Annual Report and Accounts 2006 - Optos

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Notes to the Consolidated Financial Statements continued A reconciliation between tax expense and the product of accounting loss multiplied by Optos’ UK domestic tax rate for the year ended 30 September 2006 is as follows: 2006 2005 $’000 $’000 Corporation tax reconciliation Loss on ordinary activities before tax (1,100) (2,593) Loss on ordinary activities multiplied by the rate of corporation tax in the UK of 30% (2005: 30%) (330) (778) Effects of: Disallowed expenses 263 199 Unrecognised deferred tax assets 1,102 488 Prior year tax losses utilised against current year profits (834) – Prior year tax losses now recognised (9,131) – Effect of higher overseas tax rates (2,977) 91 Adjustment In respect of prior years – (396) Total tax credit for the year (11,907) (396) Deferred income tax at 30 September 2006 and 30 September 2005, recognised in the balance sheet, related to the following: 2006 2005 $’000 $’000 Deferred income tax Tax losses 13,660 1,210 Capital allowances in advance of depreciation (797) (136) Other timing differences (956) (1,074) Net deferred income tax asset 11,907 – Deferred income tax recognised in the income statement, related to the following: 2006 2005 $’000 $’000 Deferred income tax Tax losses 12,450 229 Capital allowances in advance of depreciation (661) 4 Other timing differences 118 (233) Deferred income tax credit 11,907 – Tax losses: Deferred tax asset balances for gross unused tax losses of approximately $37,000,000 (2005: $33,000,000), arising primarily in the UK, have not been recognised on the grounds that there is insufficient evidence that these assets will be recoverable. These assets will be recovered when future tax charges are sufficient to absorb these tax benefits. The continued availability of the tax losses is subject to certain conditions being met and the level of losses not being challenged by the relevant tax authority. Following a review of future prospects for the US operation, a deferred tax asset has been recognised in respect of historic US tax losses as there is now sufficient evidence to conclude that these losses will be recoverable in the future. 50 Optos plc Annual Report & Accounts 2006
Notes to the Consolidated Financial Statements continued 8 PROFIT/(LOSS) PER ORDINARY SHARE Basic earnings per share is calculated by dividing the profit/(loss) for the financial year after taxation by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share amounts are calculated by dividing the profit for the year to 30 September 2006 after taxation by the weighted average number of ordinary shares outstanding during the period (adjusted for the effects of dilutive options). The 2005 loss attributable to ordinary shareholders and the weighted average number of ordinary shares for the purpose of calculating the diluted loss per share are identical to those for the basic loss per share. This is because the conversion of loan notes, exercise of share options and warrants, would not have the effect of increasing the loss per share and is therefore not dilutive. The 2005 loss per share has been adjusted for the share consolidation. The basic earnings/(loss) per share is calculated as follows: 2006 2005 Profit/(loss) after taxation ($’000s) 10,807 (2,197) Weighted average number of ordinary shares in issue 58,426,930 46,036,899 Effect of dilution: share options 3,113,912 – Adjusted weighted average number of ordinary shares for diluted earnings per share 61,540,842 46,036,899 Basic profit/(loss) per share (cents) 18.5c (4.8c) Diluted profit/(loss) per share (cents) 17.6c (4.8c) 9 TANGIBLE FIXED ASSETS Leasehold P200 Plant and Improvements Equipment Equipment Total $’000 $’000 $’000 $’000 Cost At 1 October 2005 736 99,366 4,337 104,439 Additions 815 30,689 1,194 32,698 Disposals (33) (1,286) (109) (1,428) Exchange adjustment – 357 – 357 At 30 September 2006 1,518 129,126 5,422 136,066 Depreciation At 1 October 2005 374 35,123 2,587 38,084 Charge for year 118 19,893 908 20,919 Disposals – (576) (96) (672) Exchange adjustment – 92 – 92 At 30 September 2006 492 54,532 3,399 58,423 Net book value at 30 September 2006 1,026 74,594 2,023 77,643 Cost At 1 October 2004 732 66,948 3,389 71,069 Additions 4 36,773 998 37,775 Disposals – (4,606) (50) (4,656) Exchange adjustment – 251 – 251 At 30 September 2005 736 99,366 4,337 104,439 Depreciation At 1 October 2004 295 22,928 1,869 25,092 Charge for year 79 13,569 749 14,397 Disposals – (1,426) (31) (1,457) Exchange adjustment – 52 – 52 At 30 September 2005 374 35,123 2,587 38,084 Net book value at 30 September 2005 362 64,243 1,750 66,355 Optos plc Annual Report & Accounts 2006 51
Page 1 and 2: Revolutionising eye care helping sa
Page 3 and 4: Highlights Year ended Year ended
Page 5 and 6: 2004 > Germany - commercial launch
Page 7 and 8: 3.4m optomap® Retinal Exams in 200
Page 9 and 10: Image of a healthy eye taken by the
Page 11 and 12: $3.3 million to $4.3 million. Losse
Page 13 and 14: “When Ann came to see me, we carr
Page 15 and 16: Operational and Financial Review co
Page 17 and 18: “He is very lucky - if the melano
Page 19 and 20: Operational and Financial Review co
Page 21 and 22: Patrick Robin David Paul (60) Non-E
Page 23 and 24: Corporate Governance continued Duri
Page 25 and 26: Corporate Governance continued Cont
Page 27 and 28: Directors’ Remuneration Report IN
Page 29 and 30: Directors’ Remuneration Report co
Page 35 and 36: Directors’ Report continued FINAN
Page 37 and 38: Independent Auditors’ Report to t
Page 39 and 40: Consolidated Balance Sheet As at 30
Page 41 and 42: Consolidated Cash Flow Statement Fo
Page 43 and 44: Notes to the Consolidated Financial
Page 51: Notes to the Consolidated Financial
Page 67 and 68: Company Balance Sheet At 30 Septemb
Page 69 and 70: Notes to the Company Financial Stat
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Annual Report and Accounts 2006 - Optos

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