Annual Report 2015
FINANCIAL SECTION
173
26 PROPERTIES FOR DEVELOPMENT
At 30 June 2015, the aggregate carrying value of properties for development pledged as securities for the Group’s
borrowings amounted to HK$1,051.7 million (2014: HK$923.3 million) (note 39).
27 DEFERRED TAXATION
Deferred income tax assets and liabilities are offset when taxes relate to the same taxation authority and where
offsetting is legally enforceable. The following amounts, determined after appropriate offsetting, are shown
separately on the consolidated statement of financial position.
2015
2014
HK$m
HK$m
Deferred tax assets
673.3
764.7
Deferred tax liabilities
(9,288.0)
(9,011.9)
(8,614.7)
(8,247.2)
At beginning of the year
(8,247.2)
(7,573.0)
Translation differences
(29.2)
51.5
Acquisition of subsidiaries
(7.0)
(472.2)
Disposal of subsidiaries
30.3
–
Transfer to current tax payable
4.2
27.3
Transfer to non-current assets classified as assets held for sale
(34.0)
–
Charged to consolidated income statement (note 11)
(266.3)
(379.8)
(Charged)/credited to reserves
(65.5)
99.0
At end of the year
(8,614.7)
(8,247.2)
The movement in deferred tax assets and liabilities (prior to offsetting balances within the same taxation
jurisdiction) during the year was as follows:
Deferred tax assets
Provisions
Accelerated
accounting
depreciation
Tax losses
Unrealised
intra-group profit
Other items
Total
2015
2014
2015
2014
2015
2014
2015
2014
2015
2014
2015
2014
HK$m
HK$m
HK$m
HK$m
HK$m
HK$m
HK$m
HK$m
HK$m
HK$m
HK$m
HK$m
At beginning of the year
36.6
28.1
8.0
12.0
488.4
547.8
139.3
265.6
257.6
253.3
929.9
1,106.8
Translation differences
(0.5)
(2.6)
–
2.0
(11.1)
(22.0)
–
–
–
(1.0)
(11.6)
(23.6)
Acquisition of subsidiaries
–
16.2
–
–
–
16.4
–
–
–
–
–
32.6
Transfer to non-current assets
classified as assets held for
sale
–
–
–
–
(9.9)
–
–
–
–
–
(9.9)
–
(Charged)/credited to
consolidated income
statement
(16.1)
(5.1)
(6.6)
(6.0)
6.1
(53.8)
(68.2)
(126.3)
(14.7)
5.3
(99.5)
(185.9)
At end of the year
20.0
36.6
1.4
8.0
473.5
488.4
71.1
139.3
242.9
257.6
808.9
929.9
