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BLUE LABEL
INTEGRATED ANNUAL REPORT 2017
2017
R’000
2016
R’000
5.
Deferred taxation
At the beginning of the year
1 844
(4 058)
Credited/(charged) to the statement of comprehensive income:
Provisions and accruals
(447)
(1 736)
Tax losses
375
655
Capital allowances
(38)
(49)
Equity compensation benefit
(1 690)
(1 639)
Unrealised foreign exchange
(5 586)
7 018
Other
2 143
1 653
At the end of the year
(3 399)
1 844
Deferred taxation comprises:
Provisions and accruals
(9 000)
(8 553)
Tax losses
(1 736)
(2 111)
Capital allowances
—
38
Equity compensation benefit
3 157
4 847
Unrealised foreign exchange
4 180
9 766
Other
—
(2 143)
(3 399)
1 844
The analysis of deferred tax assets and deferred tax liabilities is as follows:
Deferred tax assets
Deferred tax assets to be recovered after more than 12 months
5 235
—
Deferred tax assets to be recovered within 12 months
(8 634)
—
(3 399)
—
Deferred tax liabilities
Deferred tax liabilities to be recovered after more than 12 months
—
10 205
Deferred tax liabilities to be recovered within 12 months
—
(8 361)
—
1 844
Net deferred tax (asset)/liability
(3 399)
1 844
Where deferred tax assets have been recognised, a formal process of assessment of the future profitability of the
Company has been performed based on detailed budgets and cash flow forecasts. As a result, management believes
that the current tax losses will be utilised within one to five years. There are no unrecognised tax losses in the current
year (2016: Rnil).
Notes
to the Company annual financial statements
continued
For the year ended 31 May 2017