Bumi plc 2012 Results Announcement & Q1 2013 IMS -15-
31 May 2013 - 4:21PM
UK Regulatory
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Tax Losses for which no deferred tax
asset was recognised (46) (5)
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Expenses not deductible for tax purposes (29) (116)
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Effect of differences between local
and United Kingdom tax rates (63) (83)
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Dividend withholding taxes (3) (4)
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Total tax charged to consolidated income
statement (132) (187)
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Notes to the Financial Statements (continued)
A number of changes to the UK corporation tax system were
announced in the March 2012 Budget Statement. With effect from 1
April 2012, the main rate of corporation tax was reduced from 26%
to 24%. The impact of this change has been recognised in
calculating the effective rate of tax for the year ended 31
December 2012. Legislation to reduce the main rate of corporation
tax from 24% to 23% effective from 1 April 2013 was included in the
Finance Act 2012, which received Royal Assent on 17 July 2012.
Further reductions to the main rate have been proposed to reduce
the rate by 2% per annum to 21% by 1 April 2014 and reduce the rate
by 1% to 20% by 1 April 2015. The changes are not expected to have
a material impact on the Group's deferred tax balances. Indonesian
corporate tax rate is 25%, with the exception of the tax charged
within a CCoW which incurs a tax rate of 45%. No income tax has
been charged or credited directly to equity or other comprehensive
income during the year or the preceding period.
12. Earnings per share ("EPS")
The calculation of earnings per ordinary share is based on
profit attributable to ordinary shareholders of the Company and the
weighted average number of ordinary shares in issue during the
year. In addition to the earnings per share required by IAS 33
"Earnings per Share", underlying EPS has also been calculated and
is based on earnings excluding the effect of separately disclosed
items. It has been calculated to allow shareholders to have a
better understanding of the trading performance of the Group.
Details of the underlying EPS are set out below:
Year to Year to
31 December 31 December
2012 2011
$m $m(1,2)
Restated
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Loss attributable to ordinary shareholders (2,323) (337)
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Separate items (note 8) 2,271 429
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Underlying earnings
(attributable to owners of the parent) (52) 92
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Number of shares (millions)
Basic weighted average number of ordinary
shares 241 192
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Potentially dilutive share options - -
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Diluted weighted average number of shares 241 192
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$ $
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Basic loss per share(1) (9.64) (1.76)
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Effect of potentially dilutive share - -
options
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Diluted loss per share(1) (9.64) (1.76)
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Basic underlying earnings per share(2) (0.22) 0.48
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Effect of potentially dilutive share -
options
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Diluted underlying earnings per share(2) (0.22) 0.48
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1 Basic and diluted loss per share has been restated as explained in Note 34.
2 The underlying earnings per share has been restated to reflect
share of loss of associate and other exceptional costs as explained
in Note 8.
Notes to the Financial Statements (continued)
13. Intangible assets
Exploration and
evaluation assets Goodwill
$m $m(2*)
Restated
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Cost
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At 1 January 2011 - -
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Acquired through business combinations - 1,320
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Additions 4 -
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At 31 December 2011 4 1,320
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Adjustment to prior year acquisition
valuations 14
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At 31 December 2011 (restated) 4 1,334
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Acquired through business combinations - 4
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Additions 1 -
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Transfer to other exceptional costs(1) (5)
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At 31 December 2012 5 1,333
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Accumulated amortisation and impairment
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At 1 January 2011 - -
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Amortisation charge for the year - -
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At 31 December 2011 - -
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Amortisation charge for the year - -
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Impairment charge for the year - (815)
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At 31 December 2012 - (815)
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Net book value at 31 December 2012 5 518
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Net book value at 31 December 2011 4 1,334
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1. This represents goodwill arising on the acquisition of PT
Pelayaran Sandita Perkeson Maritim, PT Kirana Berau and PT Manira
Mitra where it was established that the excess consideration above
the fair value of assets acquired had no clear business purpose.
This has been written off to other exceptional costs in the
year.
2. Following the adjustment to prior year acquisition valuations
of assets under construction, mining properties and goodwill
arising on acquisition were also restated. Refer to Note 14 and
Note 34.
Impairment tests for goodwill
Goodwill arising through acquisitions has been allocated to
individual or groups of cash generating units (CGUs), each
representing the lowest level in the Group at which goodwill is
monitored for internal management purposes.
The carrying value of the Group's goodwill of $1,334m at 31
December 2011 has arisen mainly on the acquisition of PT Berau on 4
March 2011, which is treated as a single CGU.
The Group's annual impairment review resulted in an impairment
charge of $815m on a 100% basis (non-controlling interest: $194m)
for 2012. PT Berau's recoverable amount has been assessed based on
fair value less costs to sell using discounted cash flows.
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