notes to the financial statements - Investor Relations

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2011
12 DEFERRED TAX (CONT’D)
Annual Report 2011
Deferred tax liabilities and assets are offset when there is a legally enforceable right to set off current tax assets against current
tax liabilities and when the deferred taxes relate to the same taxation authority. The amounts determined after appropriate
offsetting are included in the statement of financial position as follows:
Group Company
2011 2010 2011 2010
$’000 $’000 $’000 $’000
Deferred tax liabilities 30,799 8,847 - 302
Deferred tax assets (5,364) (1,838) - -
Deferred tax assets have not been recognised in respect of the following items:
Group
2011 2010
$’000 $’000
Deductible temporary differences 556 988
Unutilised tax losses 63,838 38,680
64,394 39,668
The tax losses are subject to agreement by the tax authorities and compliance with tax regulations in the respective countries
in which certain subsidiaries operate. The deductible temporary differences and tax losses do not expire under current tax
legislation.
Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profits
will be available against which certain subsidiaries of the Group can utilise the benefits.
13 OTHER NON-CURRENT ASSETS
Group Company
2011 2010 2011 2010
$’000 $’000 $’000 $’000
Other investments 4,681 93 3 3
Other investments include clearing memberships with the Chicago Mercantile Exchange (“CME”), the Chicago Board of Trade
(“CBOT”) and the New York Mercantile Exchange (“NYMEX”) amounting to $4,200,000 (2010: nil). The clearing membership
is a prerequisite for the Group to trade in CME, CBOT and NYMEX.
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