|
|
|
|
|
|
2006 |
2005 |
| |
|
US$m |
US$m |
|
|
|
|
| 14. |
TERM LOANS |
|
|
|
Sitogo Holdings (Proprietary) Limited |
1,4 |
3,6 |
|
This loan is rand denominated,bears
interest at South African prime overdraft rate with fixed
quarterly interest payment in arrears. This loan has a
six-year term subject to accelerated maturity conditions
on the third anniversary date in the event of certain
”trigger events”. |
|
|
|
|
|
Brait S.A.has the right to dispose of the loan at any time during the duration of the loan agreement for the face value of the loan plus accrued interest thereon. |
|
|
|
Renaissance Asset Management (Pty) Limited |
0,6 |
– |
|
This loan is rand denominated,bears
interest at South African prime overdraft rate with the
total interest being payable at maturity. This loan has
a five-year term subject to default conditions. |
|
|
|
Neural Capital |
1,0 |
– |
|
This loan is US dollar denominated,
bears interest at 5% per annum with capital and interest
payments commencing in March 2008. This loan has a four-year
term subject to default conditions. |
|
|
| |
Total term loans |
3,0 |
3,6 |
|
|
|
|
| 15. |
DEFERRED TAX ASSETS |
|
|
| 15.1 |
Assets and liabilities |
|
|
| |
Deferred tax assets |
2,8 |
2,5 |
|
|
|
|
| 15.2 |
Analysis of assets |
|
|
|
The following are the major deferred tax assets recognised by the group and the movement thereon during the year: |
|
|
|
Balance at beginning of year |
2,5 |
2,5 |
|
Credit to income for year |
0,4 |
– |
| |
Translation differences |
(0,1) |
– |
|
|
|
|
| |
Balance at end of year |
2,8 |
2,5 |
|
|
|
|
| |
In terms of IAS 12, a deferred tax asset
should be recognised on unutilised tax losses to the extent
that it is probable that profits will be available,against
which the deductible temporary differences can be utilised.
|
|
|
| |
Based on the estimated cumulative tax losses of US$38,7 million in the group’s operations, a maximum asset amounting to US$11,2 million could have been raised. |
|
|
| |
The
deferred tax asset is estimated at US$2,8 million as at
year-end, calculated on the budgeted taxable profit in
the entities concerned, over the next three years, after
taking into consideration current market conditions. |
|
|
|
|
|
|
| 16. |
PRIVATE EQUITY INVESTMENTS |
|
|
|
Proprietary investments at fair value |
|
|
| |
Short-term private equity investments |
1,8 |
2,2 |
|
|
|
|
|
Carrying values of proprietary
investments, per sector: |
|
|
|
Information technology |
– |
0,1 |
|
Manufacturing |
1,8 |
0,3 |
|
Infrastructure |
– |
1,8 |
| |
Total private equity proprietary investments |
1,8 |
2,2 |
|
|
|
|
|
Assumptions applied in estimating fair value of private equity investments |
|
|
| |
The fair values of unlisted private equity investments are primarily based on earnings multiple models. |
|
|
|
|
|
|
|
