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Integrated Report 2016
ANNUAL FINANCIAL STATEMENTS
(continued)
12. DEFERRED TAX
Balance at beginning of year
(69 763)
(13 088)
Change in tax rate of trusts
–
33
Disposal of business (note 1.1)
–
(424)
Movement through profit or loss – continuing operations
(2 529)
(56 206)
– discontinued operations
(172)
842
Exchange rate adjustments
(798)
(798)
Revaluations of foreign currency contracts (cash flow hedges) to fair value
5 411
(29)
Revaluation of available-for-sale asset to fair value
112
(93)
Balance at end of year
(67 739)
(69 763)
Analysis of deferred tax
This balance comprises the following temporary differences:
Trademarks
(30 099)
(23 960)
Property, plant and equipment
(133 327)
(137 325)
Pre-payments
(2 520)
(5 587)
Income received in advance
4 125
3 446
Provisions
54 371
56 412
Revaluations of foreign currency contracts (cash flow hedges) to fair value
5 578
1 449
Tax loss available for future use
33 453
34 750
Other
680
1 052
(67 739)
(69 763)
Disclosed as follows:
Deferred tax asset
8 129
12 091
Deferred tax liability
(75 868)
(81 854)
13. OTHER FINANCIAL ASSETS
13.1 LONG-TERM RECEIVABLE (AT AMORTISED COST)
Black Managers Share Trust (BMT)
Balance at beginning of year
88 191
136 191
Proceeds from sale
(11 961)
(41 664)
Impairment (Refer to Annexure G)
(4 135)
(6 336)
72 095
88 191
The maturity of the receivable from the BMT depends on how beneficiaries exercise their options until 30 September 2024
when the scheme is due to end or when a beneficiary dies. The proceeds on sale during the current year is as a result of the
capital contribution payments upon units being excercised after the lock-in period (R12.0 million). The impairment charge was
as a result of the cost of the capital contribution exceeding the terminal amount (original capital contribution, increased by a
notional return on the capital contribution and reduced by dividends distributed to the beneficiaries). Refer to Annexure B for
further details.
2016
R’000
2015
R’000
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS