Oxford Instruments PLC Final Results -9-
11 6월 2013 - 3:00PM
UK Regulatory
Movement in unrecognised deferred tax 0.4 -
Adjustment in respect of prior years (0.8) (0.3)
--------------------------------------------------- ------ -----
Total tax expense 7.6 11.3
--------------------------------------------------- ------ -----
Taxation credit recognised in other comprehensive
income
Current tax - relating to employee benefits - -
Deferred tax - relating to employee benefits (3.7) (7.1)
Deferred tax - relating to cash flow hedges - (0.1)
(3.7) (7.2)
--------------------------------------------------- ------ -----
Taxation (credit)/expense recognised directly
in equity
Deferred tax - relating to share options (2.2) 1.0
--------------------------------------------------- ------ -----
On 20 March 2013 the Chancellor announced that the UK
corporation tax rate will reduce to 20% by 1 April 2015.
A reduction in the rate from 25% to 24% (effective from 1 April
2012) was substantively enacted on 26 March 2012 and a further
reduction to 23% (effective from 1 April 2013) was substantively
enacted on 3 July 2012.
It has not yet been possible to quantify the full anticipated
effect of the announced further 3% rate reduction, although this
will further reduce the Group's future current tax charge and
reduce the Group's deferred tax assets and liabilities
accordingly.
The deferred tax assets and liabilities at 31 March 2013 have
been calculated on the rate of 23% which was substantively enacted
at the balance sheet date.
6 earnings per share
The calculation of basic earnings per share is based on the
profit for the period as shown in the Consolidated Statement of
Income divided by the weighted average number of ordinary shares
outstanding during the year, excluding shares held by the Employee
Share Ownership Trust, as follows:
2013 2012
Shares Shares
million million
----------------------------------------------- -------- --------
Weighted average number of shares outstanding 56.4 54.2
Less shares held by Employee Share Ownership
Trust (0.2) (0.2)
----------------------------------------------- -------- --------
Weighted average number of shares used in
calculation of earnings per share 56.2 54.0
----------------------------------------------- -------- --------
The following table shows the effect of share options on the
calculation of diluted earnings per share:
2013 2012
Shares Shares
million million
---------------------------------------------- -------- --------
Weighted average number of ordinary shares
per basic earnings per share calculations 56.2 54.0
Effect of shares under option 0.6 1.1
---------------------------------------------- -------- --------
Weighted average number of ordinary shares
per diluted earnings per share calculations 56.8 55.1
---------------------------------------------- -------- --------
7 dividends per share
The following dividends per share were paid by the Group:
2013 2012
pence pence
-------------------------------- ------- ------
Previous year interim dividend 2.772 2.52
Previous year final dividend 7.228 6.48
-------------------------------- ------- ------
10.000 9.00
-------------------------------- ------- ------
The following dividends per share were proposed by the Group in
respect of each accounting year presented:
2013 2012
pence pence
------------------ ------ -------
Interim dividend 3.05 2.772
Final dividend 8.15 7.228
------------------ ------ -------
11.20 10.000
------------------ ------ -------
The interim dividend was not provided for at the year end and
was paid on 8 April 2013. The payment of the interim dividend
remains discretionary until it is paid. The final proposed dividend
of 8.15 pence per share (2012: 7.228 pence) was not provided at the
year end and will be paid on 24 October 2013 subject to
authorisation by the shareholders at the forthcoming Annual General
Meeting.
8 BASIS OF PREPARATION
This preliminary statement has been prepared under the same
accounting policies as those used to prepare the 2012 Report and
Financial Statements.
The principal exchange rates used to translate the Group's
overseas results were as follows:
Year end rates
2013 2012
---------- ---- ----
US Dollar 1.52 1.60
Euro 1.18 1.20
Yen 143 131
---------- ---- ----
Average translation rates 2013
US Dollar Euro Yen
---------- --------- ---- ---
Quarter 1 1.58 1.23 127
Quarter 2 1.59 1.26 125
Quarter 3 1.61 1.24 132
Quarter 4 1.56 1.19 142
---------- --------- ---- ---
Average translation rates 2012
US Dollar Euro Yen
---------- --------- ---- ---
Quarter 1 1.63 1.13 132
Quarter 2 1.60 1.14 125
Quarter 3 1.57 1.17 121
Quarter 4 1.58 1.19 125
---------- --------- ---- ---
The financial information set out above does not constitute the
company's statutory accounts for the years ended 31 March 2013 or
2012. Statutory accounts for 2012 have been delivered to the
registrar of companies, and those for 2013 will be delivered in due
course. The auditor has reported on those accounts; their reports
were (i) unqualified, (ii) did not include a reference to any
matters to which the auditor drew attention by way of emphasis
without qualifying their report and (iii) did not contain a
statement under section 498 (2) or (3) of the Companies Act
2006.
The Company is registered in England Number 775598.
9 The Annual General Meeting
The Annual General Meeting will be held on Tuesday, 10 September
2013 at 2.30 pm at Group Head Office, Tubney Woods, Abingdon,
Oxfordshire, OX13 5QX.
PRINCIPAL RISKS
Specific Context Risk Possible Associated Mitigation
Risk Impact strategic
priorities
----------------- ------------------ ------------------ ------------------- ------------------ ------------------
Technical The Group Failure of Lower 'Realising the The Group has
Risk provides the advanced profitability Brand' - Using moved away from
high technology technologies and financial 'Voice of the large scale,
equipment applied by returns. Customer' to single customer
and systems the Group Negative drive rapid new development
to its customers. to produce impact on product programmes
commercial the Group's development. towards more
products, reputation. commercially
capable of 'Liberate Cash' orientated
being - Support and products.
manufactured develop our
and sold employees The New Product
profitably. to maximise their Introduction
value add. programme that
any new R&D
projects
must pass through
provides a
framework
within which
the commercial
viability of
projects are
scrutinised and
assessed.
----------------- ------------------ ------------------ ------------------- ------------------ ------------------
Oxford Instruments (LSE:OXIG)
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Oxford Instruments (LSE:OXIG)
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