2020 INTEGRATED REPORT NAMIBIA

b. Deferred tax liabilities Group Deferred tax liability on revaluation of investments Deferred tax liability on cumulative revaluation of land and buildings Total R’m R’m R’m At 1 January 2019 54 3 57 Recognised in profit or loss 72 – 72 Recognised directly in equity – 9 9 At 31 December 2019 126 12 138 Recognised in profit or loss 258 – 258 Recognised directly in equity – (2) (2) At 31 December 2020 384 10 394 18. RETIREMENT BENEFIT OBLIGATIONS Group 2020 2019 R’m R’m Statement of Financial Position obligations for: – post-retirement medical benefits 6 6 6 6 Statement of profit or loss and comprehensive income charge for (note 27): – post-retirement medical benefits 1 1 1 1 Post-employment medical benefits The Group provides for the unfunded post-retirement healthcare benefits of those employees and a small number of retirees employed before 4 October 1999, as well as their spouses and dependants. The entitlement to post-retirement healthcare benefits is based on an employee remaining in service up to retirement and completion of a minimum service period. The amounts recognised in the Statement of Financial Position were determined as follows: Group 2020 2019 R'm R’m Present value of unfunded obligations 6 6 Liability in the Statement of Financial Position 6 6 The latest actuarial valuation of the Group’s post-employment benefits, carried out at 31 December 2020 indicated a present value of projected future benefits amounting to R5.9 million (2019: R5.7 million). PPS INTEGRATED REPORT 2020 | 169