Page 167 - Annual Report 2014

Notes to the Financial Statements

Year ended 31 December 2014

22 Taxation Group Company
2013
Current tax 2014 2014 2013
Current income tax $m (Restated)
Utilisation of previously unrecognised deferred tax assets $m $m $m
Under/(over) provision in prior year
91.4 78.1 36.8 36.1
Deferred tax (8.6) (9.4) (11.2) (4.3)
Origination and reversal of temporary differences 4.6 (1.6) (1.9)
(Under)/over provision of tax assets in prior year 87.4 67.1 (0.3) 29.9
25.3
Total income tax in income statement
(0.3) 10.0 0.9 1.0
(1.5) 0.9 (1.4) 1.8
(1.8) (0.5) 2.8
10.9
85.6 24.8 32.7
78.0

A reconciliation between tax expense and the product of accounting profit multiplied by the applicable corporate tax rate for the
years ended 31 December is as follows:

Group Company

2014 2013 2014 2013

(Restated)

$m $m $m $m

Profit before taxation 456.1 457.5 531.9 357.0

Income tax using Singapore tax rate of 17% 77.5 77.8 90.4 60.7
Income not subject to tax (0.1) (0.2) (55.5) (25.5)
Non-deductible expenses 4.3 3.6
Deferred tax assets not recognised 9.6 8.6 2.7 2.1
Utilisation of previously unrecognised deferred tax assets (8.6) (9.4) – –
Under/(over) provision in prior year, net 3.1 (0.7)
Others (0.2) (1.7) (11.2) (4.3)
Total income tax in income statement 85.6 78.0 (1.6) (0.1)
– (0.2)
24.8 32.7

The Company’s utilisation of previously unrecognised deferred tax assets relate to unutilised tax losses and unutilised capital
allowances transferred from its subsidiaries under the group tax relief system in the Republic of Singapore.

Income tax recognised in other comprehensive income for the years ended 31 December are as follows:

Group and Company

2014 2013

$m $m

Cash flow hedge, before taxation 3.4 3.4
Taxation (0.6) (0.6)
Effective portion of changes in fair value of cash flow hedge 2.8 2.8

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