Agribel Annual Financial Review | Page 47

AGRIBEL HOLDINGS LTD FINANCIAL REVIEW 2021
17 .
TRADE AND OTHER PAYABLES
GROUP
COMPANY
2021 R ' m
2020 R ' m
2021 R ' m
2020 R ' m
Trade payables
1 409
613
1
-
Members ' funds
11
12
-
-
Audit fees
7
1
-
-
PAYE
10
8
-
-
Other amounts payable
366
126
-
-
Leave and thirteenth cheque accrual
53
33
-
-
Total trade and other payables
1 856
793
1
-
Terms and conditions in respect of trade and other payables : * Trade payables are payable on different terms from 30 days after date of statement and are not interest-bearing . * Other amounts payable have varying short-term payment dates . * Leave and thirteenth cheques payable are accrued on a monthly basis . * Trade and other payables at amortised cost approximate the fair value .
18 . INCOME TAX 18.1 Tax expense
GROUP
SA normal tax – current year ( 166 ) ( 142 ) - - Increase /( decrease ) in deferred tax ( liability )/ asset ( 22 ) 33 ( 2 ) ( 1 ) Previous year adjustment to deferred tax 9 - - - Previous year adjustment on income tax 1 ( 1 ) - - Total tax expense ( 178 ) ( 110 ) ( 2 ) ( 1 )
2021 R ' m
2020 R ' m
COMPANY 2021 R ' m
2020 R ' m
18.2
Deferred tax asset /( liability )
GROUP
COMPANY
2021 R ' m
2020 R ' m
2021 R ' m
2020 R ' m
The main temporary differences : Property , plant and equipment
( 466 )
( 319 )
-
-
Inventory provisions
25
6
-
-
Trade and other receivables
9
23
-
-
Other provisions
59
34
-
-
AgriRewards
( 60 )
( 33 )
-
-
Share incentive
( 3 )
( 1 )
-
-
Right-of-use asset and lease liability adjustment ***
-
-
-
-
Operational losses carried forward *
96
17
-
-
CGT losses carried forward
37
13
-
2
Investment in subsidiaries **
( 35 )
-
-
-
Investment in joint ventures **
13
( 29 )
( 134 )
( 111 )
Deferred tax ( liability )/ asset
( 325 )
( 289 )
( 134 )
( 109 )
* The operational losses carried forward relate mainly to Agri Credit Solutions ( previously Suidwes Landbou ) and Africum Ltd . The deferred tax asset will be
recognised according to the probability of the asset utilised through future profits . No time limit on utilisations exists for recognition . Agri Credit Solutions
and Africum Ltd realised losses for the 2021 financial period . However , the forecast and budget of these companies reflect a profit for the foreseeable future .
The situation will be monitored and if profits don ' t realise as expected in the following years , the asset will be reconsidered .
** Hinterland was accounted for as a Joint Venture prior to 1 October 2020 , but was reclassified as an investment in subsidiary after the Afgri exit . The
investment in subsidiaries relates to the Hinterland acquisition and Suidwes acquisition .
*** Amount is less than R0,5 million . The group accounts for deferred tax on a gross basis relating to the right-of-use asset and liability .
Agribel Holdings Limited Reg nr : 1996 / 017629 / 06 AGRIBEL ANNUAL FINANCIAL REVIEW 2021
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