| |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED |
| for the year ended 30 June 2007 |
| |
All monetary amounts are expressed
in millions of Rands |
2007
|
Restated
2006
|
|
|
% |
% |
| 28. |
INCOME TAXATION EXPENSE (continued) |
|
|
|
Reconciliation of effective rate of taxation to the standard rate of taxation |
|
|
|
Effective rate of taxation |
27,5 |
25,9 |
|
Reduction in rate of taxation due to: |
|
|
|
Capital and non-taxable items |
4,1 |
3,2 |
|
Taxation on foreign companies |
5,1 |
1,2 |
|
Taxation losses utilised |
– |
4,4 |
|
Deferred taxation assets recognised |
3,9 |
2,4 |
| |
Prior year adjustments |
– |
0,5 |
|
|
40,6 |
37,6 |
|
Increase in rate of taxation due to: |
|
|
|
Capital and non-deductible expenditure |
(7,5) |
(4,1) |
|
Current year’s losses not recognised |
(0,1) |
– |
|
Foreign withholding taxation |
(0,2) |
(1,4) |
|
Imputed foreign income |
(0,2) |
(0,4) |
|
Secondary taxation on companies |
(2,6) |
(2,7) |
|
Prior year adjustments |
(1,0) |
– |
| |
South African standard rate of taxation |
29,0 |
29,0 |
| 29. |
DISCONTINUED OPERATIONS AND ASSETS CLASSIFIED AS
HELD-FOR-SALE |
|
|
| 29.1 |
Earnings for the year from discontinued operations |
|
|
|
On 31 March 2007, the Group disposed of its Foundries business for R333 million.
The comparative numbers include a business that was closed or disposed of in the
prior year, being Criterion Equipment, a forklift truck distribution business. |
|
|
|
The (loss)/profit from the discontinued operations are analysed as follows: |
|
|
|
(Loss)/profit on disposal/closure |
(61,0) |
16,4 |
|
Profit after taxation for the period |
12,5 |
42,8 |
| |
|
(48,5) |
59,2 |
|
| |
| |
|
|
