2014 Rm		2013 Rm		2012 Rm
8.	DEFERRED TAXATION
	Movement of deferred taxation
	Balance at beginning of year
	– Deferred taxation assets		654		537		649
	– Deferred taxation liabilities		(421)		(384)		(229)
	Net asset at beginning of year		232		153		420
	Recognised in income statement this year		(48)		8		(219)
	– Continuing operations		(49)		9		(221)
	– Rate change adjustment		1		(1)		2
	Recognised in income statement this year – discontinued operations		(5)		(1)		6
	Arising on acquisition and disposal of subsidiaries		(26)		(58)		(98)
	Translation differences		52		104		3
	Accounted for directly in other comprehensive income		113		22		41
	Other movements				4
	Net asset at end of year		318		233		153
	– Deferred taxation assets		695		654		537
	– Deferred taxation liabilities		(377)		(421)		(384)
	Analysis of deferred taxation by type of temporary difference
	Deferred taxation assets
	Capital allowances		(109)		(87)		(64)
	Provisions and payables		154		180		138
	Prepayments and other receivables		50		83		85
	Effect of tax losses		161		155		134
	Retirement benefit obligations		438		321		246
	Other temporary differences		1		3		(2)
			695		654		537
	Deferred taxation liabilities
	Capital allowances		(742)		(762)		(659)
	Provisions and payables		414		408		248
	Prepayments and other receivables		(61)		(70)		11
	Effect of tax losses		22		23		10
	Retirement benefit obligations				(16)		(13)
	Other temporary differences		(10)		(4)		19
			(377)		(421)		(384)
	The tax grouping which falls under the Spanish tax jurisdiction has incurred losses for taxation purposes which have given rise to a deferred taxation asset of R151 million (2013: R182 million; 2012: R158 million). The grouping has recognised a deferred taxation asset based on actions taken within the businesses to reduce the cost bases which will allow the grouping to operate with significantly lower revenues. In addition, the grouping has identified tax planning opportunities which can materially utilise the taxation asset.