Investor Presentaiton
Appendix
Tax impacts of significant items
$m
Reported
Less:
Significant items
Tax-only significant items
Adjusted basis
Adjusted tax charge includes:
Impact of tax rate and law changes
Write-off/write-back of opening DTAs
Adjustments in respect of prior periods' tax liabilities
Impacts of hyperinflation accounting
Strategy
Results
FY20
PBT
Tax
8,777
2,678
ETR
30.5%
3,372
660
117
12,149
3,455
28.4%
58
279
78
65
FY20 reported ETR primarily driven by the regional mix of profits and losses taxed at different local statutory rates and the
write-off and ongoing non-recognition of elements of deferred tax assets
ā The impact of ongoing non-recognition of deferred tax is a consequence of the profits and losses arising in these jurisdictions
each year
Group effective reported tax rate of c.25% is assumed in 2021. Assumed Group adjusted effective tax rate of 19-20% in the
medium-term. Note the tax rates are highly sensitive to the overall profitability of the UK group entities
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