60 INTEGRATED ANNUAL REPORT 2022 NCT Forestry Agricultural Co-operative Limited and its subsidiaries (Registration number: 1949/000002/24) Annual Financial Statements for the year ended 28 February 2022 Statement of Financial Position as at 28 February 2022 Group Co-operative Notes 2022 R '000 2021 R '000 2022 R '000 2021 R '000 Assets Non-Current Assets Property, plant and equipment 564 844 567 609 315 275 313 612 Biological assets at fair value 842 970 896 909 434 021 474 662 Investments in subsidiaries - - 148 692 148 692 Other investments 14 421 14 421 14 421 14 421 Loans to group companies - - 11 979 11 979 1 422 235 1 478 939 924 388 963 366 Current Assets Biological assets at fair value 1 12 052 - - - Loans to group companies - - 23 786 22 111 Inventories 250 783 277 975 237 392 270 936 Trade and other receivables 228 502 235 045 224 018 233 872 Current tax receivable 712 18 205 - 17 037 Cash and cash equivalents 532 591 368 847 524 547 363 396 1 024 640 900 072 1 009 743 907 352 Total Assets 2 446 875 2 379 011 1 934 131 1 870 718 Equity and Liabilities Equity Reserves 54 072 53 982 12 368 12 278 Retained income 1 735 666 1 679 823 1 248 188 1 193 583 1 789 738 1 733 805 1 260 556 1 205 861 Liabilities Non-Current Liabilities Retirement benefit obligation 16 813 14 134 16 128 13 516 Deferred tax 2 278 990 285 398 139 861 142 347 Interest bearing borrowings 60 195 82 117 60 195 82 117 355 998 381 649 216 184 237 980 Current Liabilities Loans from group companies - - 175 383 167 205 Trade and other payables 260 983 227 539 244 933 228 244 Current tax payable 2 082 590 1 421 - Provisions 15 815 14 327 13 395 10 327 Interest bearing borrowings - current portion 22 259 21 101 22 259 21 101 301 139 263 557 457 391 426 877 Total Liabilities 657 137 645 206 673 575 664 857 Total Equity and Liabilities 2 446 875 2 379 011 1 934 131 1 870 718 NCT Forestry Agricultural Co-operative Limited and its subsidiaries (Registration number: 1949/000002/24) Annual Financial Statements for the year ended 28 February 2022 State ent of Comprehensive Income roup o-operative ote(s) ' ' ' ' Rev nue 2,754,038 2,098,730 2,757,194 2,100,741 Cost of sales (2,456,798) (1,907,503) (2,437,958) (1,886,265) Gr ss profit 297,2 0 191,227 9, 36 214,476 Other income 17,468 16,680 12,888 13,498 Operating expenses (206,691) (204,797) (259,181) (223,375) Foreign exchange losses (13,035) (34,653) (13,088) (34,616) Fair value adjustments (41,887) 17,428 (40,641) (3,670) Operating profit (loss) 3 53,095 (14,115) 19,214 (33,687) Dividends received 3,862 4,271 33,827 45,245 Finance income 13,971 17,027 14,625 17,180 Finance cost (6,629) (10,793) (11,942) (16,990) Profit (loss) before taxation 64,299 (3,610) 55,724 11,748 Taxation 2 (8,372) (10,969) (1,035) (3,705) Total comprehensive income (loss) for the year 55,927 (14,579) 54,689 8,043 Notes 1. Biological assets at fair value – current ShinCel (Pty) Ltd plantations in the Mooi River area have been offered for sale and are therefore reflected as current at the end of the financial year. 2. Tax and Deferred tax The Minister of Finance announced during the 2022 budget speech that the income tax rate of 28% would be reduced to 27% with effect from our 2024 tax year. As the rate change has been substantially enacted, deferred tax should be measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled. However, other than in respect of the Forest Resources (Pty) Ltd (Forest Resources) farms sold to NCT Forestry Agricultural Co-operative Limited on 1 March 2022, the estimated portion of deferred tax relating to the 2023 year is immaterial in relation to the total deferred tax, the value would not be able to be calculated accurately and therefore the full deferred tax has been restated at the new rate of 27%. For the Forest Resource farms, the deferred tax has been stated using a 28% tax rate. 3. Operating profit (loss) includes: Profit (loss) on disposal of assets 305 (783) 275 (310) Depreciation 30,630 26,813 16,218 13,390 Salary and wage costs 193,693 181,583 128,970 115,156 Auditor's remuneration 969 883 394 423 Directors emoluments 1,217 1,098 1,217 1,098 Legal and professional fees 2,465 2,996 1,685 1,917
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