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for the year ended 30 June
NOTES TO THE GROUP FINANCIAL STATEMENTS continued
22. RETAINED EARNINGS
Retained earnings at the end of the year comprise:
Company 2 709 2 174
Subsidiaries and equity investments 1 292 1 280
Any future dividend declarations out of the retained earnings of the company or any of its subsidiaries
incorporated in South Africa will be subject to STC, to the extent that STC credits are not available,
at the prescribed rate which is currently 10% of the dividend declared.
2010
Rm
2009
Rm
4 001 3 454
23. DEFERRED TAX
Balance at beginning of year 333 381
Statement of comprehensive income credit for year (20) (10)
Prior year (over)/under provision (7) 13
Acquisition of SFIR – (28)
Acquisition of TCN 13 –
Charged/(credited) directly to equity 18 (23)
Balance at end of year 337 333
Deferred tax arises from the following temporary differences:
Deferred tax liabilities
Accelerated asset allowances
Balance at beginning of year 439 421
Acquisition of SFIR – 7
Acquisition of TCN 13 –
Charged to statement of comprehensive income 15 11
467 439
Deferred tax assets
Assessable losses (63) (61)
Balance at beginning of year (61) (19)
Currency translation adjustments – 1
Acquisition of SFIR – (33)
Credited to statement of comprehensive income (2) (10)
Disallowed accruals and provisions (52) (43)
Balance at beginning of year (43) (47)
Currency translation adjustments – (1)
Acquisition of SFIR – (2)
(Credited)/charged to statement of comprehensive income (9) 7
Fair value adjustments (15) (2)
Balance at beginning of year (2) 26
Credited directly to other comprehensive income 18 (23)
Credited to statement of comprehensive income (31) (5)
(130) (106)
Net deferred tax liability 337 333
Aggregate assets and liabilities on subsidiary company basis:
Deferred tax assets (95) (85)
Deferred tax liabilities 432 418
337 333
171