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BUSINESS MODEL
AND STRATEGIC
OBJECTIVES
LEADERSHIP
GOVERNANCE
OPERATING
PERFORMANCE
SHAREHOLDERS’
INFORMATION AND
ADMINISTRATION
FINANCIAL
PERFORMANCE
BLUE LABEL INTEGRATED ANNUAL REPORT 2014
177
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2014
2014
R’000
2013
R’000
20.
FINANCE (COSTS)/INCOME
Interest paid
– Bank
71
77
– Loans
21 465
23 196
– Other
1 457
494
– Discounting of payables
143 883
143 329
166 876
167 096
Interest received
– Bank
(24 153)
(34 361)
– Loans
(1 449)
(1 469)
– Other
(13 205)
(9 659)
– Discounting of receivables
(117 443)
(127 771)
(156 250)
(173 260)
Net finance cost /(income)
10 626
(6 164)
21.
TAXATION
Current tax
208 996
215 075
Current year
209 055
214 899
Prior year adjustment
(59)
176
Deferred tax
(2 554)
(18 671)
Current year
(2 278)
(18 663)
Prior year adjustment
(276)
(8)
206 442
196 404
Profit before tax
655 357
604 509
Tax at 28%
183 500
169 263
Income not subject to tax
(8 852)
(4 524)
Expenses not deductible for tax purposes
7 053
7 473
Capital gains tax
(840)
55
Utilisation of previously unrecognised tax losses
(71)
(1 199)
Tax effect of assessed losses not recognised
9 695
11 841
Share of losses from associates and joint ventures
15 924
13 251
Prior year adjustment
(335)
168
Effect of different tax dispensations
368
76
Tax charge
206 442
196 404