HomeGroup profileHighlightsCorporate informationGroup structure of operating companies Group at a glanceBoard of directorsChairman's review Review of operations Ore reserves and mineral resources Corporate governance reportBlack economic empowerment Sustainabiliy report Five-year summary >> Consolidated financial statements >> Company financial statements Notice to membersForm of proxy

You are currently viewing » Consolidated financial statements » Notes to the consolidated financial statements

Notes to the consolidated financial statements for the year ended 30 June 2009

Notes 1. ACCOUNTING POLICIES 2. PROPERTY, PLANT AND EQUIPMENT 3. INVESTMENT PROPERTIES 4. INTANGIBLE ASSETS 5. INVESTMENTS 6. INVENTORIES 7. TRADE AND OTHER RECEIVABLES 8. SHARE CAPITAL 9. SHARE PREMIUM 10. TREASURY SHARES  11. OTHER RESERVES  12. LONG-TERM BORROWINGS 13. DEFERRED TAXATION 14. LONG-TERM PROVISIONS 15. TRADE AND OTHER PAYABLES  16. SHORT-TERM PROVISIONS  17. SHORT-TERM BORROWINGS AND OVERDRAFTS 18. REVENUE  19. FINANCE COSTS  20. PROFIT BEFORE TAXATION AND STATE'S SHARE OF PROFITS 21. TAXATION AND STATE'S SHARE OF PROFITS 22. EARNINGS AND HEADLINE EARNINGS PER SHARE 23. DIVIDENDS  24. NOTES TO THE CASH FLOW STATEMENT  25. FINANCIAL RISK MANAGEMENT 26. CAPITAL MANAGEMENT 27. COMMITMENTS/option> 28. CONTINGENT LIABILITIES 29. INVESTMENT IN JOINT-VENTURE ENTITY 30. SEGMENTAL INFORMATION 31. RELATED PARTY TRANSACTIONS 32. RETIREMENT BENEFIT INFORMATION 33. COMPARATIVE INFORMATION

2009     2008           R’000     R’000   21.   TAXATION AND STATE’S SHARE OF PROFITS                 South African normal taxation                 – current year      1 045 703     985 872      – (over-)/underprovisions relating to prior years      (193)    3 551      Capital gains tax      2 672     3 130      State’s share of profits      234 352     237 848      Deferred taxation                 – temporary differences (current year)      482 627     267 630      – temporary differences (prior years)      –     (708)     – rate adjustment      –     (15 495)     Secondary tax on companies      216 332     27 263           1 981 493     1 509 091     The current tax charge is affected by non-taxable investment income, capital redemption allowances and assessed tax losses in certain subsidiary companies and trading losses in other subsidiary companies for which there was no tax relief in the current year.                        Estimated losses available for the reduction of future taxable income arising in                 certain subsidiary companies at year-end      236 789     129 619      Estimated unredeemed capital expenditure available for reduction of future taxable                 income on mining operations in certain joint-venture and subsidiary companies      26 036     754 528      The group has unused credits in respect of secondary tax on companies of                 R689,6 million (2008: R271,7 million). A deferred tax asset has not been raised                 on these amounts as there is no certainty that the credits will be utilised in                 the foreseeable future.                 Reconciliation of tax charge as a percentage of net income before taxation                 Statutory tax rate      28,00     28,00      Adjusted for:                 State’s share of profits      4,46     5,07      Secondary tax on companies      4,12     0,58      Disallowable expenditure      1,52     0,19      Impact of calculated tax losses      0,49     0,17      Foreign tax rate differential      0,43     (0,40)     Capital gains tax      0,05     0,07      Dividend income      (0,11)    (0,05)     Exempt income      (0,04)    (0,37)     Underprovisions relating to prior years      –     0,08      Impact of change in tax rate      –     (0,33)     Other      (1,14)    (0,82)     Effective tax rate      37,78     32,19