 0.3


Fees payable to group’s auditors and its associates for other services:


– the audit of the company’s subsidiaries 0.4 0.4


– tax advisory services 0.1 –


– other non-audit services 0.1 0.2



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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


£53,900 (2012: £49,500).


Contingency rents expensed during the year were £2.7m (2012: £2.6m). Contingency rents


are determined based on store revenues.





 



 


 





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