omnia holdings annual report 2010 omnia holdings annu

19 FINANCE EXPENSES
OMNIA ANNUAL REPORT 2010 101
Interest paid
Short-term interest-bearing borrowings 97 145
Long-term interest-bearing borrowings 89 65
186 210
Interest capitalised (1) –
Net foreign exchange losses/(gains) on conversion of foreign bank balances 32 (5)
1 329 205
A capitalisation rate of 11,56% was used to determine the amount of borrowing costs eligible for capitalisation.
20 INCOME TAX EXPENSE
South African normal taxation
– Current year 69 118
– Prior year (6) 3
Secondary taxation on companies 4 3
Foreign taxation 23 95
Deferred taxation
90 219
– Current year (33) 8
– Tax rate adjustment (6) –
Taxation for the year
The tax on the Group’s profit before tax differs from the theoretical amount that would
arise using the weighted average tax rate applicable to profits of the consolidated
companies as follows:
51 227
Profit before taxation 109 718
Tax calculated at 28% (2009: 28%)
Adjusted for:
31 201
Secondary taxation on companies
Permanent differences
4 3
– Share-based payments 11 9
– Prior year adjustment 12 7
Change in tax rate (1) –
Other (6) 7
Tax charge
The weighted average applicable tax rate was 46,8% (2009: 31,6%).
51 227
The increase is caused mainly by the higher proportion of share-based payment in the current year compared to the Group’s profit
before taxation, combined with non-tax deductible expenditure of R32 million.
2010
Rm
2010
Rm
2009
Rm
2009
Rm