| |
2018
US$’000 |
|
2017
US$’000 |
|
| Deferred tax assets |
1 880 |
|
1 952 |
|
| Deferred tax liabilities |
(29 892) |
|
(23 823) |
|
| Net deferred tax liability |
(28 012) |
|
(21 871) |
|
| Deferred tax assets |
|
|
|
|
| Property, plant and equipment |
(35) |
|
(54) |
|
| Unrealised foreign currency exchange losses |
610 |
|
752 |
|
| Accrued leave |
165 |
|
164 |
|
| Share-based payments |
1 040 |
|
1 073 |
|
| Other |
100 |
|
17 |
|
| |
1 880 |
|
1 952 |
|
| Deferred tax liabilities |
|
|
|
|
| Property, plant and equipment |
63 212 |
|
57 765 |
|
| Tax losses not utilised |
(28 755) |
|
(30 065) |
|
| Accrued leave |
(3 573) |
|
(1 977) |
|
| Share-based payments |
(782) |
|
(809) |
|
| Other |
(210) |
|
(1 091) |
|
| |
29 892 |
|
23 823 |
|
| Reconciliation of deferred tax liability |
|
|
|
|
| Balance at the beginning of the year |
(21 871) |
|
(3 878) |
|
| Adoption of IFRS 16 (refer note 3) |
7 |
|
– |
|
| |
(21 864) |
|
(3 878) |
|
| Temporary differences recognised in profit or loss and equity in relation to: |
|
|
|
|
| Capital allowances on property, plant and equipment |
(8 470) |
|
(2 731) |
|
| Provisions |
440 |
|
649 |
|
| Tax losses |
(79) |
|
(17 364) |
|
| Other |
482 |
|
1 145 |
|
| |
(7 627) |
|
(18 301) |
|
| Exchange differences |
1 479 |
|
308 |
|
| Balance at the end of the year |
(28 012) |
|
(21 871) |
|
| Amounts recognised in: |
|
|
|
|
| Profit or loss (note 8) |
(7 933) |
|
(19 162) |
|
| Equity |
306 |
|
861 |
|
| |
(7 627) |
|
(18 301) |
|
Deferred tax assets and deferred tax liabilities are not offset unless the Group has a legally enforceable right to offset such
assets and liabilities.
All of the above amounts have used the currently enacted income taxation rates of the respective tax jurisdictions the Group
operates in. South African taxation losses normally expire within 12 months of the respective entities not trading. The
deductible temporary timing differences do not expire under current taxation legislation. Deferred tax assets have only been
recognised in terms of these items when it is probable that taxable profit will be available in the immediate future against
which the respective entities can utilise the benefits therefrom.
The estimates used to assess the recoverability of recognised deferred tax assets include a forecast of the future taxable
income and future cash flow projections based on a three-year period. The Group did not have tax losses and temporary
differences for which deferred tax was not recognised.
|