| 2014 Rm |
2013 Rm |
||
9. |
Deferred tax |
||
| The analysis of the net deferred tax asset in subsidiaries is as follows: | |||
| Deferred tax assets | |||
| Deferred tax assets to be recovered within 12 months | (238) | (129) | |
| Deferred tax assets to be recovered after 12 months | – | – | |
| (238) | (129) | ||
| The analysis of the net deferred tax liability in subsidiaries is as follows: | |||
| Deferred tax assets | |||
| Deferred tax assets to be recovered within 12 months | (167) | (197) | |
| Deferred tax assets to be recovered after 12 months | (865) | (581) | |
| Deferred tax liabilities | |||
| Deferred tax liabilities to be settled within 12 months | 686 | 669 | |
| Deferred tax liabilities to be settled after 12 months | 10 525 | 10 562 | |
| 10 179 | 10 453 | ||
| Net deferred tax | 9 941 | 10 324 | |
| There are unrecognised temporary differences of R2 455 million in the Group, all of it relating to subsidiaries. This comprises unredeemed capex of R305 (2013: R284) million and capital losses of R2 150 (2013: R1 802) million. | |||
| Currently the reversal of these timing differences are uncertain and deferred tax has therefore not been provided. Deferred income taxes are calculated at the prevailing tax rates of the different fiscal authorities where the asset or liability originates. | |||
| The movement on the deferred income tax account is as follows: | |||
| Beginning of the year | 10 324 | 9 223 | |
| Income tax expense (note 31) | (550) | 521 | |
| Movement in the equity component of convertible bonds (note 31) | (15) | – | |
| Prior year adjustment (note 31) | 3 | (209) | |
| Unrealised profit in inventories purchased from equity accounted entities | (9) | 5 | |
| Other comprehensive income | 105 | 507 | |
| Recognised directly into equity | – | 90 | |
| Exchange adjustment | 83 | 187 | |
| End of the year | 9 941 | 10 324 | |
| Deferred tax assets and liabilities are attributable to the following items: | |||
| Deferred tax assets (year-end balances) | |||
| Movements year-on-year recognised in profit or loss: | |||
| Rehabilitation and post-retirement medical provisions | (121) | (123) | |
| Lease liabilities | (107) | (89) | |
| Share-based compensation | (106) | (58) | |
| Leave pay | (82) | (188) | |
| Unrealised profit in metal inventories | (199) | (94) | |
| Assessed losses | (471) | (55) | |
| Fair value of assets and liabilities | (131) | (234) | |
| Other | (53) | (66) | |
| (1 270) | (907) | ||
| Deferred tax liabilities (year-end balances) | |||
| Movements year-on-year recognised in profit or loss: | |||
| Property, plant and equipment | 8 186 | 8 245 | |
| Royalty prepayment | 434 | 352 | |
| Fair value of assets and liabilities | 179 | 28 | |
| Other | 102 | 113 | |
| Movements year-on-year recognised in other comprehensive income: | |||
| Translation differences of foreign subsidiaries | 780 | 675 | |
| Revaluation of mining assets acquired | 1 455 | 1 727 | |
| Movements year-on-year recognised in equity: | |||
| Equity component of convertible bonds | 75 | 91 | |
| 11 211 | 11 231 | ||
| Net deferred tax balance | 9 941 | 10 324 |