SBN HOLDINGS LIMITED Annual Report 2022
104
NOTES TO THE ANNUAL FINANCIAL STATEMENTS continued
32.
Taxation
32.1
Indirect taxation
Value-added tax (VAT)¹
Duties and other
Total
GROUP
COMPANY
2022
N$'000
2021
N$'000
2022
N$'000
2021
N$'000
20 855
8 282
34 041
9 315
29 137
43 356
1 The group earns certain amounts of VAT exempt income which result in these amounts of VAT input not being able to be claimed from the revenue
authorities.
32.2
Direct taxation
33.
Statement of cash flows notes
33.1
Net cash flow used in operations
SBN HOLDINGS LIMITED
Annual report 2022
GROUP
COMPANY
2022
N$'000
2021
N$'000
2022
N$'000
2021
N$'000
Profit before taxation
888 000
562 563
133 472
275 564
Depreciation of property, equipment and ROU assets (note 8)
Impairment of property, equipment and ROU assets (note 8)
Amortisation of intangible assets (note 9)
135 841
140 920
1 775
2016
54 787
49 449
Foreign exchange differences on cash and cash equivalents
ECL raised and released (note 30)
148 012
14 338
202 457
324 705
Unwinding of discount element of loans and advances
Movement in interest income accruals
Movement in interest expense accruals
(94 805)
(79 963)
36 430
75 631
(8 701)
8 843
(27 885)
5 042
21 270
9 595
17 129
4 318
(19 375)
20 202
(29 137)
(43 356)
(Profit)/loss on disposal of property and equipment (note
33.6)
(3426)
Gain on modifications/terminations of leases
Dividend income (note 28)
Total
(2 863)
(703)
(7228)
(631)
1 356 237
1 049 013
(66 251)
67 221
(236 917)
38 647
GROUP
COMPANY
Interest benefit on staff loans
2022
N$'000
2021
N$'000
2022
N$'000
2021
N$'000
Movement in staff-related accruals
Accrued interest on debt securities
Fair value adjustments
Normal taxation
288 020
125 244
Indirect taxation (note 32.1)
Current year charge
263 032
131 368
Adjustments to prior years
24 988
Deferred taxation
(53 437)
(6124)
27 752
Current year charge
(53 437)
27 752
Total
234 583
152 996
Income tax recognised in OCI
The table below sets out the amount of income tax relating to each component within OCI:
GROUP
2022
Change in fair value of post-employment benefit obligations
Change in fair value of FVOCI debt financial assets - IFRS 9
Total
2021
Change in fair value of post-employment benefit obligations
Change in fair value of FVOCI debt financial assets - IFRS 9
Total
Namibian tax rate reconciliation
Tax
(charge)/
33.2
Before tax
N$'000
credit
N$'000
After tax
N$'000
7 671
(2 455)
5 216
(4 113)
2 234
(1 879)
3 558
(221)
3 337
12 784
(12 047)
737
(4 091)
3 141
(950)
Refer to the accounting policy elections
and restatements section for details of
restatements.
(Increase)/decrease in income-earning assets
Financial investments
Pledged assets
8 693
(8906)
(213)
Trading assets
Loans and advances
Properties in possession
Derivative assets
Other assets
Total
GROUP
COMPANY
2022
%
2022
N$'000
2021
%
2021
N$'000
2022
%
2022
N$'000
2021
%
2021
N$'000
33.3
Direct taxation
- statutory rate
32.0
274 836
32.0
166 146
Permanent differences:
(4.7)
(40 253)
(2.5)
(13 150)
32.0
(32.0)
42 711
(42 711)
32.0
(32.0)
88 180
(88 180)
Non-taxable income
- dividends
(4.2)
(35 682)
(5.7)
(34 025)
(32.4)
(43 245)
(27.5)
(73 583)
Non-taxable income
- other¹
(0.1)
(842)
(0.1)
(597)
(5.1)
(15 101)
Non-deductible
expenses
Other²
0.2
(0.6)
1 324
(5 053)
0.5
2.8
2 985
0.4
534
0.6
504
18 487
Effective direct
taxation rate
27.3
234 583
29.5
152 996
1 Comprises non-taxable interest income for the group and profit-share income for the company.
2 2022 includes N$30.7 million deferred tax asset on assessed losses relating to a subsidiary which was recognised during the year.
Refer to the accounting policy elections
and restatements section for details of
restatements.
GROUP
COMPANY
2022
N$'000
2021
N$'000
2022
N$'000
2021
N$'000
730 459
179 420
(1422 566)
520 956
(178 485)
(1 312 365)
(595 216)
(1685)
24 892
(65 592)
(131 939)
298 962
(40 447)
67 571
5 837
(601 702)
(1 391 904)
67 571
5 837
Increase/(decrease) in deposits and other liabilities
Deposits and current accounts
Trading liabilities
Derivative liabilities
Provisions and other liabilities
Total
Refer to the accounting policy elections
and restatements section for details of
restatements.
GROUP
COMPANY
2022
N$'000
2021
N$'000
2022
N$'000
2021
N$'000
(893 778)
2 150 150
(18 955)
21 222
70 187
(291 547)
173 061
105 802
(3 063)
(2 264)
(669 485)
1 985 627
(3 063)
(2264)
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