Notes to the financial statements
For the 52 weeks ended 1 March 2008
10. Exceptional items
| 52 weeks ended 1 March 2008 £m |
Short period ended 3 March 2007 £m |
|
|---|---|---|
| Accrual release relating to incentive schemes (a) | 20.2 | – |
| Costs relating to the post-acquisition integration of the Focus DIY stores (b) | (9.1) | – |
| Store impairment charges (c) | (10.3) | (4.1) |
| Costs relating to the demerger of Home Retail Group and Experian (d) | – | (11.3) |
| Waiver of loan due from Experian (e) | – | (7.3) |
| Exceptional items in operating profit | 0.8 | (22.7) |
| Exceptional finance income (f) | – | 6.9 |
| Exceptional items in profit before tax | 0.8 | (15.8) |
| Tax on exceptional items in profit before tax | (1.0) | (5.3) |
| Exceptional corporation tax credit (g) | 12.6 | – |
| Exceptional deferred tax charge (h) | (5.9) | – |
| Exceptional tax | 5.7 | (5.3) |
| Exceptional profit/(loss) for the period | 6.5 | (21.1) |
- (a) Represents the release of an accrual in respect of previous GUS-related long-term incentive schemes which were settled in June 2007.
- (b) Represents costs relating to the post-acquisition integration of certain of the Focus DIY stores acquired in the period.
- (c) IFRS requires individual stores to be designated as cash-generating units for the purposes of testing for impairment. This resulted in a net impairment charge in respect of the Homebase store portfolio of £10.3m (2007: £4.1m).
- (d) Demerger-related expenditure including costs in relation to early vesting of share incentive schemes, banking set up fees and other professional fees.
- (e) Represents a loan due from Experian which was waived as part of the demerger process.
- (f) Fair value gain made on transfer of interest rate swap novated from GUS plc on demerger.
- (g) Represents the recognition of a corporation tax credit arising from a reassessment of previous estimates provided for in the Group’s tax computations, following the agreement of prior year tax computations.
- (h) Represents an additional deferred tax charge arising from the re-estimation of qualifying assets in respect of accelerated tax depreciation, following the agreement of prior year tax computations.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
- 31
- 32
- 33
- 34
- 35
- 36
- 37
