Experian 2009 Annual Report Download - page 131

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129Experian Annual Report 2009
Introduction
2 – 7
Business review
8 – 43
Governance
44 – 72
Financial statements
Group nancial statements
29. Deferred tax (continued)
Deferred tax assets are recognised in respect of tax losses carried forward and other temporary differences to the extent that
the realisation of the related tax benet through future taxable prots is probable.
The Group did not recognise deferred tax assets of US$430m (2008: US$32m) in respect of losses that can be carried forward
against future taxable income. In addition the Group did not recognise deferred tax assets of US$16m (2008: US$25m) in
respect of capital losses that can be carried forward against future taxable gains. These losses are available indenitely.
Deferred tax liabilities of US$2,062m (2008: US$2,004m) have not been recognised for the withholding tax and other taxes that
would be payable on the unremitted earnings of certain subsidiaries. As the earnings are continually reinvested by the Group,
no tax is expected to be payable on them in the foreseeable future.
At the balance sheet date there were deferred tax assets expected to reverse within the next year of US$129m (2008: US$128m)
and deferred tax liabilities expected to reverse within the next year of US$94m (2008: US$57m).
30. Provisions
Restructuring Contingent and
costs other liabilities To t a l
US$m US$m US$m
At 1 April 2008 51 60 111
Differences on exchange (12) (15) (27)
Amount charged in the year 92 – 92
Utilised (96) – (96)
Impact of discount rate movement 1 – 1
At 31 March 2009 36 45 81
Disclosed within non-current liabilities 1 14 15
Disclosed within current liabilities 35 31 66
At 31 March 2009 36 45 81
Restructuring Contingent and
costs other liabilities To t a l
US$m US$m US$m
At 1 April 2007 39 – 39
Differences on exchange 1 5 6
Amount charged in the year 45 1 46
Additions through business combinations – 54 54
Utilised (35) – (35)
Impact of discount rate movement 1 – 1
At 31 March 2008 51 60 111
Disclosed within non-current liabilities 8 19 27
Disclosed within current liabilities 43 41 84
At 31 March 2008 51 60 111
The restructuring provision at 31 March 2009 of US$35m (2008: US$43m) disclosed within current liabilities included US$24m
(2008: US$31m) in connection with the programme of cost efciency measures and US$11m (2008: US$12m) in respect of
obligations relating to the Group’s withdrawal from large scale credit card and loan account processing in the UK.
The restructuring provision at 31 March 2009 of US$1m (2008: US$8m) disclosed within non-current liabilities related to
obligations connected with the Group’s withdrawal from large scale credit card and loan account processing in the UK.
Contingent and other liabilities comprise liabilities of Serasa, in connection with local legal and tax issues, which were
primarily recognised at fair value on the acquisition of that company. Adjustments to the fair values are made as the exposures
are concluded.
Fair values of provisions at the balance sheet dates do not materially differ from the recognised book values.