This excerpt taken from the ICI 6-K filed Aug 10, 2006.
In the first half of 2006 there was a loss from special items before taxation of £24m which primarily related to the new restructuring programme announced at the beginning of the second quarter.
In the first half of 2005 there was a profit before taxation from special items of £10m and for the full year a profit before taxation of £31m. The profit for the full year 2005 mainly comprised of a profit of £16m within operating profit and a profit on sale of continuing operations of £13m. The amount within operating profit related to charges of £17m for restructuring programmes, a profit of £26m from changes to the terms of post-retirement benefits in the Netherlands and a profit of £7m on the disposal of fixed assets. The profits on the sale of continuing operations included a profit of £6m on the sale of the Vinamul Polymers business. Taxation in respect of special items for the first half of 2006 amounted to income of £7m (first half 2005 income £5m, year 2005 income £12m).
In the first half of 2006 there was a loss after taxation from special items of £70m. The loss mainly comprised the fine of £63m imposed by the European Commission following an investigation into alleged cartel activity in the European methacrylates market.
In the first half of 2005 there was a profit after taxation from special items of £20m and for the full year a profit after taxation of £25m. The profit for the full year 2005 mainly comprised of a profit of £18m within operating profit and a profit on sale of discontinued operations of £7m. The amount within operating profit mainly related to a profit of £14m from changes to the terms of post-retirement benefits in the Netherlands and a release of restructuring provisions of £4m relating to the Uniqema business. The amount within sale of discontinued operations primarily related to a profit from changes to post-retirement healthcare plans in the USA of £23m, a release of provisions following a land transaction of £28m and increases in provisions relating to long-term residual activities of £37m. Overall, taxation on the above items amounted to £nil for the first half of 2006 (first half 2005 income £3m, year 2005 £nil).
The tax expense for the Group after special items for the first half 2006 includes a £39m expense (first half 2005 expense £37m, year 2005 expense £75m) relating to continuing operations and a £2m expense (first half 2005 £nil, year 2005 expense £5m) relating to discontinued operations. The tax expense for the Group for the first half of 2006 consists of UK taxation of £17m (first half 2005 expense £16m, year 2005 expense £28m) and an overseas tax expense of £24m (first half 2005 £21m, year 2005 £52m).
This excerpt taken from the ICI 6-K filed Mar 16, 2005.
For the purpose of computing this ratio, earnings consist of the income from Continuing operations before taxation of Group companies and income received from companies owned 50% or less, plus fixed charges excluding capitalised interest. Fixed charges consist of interest (including capitalised interest) on all indebtedness, amortisation of debt discount and expense and that portion of rental expense representative of the interest factor.
The deficiency of earnings to fixed charges for the years ended 31 December 2003, 2002 and 2000 was £73m, £47m and £422m respectively.