omnia holdings annual report 2010 omnia holdings annu

96 OMNIA ANNUAL REPORT 2010 FINANCIAL STATEMENTS continued
NOTES TO THE GROUP FINANCIAL STATEMENTS continued
for the year ended 31 March 2010
10 RETAINED EARNINGS
Consolidated retained earnings comprises:
Company (22) 22
Subsidiaries 1 623 1 636
Associates 8 5
11 MINORITY INTEREST IN EQUITY
264 000 convertible redeemable cumulative
1 609 1 663
Preference shares in Omnia Group Investments Limited – 2
Minority interest in equity (2) (4)
12 DEFERRED INCOME TAXES
Deferred taxation is calculated on all temporary differences under the liability
method using a principal tax rate of 28% (2009: 28%).
(2) (2)
Deferred income tax assets (9) (14)
Deferred income tax liabilities 80 118
Gross movement in the deferred income tax assets account:
71 104
Opening balance at beginning of the year (14) (8)
Income statement charge (refer note 20) 5 (6)
Closing balance at end of the year
Gross movement in the deferred income tax liabilities account:
(9) (14)
Opening balance at beginning of the year 118 104
Tax rate adjustment (refer note 20) (6) –
112 104
Acquisition of business (refer note 28) 5 –
Income statement charge (refer note 20) (37) 14
Closing balance at end of the year
Deferred income tax assets and liabilities are offset when there is a legally
enforceable right to set off current tax assets against current tax liabilities and when
deferred income taxes relate to the same fiscal authority.
The deferred taxation balance is attributable to the following items:
80 118
Capital allowances 169 169
Inventory 3 (8)
Provisions and prepayments (32) (46)
Taxation losses (80) (8)
Acquisition of business 5 –
Other 6 (3)
71 104
Portion to be recovered after more than 12 months 100 158
Portion to be recovered within 12 months (29) (54)
71 104
2010
Rm
2009
Rm