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Under the deferral system, the home country taxes worldwide income, but for foreign subsidiaries the levy is delayed until the year dividends are declared or paid to the parent.
Vodafone is a cash generating machine and next year dividends from its stake in US group Verizon Wireless are likely to start – and these could be worth as much as $5.5bn a year to the group.
In the past five years, in dollar terms, Daiei's stock has lost 26%a year, dividends included.
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It has axed the full year dividend payout to shareholders, and next year's interim dividend.
The company paid a full year dividend of 7.25p, up about 4%.
It also said it was lifting its full year dividend by 10%.
Meanwhile Galliford, up 44p to 545p, doubled its half year dividend after profits rose 89% to £32.2m.
The company also announced a 10% hike in the full year dividend, and said chairman Ian Napier would step down in February.
And the big question for investors is whether the company will be able to maintain its £80m a year dividend if global economic growth slows sharply.
We are planning to step up the 2015 full year dividend to 40p per share compared to our previously state commitment to pay at least 35p a share.
Operating margin is flat at 7.2% but the full year dividend is up 7.8% to 31.7p, in-line with the 7.8% increase in constant currency earnings per share.
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