Sun Art Retail Group Limited - TodayIR.com

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
21 DEFERRED TAX ASSETS AND LIABILITIES (CONTINUED)
(b)
Reconciliation to the consolidated statement of financial position:
At 31 December
2012 2011
RMB million RMB million
Net deferred tax assets 208 197
Net deferred tax liabilities (64) (45)
144 152
(c)
Deferred tax assets not recognised
In accordance with the accounting policy set out in note 1(t), the Group has not recognised
deferred tax assets in respect of unused tax losses of RMB960 million as at 31 December
2012 (2011: RMB878 million), as it is not probable that future taxable profits against which
these losses can be utilised will be available in the subsidiaries concerned.
The unused tax losses can be carried forward up to five years from the year in which the
losses originated, and will expire in the following years:
At 31 December
2012 2011
RMB million RMB million
2012 – 67
2013 127 147
2014 225 241
2015 189 211
2016 178 212
2017 241 –
960 878
(d)
Deferred tax liabilities not recognised
No deferred tax liabilities were provided on post-2007 undistributed profits of the Group’s
PRC subsidiaries for which the Group has no plan to distribute them outside the PRC in
the foreseeable future. As at 31 December 2012, such undistributed profits amounted to
RMB2,144 million (2011: RMB1,059 million).
Sun Art Retail Group Limited
Annual Report 2012
93