We've got a few minutes to ourselves. Could you just go over it again? How is the taxation expense calculated?

OK. The operating profit minus our interest expenses gives us the profit before tax figure.

This is the amount which theoretically is then subject to taxation.

In fact, the taxation amount is just an estimate, because we won't know until much later exactly how much tax we'll have to pay.

What do we do with this estimate?

In effect, we prepare an interim tax return. It won't be filed, just kept by us to justify the taxation expense we include in the P&L.

Will this also be audited?

Yes. And of course the profit after tax is the figure which we can distribute to shareholders.

What do we do when the taxable income differs from the profit before tax?

We record what happens on the balance sheet. It's either a net deferred tax asset or liability.