Annual integrated report 2017

FINANCIAL OVERVIEW

Notes to the consolidated financial statements

for the year ended June 30

2017

R’000

2016

R’000

NET FINANCE CHARGES

Finance income

96 763

66 846

Interest income on advances

9 511

13 208

Interest income on bank balances

84 165

33 482

Interest imputed on post-retirement assets (refer to note 26)

3 087

20 156

Finance charges

(315 932)

(290 625)

Interest expense on bank overdrafts

(19 951)

(18 089)

Interest expense on financed assets

(4 886)

(13 102)

Interest expense on borrowings

(267 971)

(216 107)

Interest imputed on post-retirement obligations (refer to note 26)

(1 957)

(20 242)

Unwinding of discount on puttable non-controlling interest liabilities

(21 167)

(23 085)

(219 169)

(223 779)

TAXATION

Current taxation

1 402 824

1 053 432

Current year

1 401 268

1 075 862

Prior years’ under (over) provision

1 556

(22 430)

Deferred taxation

(157 328)

48 953

Current year

(149 851)

70 788

Prior years’ (over) under provision

(1 446)

847

Change in rate of taxation

(6 031)

(22 682)

Foreign withholding taxation

5 462

6 696

Total taxation per consolidated statement of profit or loss

1 250 958

1 109 081

Comprising

South African taxation

265 384

96 172

Foreign taxation

985 574

1 012 909

1 250 958

1 109 081

FINANCIAL STAT MENTS

Annual integrated report 2017

Bid Corporation Limited