TABLE OF CONTENTS | $m | $m | ||
|---|---|---|---|
| Revenue (2000 + 1600 + 625 - 100 inter-co.) | 4,125 | ||
| Cost of sales (1500 + 1400 + 590 - 100 inter-co. | |||
| - 2 stock profit 15 goodwill - 2 depr.) | (3,409) | ||
| Gross profit | 716 | ||
| Distribution costs (120 + 40 + 13) | 173 | ||
| Administrative expenses (100 + 36 + 17) | 153 | ||
| (326) | |||
| Profit from operations | 390 | ||
| Profit on disposal of shares in subsidiaries ( W7) | 15 | ||
| Share of operating loss of associate | ( W4) ( W5) | (11) | |
| Interest expense (10 + 4 + 10) | (24) | ||
| Investment income (50 - 60% 40) | 26 | ||
| 396 | |||
| Income tax expense (90 + 36 + 3 + 40% 3) | (130) | ||
| Minority interest | ( W6) | (25) | |
| Net profit for the year | 241 |
| $m | |
|---|---|
| Portal reserves at 1 June 2000 | 350 |
| Profit for the year | 241 |
| Dividends for the year | (20) |
| Hub reserves at 1 June 2000 (250 - 200 pre-acq. - 2 depr. | |
| - 4 inter-co. pft) 75% | 33 |
| Goodwill written off | (10) |
| 594 |
The inter-company profit included in the opening inventory of Portal was $20 20% = $4m and the closing inventory was $30 20% = $6m. The $2m excess is charged...
