159 / 248
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2015
157
BLUE LABEL INTEGRATED ANNUAL REPORT 2015
2014
R’000
20.
FINANCE COSTS/(INCOME)
Finance costs
– Bank
54
71
– Loans
60 557
21 465
– Other
7 353
1 457
– Discounting of payables
165 201
143 883
233 165
166 876
Finance income
– Bank
(13 458)
(24 153)
– Loans
(2 522)
(1 449)
– Other
(14 741)
(13 205)
– Discounting of receivables
(142 326)
(117 443)
(173 047)
(156 250)
Net finance costs
60 118
10 626
21.
TAXATION
Current tax
275 768
208 996
Current year
276 297
209 055
Adjustment in respect of prior years
(529)
(59)
Deferred tax
(10 271)
(2 554)
Current year
(9 845)
(2 278)
Adjustment in respect of prior years
(426)
(276)
265 497
206 442
Profit before tax
846 690
655 357
Tax at 28%
237 073
183 500
Income not subject to tax
(16 116)
(8 852)
Expenses not deductible for tax purposes
6 681
7 053
Capital gains tax
8 698
(840)
Utilisation of previously unrecognised tax losses
—
(71)
Tax effect of assessed losses not recognised
7 901
9 695
Share of losses from associates and joint ventures
22 215
15 924
Adjustment in respect of prior years
(955)
(335)
Effect of different tax dispensations
—
368
Tax charge
265 497
206 442
Effective tax rate
31%
32%
2015
R’000