Investor Presentation
1H 2022 Tax
1H 2022 Tax Provision, $'m
1H 2022
YTD Pre tax profit / (Loss)
(11.6)
Estimated Annual Effective Tax Rate
(44.6)%
YTD Tax before Adjustments
5.2
Tax Adjustments
(0.2)
YTD Tax Expense / (Benefit)
5.0
➤ Around 25% of FY 2022 estimated Share Based Payment
expenses are related to foreign employees.
➤ For tax calculation purposes, this amount is added to estimated
full year PBT which increases the taxable position.
➤ Because overall PBT (before taking PBT-related tax additions)
is low, the addition of taxable SBP-related amounts increases
the relative overall taxable quantum. This is then taxed at the
prevailing rate of 21%.
The total taxable amount is then applied to the actual PBT for
1H, resulting in a higher tax ratio.
Devolver Digital
Investor Presentation
Tax for 1H 2022 has been calculated
by applying the FY22 effective tax rate
as required by IAS 34 ‘Interim Financial
Reporting'.
"The effective rate of (44.6)% varies
from the statutory rate of 21% due to
permanent book to tax differences
related to stock compensation
deductions for foreign entities, which is
not deductible for US income taxes."
The Group expects the tax expense to
unwind in 2H 2022.
D
27View entire presentation