Petra Diamonds Limited
Annual Report and Accounts 2013
112
10. Taxation
US$ million
2013
2012
Current taxation
– Current tax credit
Deferred taxation
– Current period (origination and reversal of temporary differences)
24.6
10.5
24.6
10.5
Reconciliation of tax rate
– Profit before taxation
52.5
8.4
Tax at South African corporate rate of 28%
14.7
2.4
Effects of:
– Tax charge at rates in foreign jurisdictions
3.5
7.7
– Non-deductible expenses
4.5
5.7
– Non-taxable income
(7.6)
(3.7)
– Tax losses and timing differences not recognised
9.5
(1.6)
Total tax charge
24.6
10.5
During the year, the Group did not utilise taxation benefits of previously unrecognised tax losses which reduce the current
taxation payable (30 June 2012: US$nil). Tax losses not utilised do not have an expiry period in the country in which they arise, unless
the entity ceases to continue trading. Gross tax losses available but not utilised as at 30 June 2013 amount to US$147.0 million
(30 June 2012: US$101.4 million) and primarily arise in South Africa and Tanzania; amounts stated provide tax benefit at 28%,
being the tax rate in South Africa, and 30%, being the tax rate in Tanzania. Gross other temporary differences as at 30 June 2013
amount to US$24.6 million (30 June 2012: US$8.6 million) and arise in South Africa. The Group has amended the presentation of the
prior year tax reconciliation to reflect the notional tax on profits at the tax rate applicable to South African operations rather than
the 0% tax rate applicable to the parent, as this is considered to be more meaningful for users of the Financial Statements.
The prior year tax reconciliation line items have been amended to reflect this change and allocation changes determined
to be necessary to reflect the Group’s tax profile.
11. Directors’ and employees’ remuneration
Staff costs (excluding the Non-Executive Directors) during the year were as follows:
US$ million
2013
2012
Wages and salaries – mining
134.5
103.2
Wages and salaries – exploration
1.0
1.0
Wages and salaries – administration
7.6
5.5
Pension – administration
0.1
0.1
143.2
109.8
Number
Number
The number of employees (excluding the Non-Executive Directors and contractors)
employed was as follows:
Mining and exploration
4,902
4,536
Administration
237
232
5,139
4,768
Key management is considered to be the Executive Directors and the Non-Executive Directors. Total remuneration for the year,
which includes base salary, cash benefits and annual performance bonus, for the Executive Directors was US$2.9 million
(30 June 2012: US$2.6 million). The share-based payment charge relating to the Executive Directors for the year was US$1.4 million
(30 June 2012: US$0.3 million). See note 27 in respect of share-based payments.
The Chairman received remuneration, which comprises base remuneration, of US$0.2 million (30 June 2012: US$0.2 million).
Non-Executive Directors received remuneration, which includes base remuneration, of US$0.3 million (30 June 2012: US$0.2 million).
Further detail in respect of the Executive Directors’, Chairman’s and Non-Executive Directors’ remuneration during the year
is disclosed in the Directors’ Remuneration Report on pages 71 to 81.
Notes to the Annual Financial Statements
For the year ended 30 June 2013 continued
1...,104,105,106,107,108,109,110,111,112,113 115,116,117,118,119,120,121,122,123,124,...142