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Annual Report & Accounts 2013 - NOTES
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5. FINANCIAL INCOME AND EXPENSES 2013 2012 €000's €000's Discount on non-interest bearing loan (see note 16) 780 - Unwinding of discount on non-interest bearing loan (see note 16) (186) - Net discount on non-interest bearing loan 594 - Financial income - interest income 33 2 627 2 Financial expense - interest payable - Finance lease interest (see note 18) (43) - - Unwinding of discount on deferred consideration (see note 12) (1,677) (2,206) - Other expense (11) - (1,731) (2,206) 6. TAXATION Current tax for the current and prior periods is classified as a current liability to the extent that it is unpaid. Amounts paid in excess of amounts owed are classified as a current asset. There is a current tax liability from continuing operations of €711k (net of tax receivable amounts) at 31 December 2013 (2012: Current tax liability from continuing operations of €480k (net of tax receivable amounts)). 2013 2012 €000's €000's Current tax expense Current year 524 410 Prior year 104 70 628 480 Deferred tax Origination and reversal of temporary differences 83 - Total income tax expense in income statement 711 480 The tax for the year is different from that which would result from applying the standard rate of Corporation Tax in the UK (23.25%, 2012: 24.5%*). A reconciliation is shown below: Profit before tax 13,014 10,830 Income tax using the domestic corporation tax rate 3,025 2,653 Effect of tax rates in foreign jurisdictions (rates decreased) (3,603) (2,460) Expenses not deductible for tax purposes (293) 504 Utilisation of tax losses (265) (242) Tax losses for which no deferred tax assets have been recognised 1,666 31 Adjustment in respect of prior years - corporation tax 104 70 Adjustment in respect of prior years - deferred tax 83 - Capital allowances for the period in excess of depreciation (6) (76) 711 480 *From 1 April 2013 the UK Corporation Tax rate changed from 24% to 23% and from 1 April 2014 the rate will reduce to 21%. GVC HOLDINGS PLC ANNUAL REPORT 2013 41 NOTES TO THE FINANCIAL STATEMENTS