Page 128 - ar2013.pdf

NOTES TO THE FINANCIAL STATEMENTS
For the Ànancial year ended 31 December 2013
126
COSCO Corporation (Singapore) Limited
F i nanc i a l Statement s
29. Deferred income taxes (continued)
The Group
Deferred income tax assets 2013 2012
$’000 $’000
Provisions and accruals
Beginning of financial year (202,016) (241,608)
Change in tax rate 3,299 30,517
Currency translation differences (13,257) 11,299
Credited to income statement (13,320) (2,224)
End of financial year (225,294) (202,016)
Reconciliation of total deferred income tax assets after appropriate offsetting from the same tax jurisdiction is as
follows:
The Group
2013 2012
$’000 $’000
Total deferred income tax assets (225,294) (202,016)
Offsetting of deferred income tax liabilities from the same tax jurisdiction 82 102
Total deferred income tax assets after appropriate offsetting from the
same tax jurisdiction (225,212) (201,914)
The Company
Deferred income tax liabilities 2013 2012
$’000 $’000
Undistributed profits of foreign subsidiaries
Beginning of financial year 7,302 5,582
Currency translation differences 137 (269)
(Credited)/charged to income statement (7,041) 1,989
End of financial year 398 7,302
30. Share capital
Issued share capital
No. of ordinary
shares Amount
’000 $’000
2013
Beginning and end of financial year 2,239,245 270,608
2012
Beginning and end of financial year 2,239,245 270,608
All issued shares are fully paid. There is no par value for these ordinary shares.
Fully paid ordinary shares carry one vote per share and carry a right to dividends as and when declared by the
Company.