NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS l NOTE 10
2013
Rm
2012
Rm
10.
Deferred tax
Movement of deferred tax (assets) liabilities
Net balance at beginning of year
177
(112)
Charged to profit or loss
– Current year
110
(128)
– Prior year underprovisions
63
66
– Impairment charge
38
– Tax rate adjustment
1
3
– Capital gains tax
(21)
45
Recognised in other comprehensive income
2
(16)
Arising on acquisitions and disposals of businesses
68
327
Currency adjustments
45
(8)
Reclassification to assets classified as held for sale
1
Net balance at end of year
484
177
Analysis of deferred tax (assets) liabilities
– Intangible assets
265
241
– Property, plant and equipment
158
94
– Transport fleet
599
576
– Vehicles for hire
101
114
– Investments
75
– Inventories
(159)
(107)
– Provisions and maintenance funds
(586)
(581)
– Tax losses
(160)
(265)
– Capital gains tax
196
217
– Other
(5)
(112)
484
177
Deferred tax comprises
– Assets
(1 014)
(930)
– Liabilities
1 498
1 107
484
177
Unrecognised tax losses
Unused tax losses available for offset against future profits
(1 537)
(1 778)
Deferred tax asset recognised in respect of such losses
570
947
Remaining tax losses not recognised
(967)
(831)
Where entities within the group are expecting to be profitable and have a high prospect of utilising any noted assessed losses in the
future, deferred tax assets are raised. The assessments are performed on a continuous basis and if required the deferred tax asset raised
is impaired. Management has assumed that the recoverability of the balance of the unrecognised losses is still in doubt because a trend
of profitable growth in the respective entities has not yet been established and hence have not raised deferred tax assets on this balance.
Deferred tax assets were impaired where entities do not show signs of profitability in the future.
