SHPGY » Topics » Taxation

This excerpt taken from the SHPGY 8-K filed Feb 20, 2007.

Taxation

The effective rate of tax for the year to December 31, 2006 was 26.8% (2005: 27.5%, after excluding the impact of the $815.0 million write-off of in-process R&D in respect of the TKT acquisition). The effective rate has fallen by 0.7% as a result of a reduction in deferred taxes offset by an increase in current taxes as a result of additional tax contingencies of $187 million recognized in relation to ongoing tax audits. The reduction in deferred taxes was primarily due to the reversal of valuation allowances following changes in estimates as to the realization of certain deferred tax assets. Following this reversal of valuation allowances the net deferred tax asset has increased to $261.0 million at December 31, 2006 (December 31, 2005: $116.2 million). Realization of deferred tax assets is dependent upon generating sufficient taxable income to utilize such assets. Although realization of these assets is not assured, it is more likely than not that the amount recognized will be realized.

This excerpt taken from the SHPGY 10-Q filed Nov 7, 2006.

Taxation

The effective rate of tax for the nine months to September 30, 2006 was 28%. In respect of the nine month period to September 30, 2005, the tax charge was calculated using the expected effective rate for the period of 26% and was adjusted for the effect of the non-deductible write-off of in-process R&D, resulting in an effective tax rate for the period of -13%. The lower expected effective rate of tax in 2005 followed the conclusion of a routine tax audit. At September 30, 2006 net deferred tax assets of $107.4 million were recognized (December 2005: $116.2 million).

This excerpt taken from the SHPGY 8-K filed Oct 27, 2006.

Taxation

The effective rate of tax for the three months to September 30, 2006 was 28% (2005: 29%, after excluding the in-process R&D write-off in respect of the TKT acquisition from the loss from continuing operations before income taxes). At September 30, 2006 net deferred tax assets of $107.4 million were recognized (December 31, 2005: $116.2 million).

This excerpt taken from the SHPGY 10-Q filed Aug 4, 2006.

Taxation

The effective rate of tax for the six months to June 30, 2006 was 28% (2005: 25%). The lower rate in 2005 followed the conclusion of a routine tax audit. At June 30, 2006 net deferred tax assets of $118.1 million were recognized (December 2005: $116.2 million).

This excerpt taken from the SHPGY 8-K filed Jul 28, 2006.

Taxation

The effective rate of tax for the three months to June 30, 2006 was 28% (2005: 25%). The lower rate in Q2 2005 followed the conclusion of a routine tax audit. At June 30, 2006 net deferred tax assets of $118.1 million were recognized (December 31, 2005: $116.2 million).

This excerpt taken from the SHPGY 10-Q filed May 5, 2006.

Taxation

The effective rate of tax for the three months to March 31, 2006 was 28% (2005: 30%). At March 31, 2006 net deferred tax assets of $126.0 million were recognized (December 2005: $116.2 million).

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This excerpt taken from the SHPGY 8-K filed Apr 27, 2006.

Taxation

The effective rate of tax for the three months to March 31, 2006 was 28% (2005: 30%). At March 31, 2006 net deferred tax assets of $126.0 million were recognized (December 2005: $116.2 million).

This excerpt taken from the SHPGY 8-K filed Feb 23, 2006.

Taxation

The effective tax rate for 2005 on US GAAP losses was negative 29% (a tax charge of $92.1 million on US GAAP losses from continuing operations before income taxes and equity method investees of $320.9 million). The significant difference from the prior year effective tax rate of 28% is due to the in-process R&D write-off of $673 million which is not tax deductible. Excluding the impact of this in-process R&D charge, the effective tax rate for 2005 was 26%.

At December 31, 2005 net deferred tax assets of $116.2 million were recognized (December 31, 2004: $78.1 million).

This excerpt taken from the SHPGY 10-Q filed Nov 9, 2005.

Taxation

In respect of the nine month period to September 30, 2005, the tax charge was calculated using the expected effective rate for the period of 25% and was adjusted for the effect of the non-deductible write-off of in-process R&D, resulting in an effective tax rate for the period of -14% (2004: 28%).

At September 30, 2005, net deferred tax assets of $85.4 million were recognized (December 31, 2004; $78.1 million).

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This excerpt taken from the SHPGY 8-K filed Nov 3, 2005.
Taxation
The effective rate of tax for the three months to September 30, 2005 excluding the write-off of in-process R&D was 28% (2004: 28%).

At September 30, 2005 net deferred tax assets of $85.4 million were recognized (December 31, 2004: $78.1 million).

This excerpt taken from the SHPGY 10-Q filed Aug 5, 2005.
Taxation
The effective rate of tax for the six months to June 30, 2005 was 25% (2004: 28%). The Company’s effective tax rate was 3% lower than in the first half of 2004. The reduction in rate follows the conclusion of a routine tax audit in the second quarter of 2005. At June 30, 2005, net deferred tax assets of $87.5 million were recognized (December 31, 2004: $78.1 million). Realization is dependent upon generating sufficient taxable income to utilize such assets. Although realization of these assets is not assured, management believe it is more likely than not that the deferred tax assets will be realized.

This excerpt taken from the SHPGY 8-K filed Jul 28, 2005.

Taxation

The effective rate of tax for the three months to June 30, 2005 was 24% (2004: 30%). The Company’s effective tax rate was 4% lower than in Q1 2005. The reduction in rate this quarter followed the conclusion of a routine tax audit.

At June 30, 2005, net deferred tax assets of $87.5 million were recognized (December 31, 2004: $78.1 million).

This excerpt taken from the SHPGY 10-Q filed May 9, 2005.
Taxation
The effective rate of tax for the three months to March 31, 2005 was 28% (2004: 26%). At March 31, 2005, net deferred tax assets of $81.3 million were recognized (December 31, 2004: $78.1 million). Realization is dependent upon generating sufficient taxable income to utilize such assets. Although realization of these assets is not assured, management believe it is more likely than not that the deferred tax assets will be realized.

This excerpt taken from the SHPGY 8-K filed Apr 29, 2005.
Taxation
The effective rate of tax for the three months to March 31, 2005 was 28% (2004: 26%). At March 31, 2005, net deferred tax assets of $81.3 million were recognized (December 31, 2004: $78.1 million).






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This excerpt taken from the SHPGY 8-K filed Mar 2, 2005.

Taxation

The effective tax rate on continuing operations for the year to December 31, 2004 was 28% (2003: 26%). As of December 31, 2004 the Company had deferred tax assets net of valuation allowances of $78.1 million (December 31, 2003 $63.1 million).

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