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Consolidated financial statement of JSW S.A. Capital Group for 2012

18. Deferred income tax

Deferred income tax assets and liabilities are offset at the level of financial statements of individual Group companies and therefore the following amounts are shown in the consolidated financial statements:

  31 Dec 2012 31 Dec 2011
Deferred income tax assets before offsetting    
– to be realized after the period of 12 months 509.2 401.2
– to be realized within the period of 12 months 182.7 166.1
Total 691.9 567.3
Deferred income tax liabilities before offsetting    
– to be realized after the period of 12 months 528.1 395.4
– to be realized within the period of 12 months 27 70.3
Total 555.1 465.7
 
Deferred income tax assets 184.2 101.6
 
Deferred income tax liabilities 47.4 -

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Movement in deferred income tax is as follows:

  2012 2011
restated
Surplus of deferred income tax assets over deferred income tax liabilities – as at 1 January 101.6 230.1
Acquisition of subsidiaries - (52.9)
Charged to net profit (9.2) (71.0)
Increase/(decrease) of other comprehensive income 44.4 (4.6)
Surplus of deferred income tax assets over deferred income tax liabilities – as at 31 December, of which: 136.8 101.6
Deferred income tax assets 184.2 101.6
Deferred income tax liabilities 47.4 -

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Movement in deferred income tax asset and liabilities before offsetting

Deferred income tax assets Employee benefit liabilities Provisions Unpaid remuneration and other benefits Tax loss Others Total
As at 1 January 2011 369.6 87.3 15.5 98.1 22.6 593.1
Acquisition of subsidiaries 6.5 1.9 0.9 0.2 28.5 38
(Charged)/credited to net profit 2.9 (8.1) 0.4 (84.4) 30 (59.2)
Decrease of other comprehensive income (4.6) - - - - (4.6)
As at 31 Dec 2011 374.4 81.1 16.8 13.9 81.1 567.3
Credited to net profit 29.6 9 2.7 25.7 13.2 80.2
Increase of other comprehensive income 44.4 - - - - 44.4
As at 31 Dec 2012 448.4 90.1 19.5 39.6 94.3 691.9

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Deferred income tax liabilities Value of expensable mining pits Valuation of other property, plant and equipment Others Total
As at 1 January 2011 120.6 198.8 43.6 363
Acquisition of subsidiaries - 88.8 2.1 90.9
Charged/(credited) to net profit 8.5 13.7 (10.4) 11.8
As at 31 Dec 2011 129.1 301.3 35.3 465.7
Charged to net profit 33.6 37.9 17.9 89.4
As at 31 Dec 2012 162.7 339.2 53.2 555.1

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