Page 61 - SABN AR 2021

18. Profit/(loss) before taxation
Profit before taxation is arrived at after taking into account the following disclosable items:
(Profit)/loss on sale of property, plant and equipment
Loss/(profit) arising from realised and unrealised foreign exchange transactions
Depreciation, amortisation and impairment
Buildings (Note 2)
Intangible assets (Note 3) Plant and equipment (Note 2) Furniture and vehicles (Note 2)
Directors' fees and executive key management’s emoluments Technical and professional fees
Auditors’ remuneration
Audit fees
Tax and secretarial services
Post-employment costs Disability benefit costs
Salaries
Performance bonuses Contributions to retirement funds
The average number of employees was 480 (2020: 482).
19. Taxation
Major components of the tax expense
Deferred
Originating and reversing temporary differences
Reconciliation of the tax expense
Reconciliation between applicable tax rate and average effective tax rate Applicable tax rate
Disallowable charges: administrative building depreciation and SARS interest paid
2020
R’000
(397) (6 345)
1 900
5 429 91 121 15 224
113 674 17 832 8 076
2 273
75
2 348
14 364 1 313 15 677
229 776 29 952 18 718 278 446
41 354
28.00% 0.09% 28.09%
2021
R’000
(689)
(3 866)
1 923
3 753
94 995
9 154
109 825
17 547
1 950
1 603
198
1 801
13 160
1 216
14 376
255 620
32 197
19 217
307 034
23 626
28.00%
0.16%
28.16%
No provision has been made for taxation in 2021 as the company has no taxable income. The estimated tax loss available for set-off against future taxable income is R18 million (2020: R146 million). The SABN believes that it will utilise this assessed loss within the next financial year, based on future projected taxable income.
South African Bank Note Company (RF) Proprietary Limited
Annual Report 2021
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