30 March 2016 €’000 | 25 March 2015 €’000 | |
Current tax: | ||
Irish corporation tax | 1,676 | 5,362 |
Overseas tax | 3 | 3 |
Adjustments in respect of prior years | (848) | 156 |
Total current tax | 831 | 5,521 |
Deferred tax Origination and reversal of temporary differences: | ||
Property,plant and equipment - allowances | (11) | 1,918 |
Investment property-capital gains | 2,414 | 705 |
Derivatives | (976) | 6,417 |
Release of pension obligations | 2,714 | 112 |
Provisions, unutilised losses & other | 856 | (791) |
Total deferred tax | 4,997 | 8,361 |
Income tax expense on continuing operations | 5,828 | 13,882 |
The tax expense on continuing operations excludes the income tax on the discontinued operation of €0.09 million (2015: €0.3 million). This has been included in the loss from discontinued operations, net of tax (see note 22).
30 March 2016 €’000 | 25 March 2015 €’000 | |
Profit on ordinary activities before tax | 22,217 | 56,433 |
Tax using standard corporation tax rate in Ireland of 12.5% (2014:12.5%) | 2,777 | 7,054 |
Tax effect of: | ||
Depreciation and amortisation in excess of capital allowances | (3,077) | (2,118) |
Impairments on tangible and intangible assets | 3,196 | 30 |
Amortisation of intangible assets | 51 | 427 |
Other non deductible expenses | 150 | 1,172 |
Deferred tax not recognised | - | 1,318 |
Deferred tax on derivatives | (976) | 6,417 |
Deferred tax on reduction in pension liabilities | 2,714 | - |
Deferred tax on investment property | 2,414 | 705 |
Non-Taxable income on provision charges | (525) | (2,064) |
Changes in estimates related to prior years | (848) | 156 |
Utilisation of tax losses | 63 | - |
Pension payments in excess of pension cost charge | (1,308) | - |
Group relief | 15 | - |
Ineligible depreciation | 1,179 | 1,350 |
Impact of different tax rates | 3 | (565) |
Income tax expense | 5,828 | 13,882 |
Effective tax rate | 26% | 25% |
Balance at 26 March 2015 | Recognised in profit or loss | Recognised in OCI | Recognised in equity | Balance at 30 March 2016 | |
€’000 | €’000 | €’000 | €’000 | €’000 | |
Deferred Tax assets | |||||
Defined benefit pensions | 7,828 | (2,714) | (1,372) | 3,742 | |
Property, plant and equipment - capital allowances | 35 | 91 | - | - | 126 |
Provisions | 2,015 | (648) | - | - | 1,367 |
Unutilised Losses | 634 | (313) | - | - | 321 |
Total | 10,512 | (3,584) | (1,372) | - | 5,556 |
Deferred tax liabilities | |||||
Property, plant and equipment - capital allowances | (8,720) | (80) | - | - | (8,800) |
Intangible assets | (104) | 104 | - | - | - |
Derivatives | (6,110) | - | 1,392 | - | (4,718) |
Investment property | (705) | (2,414) | - | (3,119) | |
Total | (15,639) | (2,390) | 1,392 | - | (16,637) |
The combined net deferred tax liability of €11.1 million is presented on the balance sheet.
Balance at 27 March 2014 | Recognised in profit or loss | Recognised in OCI | Recognised in equity | Balance at 25 March 2015 | |
€’000 | €’000 | €’000 | €’000 | €’000 | |
Deferred tax Assets | |||||
Defined benefit pensions | 5,238 | (536) | 3,126 | - | 7,828 |
Derivatives | 862 | - | (862) | - | - |
Property, plant and equipment - capital allowances | 378 | (343) | - | - | 35 |
Provisions | 1,449 | 566 | - | - | 2,015 |
Unutilised Losses | 121 | 513 | - | - | 634 |
Total | 8,048 | 200 | 2,264 | - | 10,512 |
Deferred tax liabilities | |||||
Defined benefit pensions | (424) | 424 | - | - | - |
Property, plant and equipment - capital allowances | (7,145) | (1,575) | - | - | (8,720) |
Intangible assets | (243) | 139 | - | - | (104) |
Derivatives | - | (6,110) | - | (6,110) | |
Investment property | - | (705) | - | - | (705) |
Total | (7,812) | (1,717) | (6,110) | - | (15,639) |
The combined net deferred tax liability of €5.1 million is presented on the balance sheet.
The following deferred tax assets have not been recognised because it is not probable that future taxable profit will be available against which the Group can use the benefits therefrom:
30 March 2016 €’000 | 25 March 2015 €’000 | 27 March 2014 €’000 | |
Deferred Tax Assets | |||
Unused tax losses | 2,368 | 3,662 | 2,064 |
Total | 2,368 | 3,662 | 2,064 |
The losses are not time bound but subject to the respective trades returning to profitability.