Download PDF - Kumba Iron Ore

COMPANY – NOTES TO THE ANNUAL FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER
8. TAXATION
Rand million 2011 2010
Charge to income
SA normal tax
Current year 21 35
STC 74 –
Total 95 35
% 2011 2010
Reconciliation of taxation rates
Taxation as a percentage of profit before taxation 0.7 0.5
Taxation effect of:
Capital profits (0.6) –
Disallowable expenditure (0.1) (0.1)
Exempt income 28.0 27.6
Standard tax rate 28.0 28.0
9. CASH UTILISED BY OPERATIONS
Rand million 2011 2010
Operating loss (44) (33)
Adjusted for:
Movement in provisions – (1)
Share-based payment expense 13 15
Cash flows from operations (31) (19)
Working capital movements:
Decrease in other receivables 8 12
Increase in other payables 26 13
3 6
10. NORMAL TAXATION PAID
Rand million 2011 2010
Amounts unpaid at beginning of year (4) (23)
Amounts charged to the income statement 95 35
Amount paid during the period (114) (16)
Current tax asset at end of year (23) (4)
74 Kumba Iron Ore Limited