Page 217 - Capricorn IAR 2020

for the year ended 30 June 2020
10. SHARE OF ASSOCIATES’ RESULTS AFTER TAX
The following represents Capricorn Group’s share of the associates’ after-tax results:
428,648
2020 INTEGRATED ANNUAL REPORT
NOTES TO THE CONSOLIDATED AND SEPARATE ANNUAL FINANCIAL STATEMENTS (continued)
Group
2020 N$’000
84,192 (20,481)
63,711
352,850
352,850
52,756
52,756
405,606
352,850
352,850
1,945
1,945
354,795
50,811
50,811
50,811
405,606
12,372
12,372
417,978
Company
Profit before taxation Taxation
11. INCOME TAX EXPENSE
11.1 Normal tax
Current tax
– current year
Deferred tax
– current year
Total normal tax
Income tax expense is attributable to:
Profit from continuing operations
Current tax
– current year
Deferred tax
– current year
Total normal tax from continuing operations
Deferred tax
– current year
Total normal tax from discontinued operations
Normal tax on other comprehensive income
Current tax through other comprehensive income
– current year
Total income tax expense
11.2 Tax rate reconciliation
The tax on the operating profit differs from the theoretical amount that would arise using the basic tax rate as follows: Profit from continuing operations before tax and share of associates’ results after tax
2019 N$’000
2019 N$’000
–
(8,333)
(8,333)
(8,333) (8,333)
(8,333) –
(8,333)
84,289 (11,632)
2020 N$’000
72,657
–
428,648
(41,843)
–
–
(41,843)
11,659
11,659
(8,333)
386,805
11,659
428,648
–
428,648
(40,898)
–
–
11,659
(40,898)
11,659
(8,333)
387,750
11,659
(945)
–
(945)
–
–
(945)
386,805
–
11,659
–
–
386,805
1,350,245 (20,798)
–
11,659
–
–
1,366,890 expense (104,872)
680,625 –
217,800 (301,376)
– (5,412)
80,655 – –
– – –
(8,333) (1.2%)
Loss from discontinued operation before income tax Other comprehensive income
Tax at the applicable tax rate of 32% (2019: 32%)
Dividends received
Fair value adjustment on interest free staff loans and
investments (7,274)
38,662
191,068
Other non-taxable income
Non-deductible expenses
Derecognise previously recognised deferred tax asset
Unrecognised deferred tax asset
Expired assessed loss
Utilised tax loss previously not recognised
Difference in tax rates
Other (1,287)
Income tax expense 417,978
Effective tax rate 32.1%
416,218 (122,207)
(79,826) 72,566 68,593 63,834 18,719
(78) (11,280)
425,423 (45,974)
2,713 (76,389)
77,107 2,723 2,823 5,798
– (7,419)
–
29.1%
61,142
(148,678)
(7,410)
41,449
63,834
1,322
11,659
–
–
–
–
–
386,805
6.1%
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