Document 6526629

B•A•T INDUSTRIE S
Windsor House, 50 Victoria Street, London . SW1H ONL
Telephone 071 222 7979 Fax 071222 0122
agamusoorncr
Facsimile Cover Sheet
To:
GREG SPURLOCK
From :
MARK CHESSHER
Company
& Phone :
Farmers
Phon e
Number:
071-233-3223
Fax No:
0101-213-930-4266
Fax No :
071-233-1796
Date:
16/04/93
Pages :
4
Comments:
Greg ,
Thanks for the smoothing schedules . The main problem I have with your
workings is the treatment of the restriction . I have calculated the entries as
I did before approaching the matter by concentrating on ensuring tha t
the smoothed profit is actually an average of the five years . My
calculations seem to differ by the amount of the restriction . In other areas
(tax) I seem to be way out but I have assumed a straight 34% throughou t
which may well be wrong .
I have left Ralph Woollen and Tom Challenor copies of these schedules . I
have to leave early today due to the train strikes - perhaps you could fa x
your thoughts and we can talk on Monda y
Regards,
http://legacy.library.ucsf.edu/tid/dby70a99/pdf
Schedule 2(N
Profit & Loss Account - workings
lq 199 3
Smoothe d
5'000
1q 1993
Smoothed
$'000
lq 1993
Smoothed
'00 0
Life
non-red
prefs
Lif e
common
stocks
TOTA L
DIG transfe r
Smoothed PBT
0
9,498
9,498
(7,461)
2,037
10,983
4,922
15,905
(6,814)
9,09 1
Tax on realised gains
Tax on unrealised gains
Tax smoothin g
On PBT @ 34%
0
(3,229)
2,537
(693)
(3,734 )
(1,673 )
2,31 7
(3,091 )
(3 .734 )
(4,903 )
4,85 4
(3,783 )
1,344
6 .000
7,34 4
Realised gain s
Unrealised gains
PAT
Jpifal reserves transfer.
Reverse unrealised gain:
Reverse tax on unreallse
Reverse DIG
Reverse tax smoothing
(9,498)
3 .229
7A6 1
(2,537)
10,98 3
14,420
25 .40 3
(14,275)
11,12 8
(4,922)
1,67 3
6,81 4
(2,317)
RETENTIONS
(1,344)
1249
0,
7,24 9
(14,420)
4,903
14275
(4,854)
(95)
7,249
Notes:
1) Tax assumed ® 34% throughout .
2) DIG transfer :
Re 1989: 1 /4 x 533
Re 1990: 1 /4 x 234
Re 1991 : 1 /4 x 103 5
Re 1992: 1 /4 x 1 /4 x -501 3
Re 1993 : 4/5 x 9498
or smoothed profit s/be:
Re 1989 : 1/4 x 1 /5 x 2666
Re 1990 : 1 /4 x 1 /5 x 117 0
Re 1991 : 1/4x1/5x 5174
Re 1992 : 1 /4 x 1 /5 x -626 6
Re 1993 : 1/5 x 9498
http://legacy.library.ucsf.edu/tid/dby70a99/pdf
133 1/4 x 8826
59 1 /4 x -4322
259 1 /4 x 14921
(313)1/4 x 1/4 x 16858
7 98)4/5 x 15905
7,461,
(
2,207
(1,081 )
3,73 0
1 .054
(12 .724 )
(6,81 4
133 1 /4 x 1 /5 x 44130
59 1/4x 1/5x-21611
259 1/4 x 1/5 x 74607
(313)1/4 x 1 /5 x 21072
1,9001 /5 x 15905
2,0371
1
2 .207
(1 .081 )
3,730
1,054
3,18 1
9,0911
1
2,340
(1022 )
3,989
740
(20,322 )
(14,275)
2240
(1,022)
3,989
740
5,08 1
11,128 1
Schedule 2(b)
PROFIT & LOSS ACCOUN T
Company name
Date
Quarterly Form B1(FS)
Farmers - smoothed basis using 1992 year data on quarterly forms
PREPARED
CURRENCY &UNIT Turnover
Life business - gross premium s
- unit trust & mutual fund sale s
General business gross premium s
Property & casualty - management fee s
Code
value
3141 1
3141 2
3142
314 3
31 4
Profit before tax - general busines s
- life business
73 1
735
11,128
339 1
11,128
Ta x
36
3,783 ,
Profit after tax
39 1
7,344
DMdends
255
Retentions
per books
consolidation adjustment s
attributable to minorities
253
http://legacy.library.ucsf.edu/tid/dby70a99/pdf
7,344
Schedule 2(c)
SHARE CAPITAL &RESERVE S
COMPANY NAME
CURRENCY & UNIT
PERIOD
Opening balance
Code
Value
PREPARED
Other movements
Code
Value
Appropriatlons
Code
Value
Closi balance
Code j Valu e
Shares and Direct Minority
Ordinary share coita l
Direct minority
Total
Capital reserves
Share premium
Deferred Investment gains
Revaluation
Total
Revenue reserve s
Profit and loss/other
Total
!
61,8W
(34113,
27.690
_
_
I
14,275
(4,854;
9.422
95
95
27.690
7.344
9.422
NB: not all opening and closing balances Included .
z tZf q
o, cry..,,
Sly( .
(ol
U
http://legacy.library.ucsf.edu/tid/dby70a99/pdf
1
37.207
7,249
7.249
Total reserves
LLZ6cLZOZ
76,078
(38.871;
c
37.207