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Annual Report & Accounts 2006 - Notes to the Consolidated Financial Statements
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Gaming VC Annual Report 2006 3 Net financing costs Year ended 31 December Year ended 31 December In thousands of euro 2006 2005 Interest income 154 46 Net foreign exchange gain through profit 9 ^ Financial income 163 46 Interest expenses and bank charges (68) (141) Net foreign exchange loss through pro˘t ^ (460) Financial expenses (68) (601) Net ˘nancing income/(expenses) 95 (555) 4 Income tax expense Current tax Current tax for the current and prior periods is classi˘ed as a current liability to the extent that it is unpaid. Amounts paid in excess of amounts owed are classi˘ed as a current asset. There is a current tax liability of C18,043 at 31 December 2006 (2005: C18,043). Recognised in the income statement In thousands of euro Year ended 31 December 2006 Year ended 31 December 2005 Current tax expense Current year ^ 13 Adjustments for prior period ^ ^ ^ 13 Deferred tax expense Origination and reversal of temporary differences ^ ^ Reduction in tax rate ^ ^ Bene˘t of tax losses recognised ^ ^ ^ ^ Total income tax expense in income statement ^ 13 Reconciliation of effective tax rate In thousands of euro Year ended 31 December 2006 Year ended 31 December 2005 (Loss)/Pro˘t before tax (28,839) 12,807 Income tax using the domestic corporation tax rate ^ 2,818 Effect of tax rates in foreign jurisdictions (Rates decreased) ^ (2,805) ^ 13 No deferred tax asset was recognised as the Group considers that it is more probable than not that no future taxable profits will be available against which the asset could be utilised. 17