| |
|
|
|
GROUP |
|
COMPANY |
|
| |
|
|
|
2005 |
|
2004 |
|
2005 |
|
2004 |
|
| |
|
|
|
|
|
Restated |
|
|
|
Restated |
|
| |
|
|
|
Rm |
|
Rm |
|
Rm |
|
Rm |
|
11.
|
DEFERRED TAX
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax asset |
|
|
94,9 |
|
121,9 |
|
1,5 |
|
– |
|
|
Deferred tax liability |
|
|
(18,7) |
|
(6,3) |
|
– |
|
– |
|
|
Net deferred tax asset |
|
|
76,2 |
|
115,6 |
|
1,5 |
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the beginning of the year |
|
|
115,6 |
|
(9,8) |
|
– |
|
– |
|
|
Movement during the year attributable to: |
|
|
|
|
|
|
|
|
|
|
|
– change in tax rate |
|
|
(3,8) |
|
– |
|
– |
|
– |
|
|
– acquisition of subsidiaries |
|
|
– |
|
147,0 |
|
– |
|
– |
|
|
– temporary differences |
|
|
(35,6) |
|
(21,6) |
|
1,5 |
|
– |
|
|
Balance at the end of the year |
|
|
76,2 |
|
115,6 |
|
1,5 |
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The balance consists of the following temporary differences: |
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
|
(28,4) |
|
(32,5) |
|
(0,1) |
|
– |
|
|
Utilised tax losses |
|
|
139,5 |
|
148,9 |
|
– |
|
– |
|
|
Provisions |
|
|
20,0 |
|
28,6 |
|
1,5 |
|
– |
|
|
Biological assets |
|
|
(40,2) |
|
(30,3) |
|
– |
|
– |
|
|
Prepayments |
|
|
(0,2) |
|
– |
|
– |
|
– |
|
|
Finance leases |
|
|
0,2 |
|
– |
|
0,1 |
|
– |
|
|
Pension fund surplus |
|
|
(14,7) |
|
– |
|
– |
|
– |
|
|
Other |
|
|
– |
|
0,9 |
|
– |
|
– |
|
|
|
|
|
76,2 |
|
115,6 |
|
1,5 |
|
– |
|
|
The group has estimated tax losses amounting to R14,3 million (2004: R43,4 million) for which no deferred tax asset has been
recognised. The estimated tax losses will when utilised, give rise to tax savings of R4,1 million (2004: R13,0 million). |
