BOC Report and accounts 2005 - Alle jaarverslagen

98 The BOC Group plc Annual report and accounts 2005 Notes to the financial statements
3. Interest on net debt
2005 2004 2003
£ million £ million £ million
Interest payable on borrowings totally repayable within five years 52.5 55.9 48.0
Interest payable on all other borrowings 30.5 35.9 46.5
Interest payable and similar charges 83.0 91.8 94.5
Interest capitalised (1.1) (0.1) (0.8)
Interest payable (net of interest capitalised) 81.9 91.7 93.7
Interest receivable and similar income (34.3) (21.2) (17.9)
Interest (net) 47.6 70.5 75.8
Share of interest of joint ventures (net) 25.1 17.0 19.3
Share of interest of associates (net) 4.0 0.9 1.0
Total interest on net debt 76.7 88.4 96.1
Interest payable on finance leases 0.7 1.7 3.5
Interest payable on borrowings repayable by instalments 7.0 10.0 14.1
Share of interest of joint ventures and associates is after deducting interest capitalised of £1.8 million (2004: £0.5 million, 2003: £0.1 million).
4.Tax
a) Tax on profit on ordinary activities
2005 2004 2003
£ million £ million £ million
Current tax:
Payable in the UK
Corporation tax at 30% (2004: 30%, 2003: 30%) 116.6 79.8 85.7
Double tax relief (84.1) (52.9) (57.5)
32.5 26.9 28.2
Payable overseas
US – Federal tax at 35% (2004: 35%, 2003: 35%) (3.2) 0.1 0.2
– State and local taxes – 0.1 (0.3)
Australia at 30% (2004: 30%, 2003: 30%) 20.7 23.2 16.4
South Africa at 29% (2004: 30%, 2003: 30%) 58.3 35.5 26.0
Japan at 42% (2004: 42%, 2003: 42%) 16.8 14.1 11.3
Other countries 40.9 14.3 35.6
133.5 87.3 89.2
Total current tax 166.0 114.2 117.4
Deferred tax:
Origination and reversal of timing differences (6.1) (12.4) (20.9)
Effect of change in tax rate on opening liability – (0.1) (0.1)
Total deferred tax 1 (6.1) (12.5) (21.0)
Tax on profit on ordinary activities 159.9 101.7 96.4
2005 2004 2003
£ million £ million £ million
Analysis of charge in the year by entity type
Subsidiary undertakings 130.2 75.9 77.9
Share of joint ventures 26.1 23.5 16.0
Share of associates 3.6 2.3 2.5
Tax on profit on ordinary activities 159.9 101.7 96.4
1. The deferred tax includes a credit of £4.7 million (2004: £13.5 million, 2003: £18.5 million) relating to subsidiary undertakings.The balance relates to the Group’s share of joint ventures
and associates.
The tax charge includes a credit of £7.7 million for operating exceptional items (2004: £18.9 million, 2003: £25.0 million) and a charge of £36.1 million
for non-operating exceptional items (2004: £25.6 million credit, 2003: £nil).The effective rate of tax on adjusted profit was 26.0 per cent (2004:
29.0 per cent, 2003: 29.0 per cent).The total rate of tax was 26.9 per cent (2004: 24.7 per cent, 2003: 27.4 per cent).