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Notes to the Financial Statements (cont’d) For the financial year ended 31 December 2011 33. Deferred tax (cont’d) Deferred tax liabilities (cont’d) Property, plant and equipment Receivables Fair value changes on derivative financial instruments Total Company RM’000 RM’000 RM’000 RM’000 At 1 January 2011 1,894 (1,829) 291 356 Recognised in profit or loss 319 (2,163) (128) (1,972) Recognised in other comprehensive income – – (268) (268) At 31 December 2011 2,213 (3,992) (105) (1,884) At 1 January 2010 1,304 (1,081) 201 424 Recognised in profit or loss 369 (748) 53 (326) Recognised in other comprehensive income 221 – 37 258 At 31 December 2010 1,894 (1,829) 291 356 Deferred tax assets Group Unused tax losses and unabsorbed capital allowance RM’000 Other provisions RM’000 Fair value changes on derivative financial instruments RM’000 Total RM’000 At 1 January 2011 (35) (21,661) (344) (22,040) Recognised in profit or loss 35 (4,683) 128 (4,520) Recognised in other comprehensive income – – – – Exchange difference – (563) – (563) At 31 December 2011 – (26,907) (216) (27,123) At 1 January 2010 – (18,322) (4,267) (22,589) Acquisition of subsidiaries – (37) – (37) Recognised in profit or loss (35) (4,800) 840 (3,995) Recognised in other comprehensive income – – 3,083 3,083 Exchange difference – 1,498 – 1,498 At 31 December 2010 (35) (21,661) (344) (22,040) MALAYSIA SMELTING CORPORATION (43072-A) • ANNUAL REPORT 2011 145
Notes to the Financial Statements (cont’d) For the financial year ended 31 December 2011 33. Deferred tax (cont’d) 146 Deferred tax assets (cont’d) Company Building on Success: Developing Resources for the Future Unused tax losses and unabsorbed capital allowance RM’000 Other provisions RM’000 Fair value changes on derivative financial instruments RM’000 Total RM’000 At 1 January 2011 – (1,268) (344) (1,612) Recognised in profit or loss – 52 128 180 Recognised in other comprehensive income – – – – At 31 December 2011 – (1,216) (216) (1,432) At 1 January 2010 – (993) (983) (1,976) Recognised in profit or loss – (275) (136) (411) Recognised in other comprehensive income – – 775 775 At 31 December 2010 – (1,268) (344) (1,612) Deferred tax assets have not been recognised in respect of the following item: 2011 2010 RM’000 RM’000 Unutilised tax losses 53,335 84,566 (a) The unutilised tax losses of the Group comprise: (i) an amount of RM53,335,000 (2010: RM48,315,000) that arose from subsidiaries in Indonesia, which is subject to agreement by the tax authorities, may be carried forward and utilised to offset future taxable income for up to five years following the year in which the tax loss occurred. (ii) The subsidiary in Australia has been disposed of during the financial year, thus no amount (2010: RM36,251,000) is available for offsetting against future taxable income of a subsidiary in Australia, which is subject to agreement by the tax authorities, may be carried forward and utilised to offset future taxable income. (b) At the reporting date, no deferred tax liability (2010: Nil) has been recognised for taxes that would be payable on the undistributed earnings of a foreign subsidiary. The Group has determined that undistributed earnings of the subsidiary will not be distributed in the foreseeable future. Such temporary differences for which no deferred tax liability has been recognised aggregate to RM122,438,000 (2010: RM136,853,000). The deferred tax liability is estimated to be RM18,366,000 (2010: RM20,528,000).
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ANNUAL REPORT 2011 Building on Succ
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viSion To be a successful world-cla
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Corporate Profile Malaysia Smelting
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Corporate Profile (cont’d) For of
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Notice of Annual General Meeting NO
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Group Financial Highlights 10 Build
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Board of Directors From left to rig
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Directors’ Profile 14 Building on
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Directors’ Profile (cont’d) 16
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Statement by the Chairman 18 Buildi
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Securing the Future (cont’d) 32 B
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Securing the Future (cont’d) Ore
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Tin Market Review 2011-2012 (cont
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