Notes to the annual financial statementsPick n Pay Stores Limited |
| GROUP | COMPANY | ||||||||||
| 2011 Rm |
2010 Rm |
2011 Rm |
2010 Rm |
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| 14. | Deferred tax asset | ||||||||||
| The movement in deferred tax is as follows: | |||||||||||
| At 1 March | 98.1 | 99.8 | — | — | |||||||
| Recognised in the statement of comprehensive income (note 5.1) | (10.4) | (10.2) | — | — | |||||||
| Participation in export partnerships | 2.7 | 7.9 | |||||||||
| Property, equipment and vehicles | (22.0) | (50.9) | |||||||||
| Operating leases | 8.5 | 7.6 | |||||||||
| Retirement benefits | (4.2) | (8.8) | |||||||||
| Prepayments | (0.2) | (0.1) | |||||||||
| Allowance for impairment losses | 7.1 | 20.7 | |||||||||
| Income and expense accruals | (2.3) | 13.4 | |||||||||
| Recognised in equity | |||||||||||
| Tax effect of foreign currency translations | (3.4) | (4.9) | |||||||||
| Tax effect of actuarial losses | 4.8 | 13.4 | |||||||||
| Tax effect of forward exchange contract unrealised loss | 18.0 | — | |||||||||
| At 28 February | 107.1 | 98.1 | — | — | |||||||
| Comprising: | |||||||||||
| Participation in export partnerships | (48.9) | (51.6) | |||||||||
| Property, equipment and vehicles | (121.1) | (99.1) | |||||||||
| Operating leases | 172.9 | 164.4 | |||||||||
| Retirement benefits and actuarial losses | 7.5 | 6.9 | |||||||||
| Prepayments | (4.5) | (4.3) | |||||||||
| Allowance for impairment losses | 38.5 | 31.4 | |||||||||
| Income and expense accruals | 79.8 | 82.1 | |||||||||
| Foreign currency translation | (35.1) | (31.7) | |||||||||
| Forward exchange contract unrealised loss | 18.0 | — | |||||||||
| Total deferred tax asset | 107.1 | 98.1 | — | — | |||||||
| Transferred to assets held for sale (note 18.1) | (21.3) | — | |||||||||
| 85.8 | 98.1 | — | — | ||||||||
| In respect of Score Supermarkets Operating Limited Group and InterFrank Group Holdings Pty Limited (Franklins) in Australia, there are approximately R204.9 million and R509.4 million, respectively, of estimated tax losses available for set-off against future taxable income, for which no deferred tax assets have been raised. | |||||||||||
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Integrated Annual Report 2011|www.picknpay.co.za |
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