23.

DEFERRED TAXATION

The detailed components of the net deferred taxation liability which results from the differences between the carrying amounts of assets and liabilities recognised for financial reporting and taxation purposes in different accounting periods are:


	United States Dollar
Figures in millions unless otherwise stated	2018			2017
Liabilities
– Mining assets		835.7			1,014.1
– Investment in environmental trust funds		3.2			3.4
– Inventories		11.3			12.1
– Unremitted earnings		9.3			9.1
– Other		5.2			12.6

Liabilities		864.7			1,051.3

Assets
– Provisions		(95.8	)		(108.4	)
– Tax losses¹		(98.4	)		(69.1	)
– Unredeemed capital expenditure¹		(475.9	)		(491.9	)
– Finance lease liability		(2.0	)		—
– Other		(7.2	)		—

Assets		(679.3	)		(669.4	)

Net deferred taxation liabilities		185.4			381.9

Included in the statement of financial position as follows:
Deferred taxation assets		(269.5	)		(72.0	)
Deferred taxation liabilities		454.9			453.9

Net deferred taxation liabilities		185.4			381.9

Balance at beginning of the year		381.9			409.9
Recognised in profit or loss – continuing operations		(211.6	)		(31.5	)
Recognised in profit or loss – discontinued operations		—			3.4
Recognised in OCI		(4.0	)		—
Translation adjustment		19.1			0.1

Balance at end of the year		185.4			381.9

Tax losses and unredeemed capital expenditure have been recognised, as disclosed in note 9, to the extent that the tax paying entities will have taxable profits in the foreseeable future (per the life-of-mine models of the respective operations) in order to utilise the unused tax losses and unredeemed capital expenditure before they expire. This was particularly assessed with reference to the South Deep and Damang life-of-mine models.