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Notes to the financial statements
continued
for the year ended 30 September 2015
150
Tiger Brands Limited integrated annual report
2015
COMPANY
GROUP
2015
2014
(R’million)
2015
2014
19
Deferred taxation asset
continued
19.2 Analysis of deferred tax asset
Losses available for offset against future taxable income
27,2
202,5
Provisions
443,9
482,4
Property, plant and equipment
3,6
89,9
Revaluation of loan
28,0
15,6
27,9
15,5
Other temporary differences
29,3
13,1
27,9
15,5
532,0
803,5
Disclosed on the statement of financial position as follows:
(18,1)
(10,0)
Deferred tax asset
(50,5)
(306,9)
–
–
Deferred tax liability
200,3
279,1
(18,1)
(10,0)
Net deferred tax liability/(asset)
149,8
(27,8)
Assessed losses available for offset against future taxable income have been recognised as it is probable, based on future cash
flows, that there will be future taxable income against which the assessed loss may be utilised.
Following the decision to discontinue funding to TBCG, deferred tax assets in respect of its brought forward assessed losses and
unutilised capital allowances, amounting to R260,9 million in aggregate has been derecognised and expensed as taxation in
the current year. In addition, the tax effect of TBCG’s current year assessed losses, amounting to R120,6 million has not been
recognised.
20
Inventories
Raw materials
2 480,6
2 014,2
Partially processed goods
98,8
101,5
Finished goods and merchandise
2 717,6
2 244,0
Consumable stores and spares
295,2
252,4
Other
77,8
88,5
5 670,0
4 700,6
Inventories to the value of R126,5 million (2014: R49,3 million) are carried at net realisable value which is lower than cost.
The amount of inventories written down and recognised in cost of sales as an expense is R97,4 million (2014: R86,8 million).
Inventory provision at 30 September 2015 is R119,4 million (2014: R91,3 million).
21
Trade and other receivables
21.1 Analysis of trade and other receivables
Trade receivables
4 459,1
4 194,7
Tax overpaid
34,5
50,1
Prepayments
131,0
203,7
Defined benefit pension surplus (refer note 34)
54,2
63,0
VAT receivable
229,4
225,6
Rebates
96,2
92,4
18,7
85,6
Sundry receivables
446,4
517,4
18,7
85,6
Total gross receivables
5 450,8
5 346,9
Impairment provision – Trade receivables
(555,1)
(479,5)
18,7
85,6
Total net receivables
4 895,7
4 867,4
Trade receivables, which generally have 30 to 60-day terms, are non-interest-bearing and are recognised and carried at
original invoice amount less an allowance for any uncollectible amounts. Included within trade receivables is derivative assets of
R18,9 million (2014: R13,4 million) which are carried at fair value. Refer to note 37 for further details.