LENMED AIR 2019.pdf

Group Figures in R’000 2019 Restated 2018 13. Deferred taxation Deferred tax asset Balance at beginning of year - (2018 - restated) 60 352 46 857 Movements consisting of: Property, plant and equipment 412 (1 461) Provisions (5 974) 6 013 Leases - (88) Assessed losses 13 166 8 985 Share-based payment accrual (717) 46 Prepaid expenses (31) - BALANCE AT END OF YEAR 67 208 60 352 The balance comprises of: Property, plant and equipment 405 (7) Provisions 5 880 11 854 Assessed losses 59 898 46 732 Share-based payment accrual 1 056 1 773 Prepaid expenses (31) - BALANCE AT END OF YEAR 67 208 60 352 Deferred tax liability Balance at beginning of year - (2018 – restated) 220 765 203 991 Movements consisting of: Property, plant and equipment 27 153 15 372 Provisions (9 449) 364 Income received in advance 18 (1) Lease smoothing adjustment 74 334 Share based payment accrual - 157 Prepaid expenses 2 128 24 Assessed loss (6 647) 619 Prior year adjustment (312) - Foreign currency translation adjustment 2 102 - Foreign currency translation on loan 688 (95) BALANCE AT END OF YEAR 236 520 220 765 The balance comprises of: Property, plant and equipment 205 955 177 012 Provisions (15 481) (6 032) Investment in associate 46 866 46 866 Income received in advance - (18) Lease smoothing adjustment 482 408 Prepaid expenses 3 159 1 031 Assessed loss (7 363) (716) Foreign currency translation on loan 2 902 2 214 BALANCE AT END OF YEAR 236 520 220 765 Deferred tax assets recognised as unused tax losses were recognised as management consider it probable that future taxable profits will be available against which they will be utilised. The probable utilisation of the loss is based on budgets and forecast of within two to five years depending on the stability of the subsidiary business. Notes to the consolidated annual financial statements continued CONSOLIDATED ANNUAL FINANCIAL STATEMENTS 108