REG - Soco International - PRELIMINARY RESULTS <Origin Href="QuoteRef">SIA.L</Origin> <Origin Href="QuoteRef">SRP.L</Origin> - Part 3

SercoAnnouncement

12/03/2015 07:02

- Part 3: For the preceding part double click  ID:nRSL2481Hb 

                                                                                                                                         44.6   -             0.2                44.8       
 Impairment of property plant and equipment                                                                                                                                                                                                                                                   -     -         -             -       
 Profit (loss) before tax 1                                                                                                                                                                                                                                                                            437.7  (92.0)        (12.4)             333.3      
 Tax charge                                                                                                                                                                                                                                                                                                   229.0   -             0.2                   229.2  
                                                                                                                                                                                                                                                                                                                                                                                           
 1Unallocated amounts included in profit before tax comprise corporate costs not attributable to an operating segment, investment revenue, other gains and losses and finance costs.                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                           
 2Costs associated with the Africa segment are capitalised in accordance with the Group's accounting policy to the extent they are recoverable.                                                                                                                                               
                                                                                                                                                                                                                                                                                                                                                                                           
 The accounting policies of the reportable segments are the same as the Group's accounting policies as described in Note 2.                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                                                                                           
 Included in revenues arising from South East Asia are revenues of $234.5 million and $194.4 million (2013 - South East Asia $240.3 million, $102.2million, $64.9million) which arose from the Group's largest individual customers who have contributed 10% or more to the Group's revenue.  
                                                                                                                                                                                                                                                                                                                                                                                           
 Geographical information                                                                                                                                                                                                                                                                                                                                 
 Group revenue and non-current assets (excluding the financial asset and other receivables) by geographical location are separately detailed below where they exceed 10% of total revenue or non-current assets, respectively:                                                                
 Revenue                                                                                                                                                                                                                                                                                                                                                                      
 All of the Group's revenue is derived from foreign countries.  The Group's revenue by geographical location is determined by reference to the final destination of oil or gas sold.                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                 2014           2013       
                                                                                                                                                                                                                                                                                                                                                                 $ million      $ million  
 Vietnam                                                                                                                                                                                                                                                                                                                    240.0              74.7       
 China                                                                                                                                                                                                                                                                                                                      97.8               86.0       
 Australia                                                                                                                                                                                                                                                                                                                  48.1               137.5      
 Malaysia                                                                                                                                                                                                                                                                                                                   35.5               146.9      
 Other                                                                                                                                                                                                                                                                                                                      26.8               163.0      
                                                                                                                                                                                                                                                                                                                                                                 448.2          608.1      
                                                                                                                                                                                                                                                                                                                                                                                           
 Non-current assets                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                                                                 2014           2013       
                                                                                                                                                                                                                                                                                                                                                                 $ million      $ million  
 United Kingdom                                                                                                                                                                                                                                                                                                                     1.0                   0.9    
 Vietnam                                                                                                                                                                                                                                                                                                                                       789.0             800.6        
 Congo                                                                                                                                                                                                                                                                                                                                         147.1             116.7        
 Other - Africa                                                                                                                                                                                                                                                                                                       62.0          98.8       
                                                                                                                                                                                                                                                                                                                                                                 999.1          1,017.0    
 
 
5 Tax 
 
                                                                                                                                                                                                                                                                                 2014         2013       
                                                                                                                                                                                                                                                                                 $ million    $ million  
 Current tax                                                                                                                                                                                                                                                       122.7         158.3      
 Deferred tax                                                                                                                                                                                                                                        16.0          70.9   
                                                                                                                                                                                                                                                                                 138.7        229.2      
                                                                                                                                                                                                                                                                                                         
 The Group's corporation tax is calculated at 50% (2013 - 50%) of the estimated assessable profit for the year in Vietnam. During 2014 and 2013 both current and deferred taxation have arisen in overseas jurisdictions only.  
                                                                                                                                                                                                                                                                                                         
 The charge for the year can be reconciled to the profit per the income statement as follows:                                                                                                                                       
                                                                                                                                                                                                                                                                                 2014         2013       
                                                                                                                                                                                                                                                                                 $ million    $ million  
 Profit before tax                                                                                                                                                                                                                                          152.7         333.3  
                                                                                                                                                                                                                                                                                                         
 Profit before tax at 50% (2013 - 50%)                                                                                                                                                                                                               76.4          166.7  
                                                                                                                                                                                                                                                                                                         
 Effects of:                                                                                                                                                                                                                                                                                
 Non-taxable income and non-deductible expenses                                                                                                                                                                                                18.1         11.0   
 Tax losses not recognised                                                                                                                                                                                                                           3.9           5.6    
 Non-deductible exploration costs written off                                                                                                                                                                                       39.7       46.0  
 Adjustments to tax charge in respect of previous years                                                                                                                                                                                   0.6        (0.1)  
 Tax charge for the year                                                                                                                                                                                                                             138.7         229.2  
                                                                                                                                                                                                                                                                                                         
 The prevailing tax rate in the jurisdictions in which the Group produces oil and gas is 50%.  The tax charge in future periods may also be affected by the factors in the reconciliation above.                                
 
 
6 Earnings per share 
 
 The calculation of the basic and diluted earnings per share is based on the following data:  
                                                                                                                               2014                          2013       
                                                                                                                               $ million                     $ million  
 Earnings for the purposes of basic and diluted earnings per share                                       14.0     104.1