Interim results for the six month period ended 31 March 2009 - Optos

Notes to the Interim Financial Statements
7 Taxation
As at 31 March 2009, the Group is estimated to have approximately $80,000,000 of gross
unused tax losses. In the 6 months ended 31 March 2009 $447,000 of tax (March 2008: $89,000;
Sept 2008: $88,000) was paid in the United States in respect of certain minimum taxes levied by
certain individual state tax bodies, $318,000 relating to the year ended 30 September 2008 and
$129,000 relating to the year ended 30 September 2009.
Of the total Group unused tax losses, a deferred tax asset was recognized in 2006 in respect of
historic US tax losses and in 2008 in respect of historic Canadian tax losses as there is sufficient
evidence to conclude that these losses will be recoverable in the future. The remaining deferred
tax asset balances for gross unused tax losses of approximately $56,000,000 (March 2008:
$42,500,000; Sept 2008: $52,000,000) arising primarily in the UK, have not been recognised on
the grounds that there is insufficient evidence that these assets will be recoverable. These
assets will be recovered when future tax charges are sufficient to absorb these tax benefits.
The continued availability of the tax losses is subject to certain conditions being met and the
level of losses not being challenged by the relevant tax authority.
8 (Loss)/Profit Per Ordinary Share
Basic earnings per share amounts are calculated by dividing the (loss)/profit before taxation and
the (loss)/profit after taxation for the financial period by the weighted average number of ordinary
shares outstanding during the period.
Diluted earnings per share amounts are calculated by dividing the (loss)/profit before taxation and
the (loss)/profit after taxation for the financial period by the weighted average number of ordinary
shares outstanding during the period (adjusted for the effects of dilutive options). In the case of a
loss, no impact for further dilution is reflected as this would not have the effect of increasing the loss
per share and is therefore not dilutive.
The (loss)/profit per ordinary share is calculated as follows:
Six months Six months Year ended
ended 31 March ended 31 March 30 September
2009 2008 2008
(Unaudited) (Unaudited) (Audited)
No. No. No.
Weighted average number of ordinary shares in issue 69,183,072 68,868,484 69,183,072
Effect of dilution: share options - 955,642 876,101
Adjusted weighted average number of ordinary shares
for diluted earnings per share 69,183,072 69,824,126 70,059,173
(Loss)/profit before taxation ($’000s) (4,860) 1,848 5,894
Basic (loss)/profit before taxation per share (cents) (7.0)c 2.7c 8.5c
Diluted (loss)/profit before taxation per share (cents) (7.0)c 2.6c 8.4c
(Loss)/profit after taxation ($’000s) (4,414) 678 4,616
Basic (loss)/profit after taxation per share (cents) (6.4)c 1.0c 6.7c
Diluted (loss)/profit after taxation per share (cents) (6.4)c 1.0c 6.6c
Optos plc
Interim results for the six month period ended 31 March 2009
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