| |
|
2009
R’million |
|
Restate
2008
R’million |
|
| 7. |
DEFERRED TAX |
|
|
|
|
|
Deferred tax is calculated in full on temporary differences under the liability method using
a principal tax rate of 28%. |
|
|
|
|
|
Deferred tax balance |
|
|
|
|
|
Deferred tax liabilities – opening balance |
148,5 |
|
63,0 |
|
|
Deferred tax assets – opening balance |
(1,0) |
|
(12,8) |
|
|
Net deferred tax liabilities – opening balance |
147,5 |
|
50,2 |
|
|
Adjustment for change in tax rate |
— |
|
(1,4) |
|
|
Restated opening balance |
147,5 |
|
48,8 |
|
|
Income statement charge – prior year adjustment |
4,7 |
|
— |
|
|
Income statement charge |
75,1 |
|
22,8 |
|
|
Charged to equity |
(42,4) |
|
13,1 |
|
|
Effects of exchange rate changes |
(6,0) |
|
1,9 |
|
|
Acquisition of subsidiaries |
25,7 |
|
42,7 |
|
|
Disposal of 51% of Co-pharma Ltd |
— |
|
0,4 |
|
|
Acquisition of joint ventures |
— |
|
17,8 |
|
|
Disposal of joint venture |
(19,4) |
|
— |
|
|
Balance at the end of the year |
185,2 |
|
147,5 |
|
|
Balance split as follows |
|
|
|
|
|
Deferred tax liabilities |
203,0 |
|
148,5 |
|
|
Deferred tax assets |
(17,8) |
|
(1,0) |
|
|
Balance at the end of the year |
185,2 |
|
147,5 |
|
|
The income statement charge comprises |
|
|
|
|
|
Property, plant and equipment |
59,5 |
|
8,7 |
|
|
Intangible assets |
1,0 |
|
20,6 |
|
|
Inventories |
18,3 |
|
(10,3) |
|
|
Trade and other receivables |
(2,6) |
|
(1,2) |
|
|
Cross-currency swap |
— |
|
0,6 |
|
|
Deferred-payables |
— |
|
(0,5) |
|
|
Retirement benefit obligations |
(0,1) |
|
(0,3) |
|
|
Leave pay |
(3,5) |
|
(0,8) |
|
|
Preference shares |
2,8 |
|
0,4 |
|
|
Tax claims in respect of share schemes |
(6,5) |
|
2,2 |
|
|
Unused tax losses |
(4,8) |
|
2,1 |
|
|
Other payables |
17,7 |
|
— |
|
|
Other |
(2,0) |
|
1,3 |
|
|
Income statement charge |
79,8 |
|
22,8 |
|
|
Deferred tax balance comprises |
|
|
|
|
|
Property, plant and equipment |
148,4 |
|
95,0 |
|
|
Intangible assets |
113,7 |
|
113,2 |
|
|
Inventories |
5,1 |
|
(13,4) |
|
|
Trade and other receivables |
75,3 |
|
46,7 |
|
|
Retirement benefit obligations |
(2,6) |
|
(2,3) |
|
|
Leave pay |
(10,1) |
|
(6,7) |
|
|
Royalties received in advance |
(21,7) |
|
(21,4) |
|
|
Preference shares issued |
(4,3) |
|
(7,1) |
|
|
Tax claims in respect of share schemes |
(73,2) |
|
(24,4) |
|
|
Unused tax losses |
(39,8) |
|
(23,2) |
|
|
Other payables |
(4,7) |
|
(9,8) |
|
|
Other |
(0,9) |
|
0,9 |
|
| |
Balance at the end of the year |
185,2 |
|
147,5 |
|
|
| |
No significant unrecognised tax losses or secondary tax on companies credits existed at year-end. |
| |
|
| |
|
|
|
