Notes to the Financial Statements
Notes to the Financial Statements
continued
9 Income tax expense/(credit)
continued
2016
€’000 2015
€’000
608 324
14 115
622 439
Recognised in the Income Statement:
Current income tax
Republic of Ireland
United Kingdom
Total current income tax expense
10 Result for the financial year
The profit recorded in the financial statements of the Company for the year ended 31 December 2016 was €20,618,000 (2015: profit
€2,632,000). As permitted by Section 340(2) of the Companies Act 2014, the Income Statement of the Company has not been
separately presented in the financial statements.
11 Dividends
Dividends paid during the year of €3,000 relate to payments made by subsidiary undertaking, Aegis Distributors Limited,
to non-controlling interests on the conclusion of its Members Voluntary Liquidation on 14 December 2016.
The prior year amount of €53,000 related to payments made by subsidiary undertaking, IPOS Holding 126 Limited to
non-controlling interests.
12 Intangible assets
Deferred tax
Origination and reversal of temporary differences:
Property, plant and equipment
Employee benefits
130
(279)
(10) (5)
Future loss utilisation 578 (823)
Total deferred tax expense/(credit) 698 (1,107)
1,320 (668)
Total income tax expense/(credit)
Continuing operations
Discontinued operations
At 1 January 2015
Adjustment to provisional fair values
Acquisitions
(690)
130 22
1,320 (668)
€’000 €’000
21,082 392 50,799 72,273
- - 62 62
128 - 7,528 7,656
2,834 348 - 3,182
- (2,636) (2,636)
740 55,753 80,537
At 1 January 2016 24,044 740 55,753 80,537
(3) - (921) (924)
- - 101 101
- - 24,992 24,922
2,712 5 - 2,717
Foreign exchange movements
Additions (note 35)
2015
€’000
€’000 -
Acquisitions (note 35)
2016
€’000
Total
24,044
Adjustment to provisional fair values
(note 35)
Factors effecting the tax charge in future years
The UK statutory corporation tax rate of 20% will be progressively reduced to 17% by 1 April 2020.
Goodwill At 31 December 2015
Disposals
1,190 Trademark
Cost
Additions
The total income tax expense/(credit) for the financial year is analysed as follows:
Computer
software
€’000
Disposals (note 8)
At 31 December 2016
- (13) (4,840) (4,853)
26,753 732 75,015 102,500
14,005 - 3,511 17,516
2,813 - - 2,813
Reconciliation of effective tax rate
Amortisation
Profit on ordinary activities before tax
6,131
5,432
At 1 January 2015
Amortisation of computer software
Profit on ordinary activities multiplied by standard rate of corporation tax in the Republic
of Ireland of 12.5%
Effects of
Disallowable expenses
Impairment provision
Income liable to tax at 25%
Higher UK corporation tax rates
Income not taxable
766
679
Provision for impairment - - 1,402 1,402
Disposals - - (2,008) (2,008)
At 31 December 2015 16,818 - 2,905 19,723
16,818 - 2,905 19,723
3,022 - - 3,022
789 338 At 1 January 2016 1,076 575 Amortisation of computer software 21 14 Provision for impairment - - 3,440 3,440
4 43 Impairment on disposal - - 16,507 16,507
(1,090) (121) Disposals - - (2,084) (2,084)
19,840 - 20,768 40,608
Losses utilised in reducing current income tax (804) (1,028) Available losses to increase/(reduce) future income tax 578 (823) Tax base asset adjustments in respect of prior years (22) (345) 2 - At 31 December 2015 7,226 740 52,848 60,814
1,320 (668) At 31 December 2016 6,913 732 54,247 61,892
Underprovision of corporation tax in prior year
Total tax expense/(credit) for the year
58 | Annual Report 2016
At 31 December 2016
Net book amounts
Annual Report 2016 | 59