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Integrated Report 2016
ANNUAL FINANCIAL STATEMENTS
(continued)
25. PROVISIONS
Leave pay
40 378
42 254
Bonus and incentive scheme
29 528
27 938
69 906
70 192
Made up as follows:
Leave pay
Balance at beginning of year
42 254
45 331
Arising during the year
56 914
68 660
Utilised during the year
(51 348)
(66 282)
Unused amounts reversed
(4 675)
(5 581)
Reclassification to disposal group held-for-sale (note 2.1))
(3 835)
–
Disposal of business (note 2.1)
–
(369)
Exchange rate adjustments
1 068
495
Balance at end of year
40 378
42 254
Bonus and incentive scheme
Balance at beginning of year
27 938
–
Arising during the year
32 228
27 938
Utilised during the year
(21 788)
–
Unused amounts reversed
(8 850)
–
Balance at end of year
29 528
27 938
Leave pay provision
In excess of 95% of the balance represents the liability for employees in South Africa. In terms of the Group policy, employees in South
Africa are entitled to accumulate leave benefits not taken within a leave cycle, up to a maximum of three times the employee’s annual
leave allocation, limited to a maximum of 45 days. The obligation is reviewed annually.
Bonus and incentive provision
Certain employees participate in a performance-based incentive scheme and provision is made for the estimated liability in terms of set
performance criteria. These incentives are expected to be paid in September 2016.
2016
R’000
2015
R’000
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS