Lenovo 2009 Annual Report Download - page 126
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2008/09 Annual Report Lenovo Group Limited
124
NOTES TO THE FINANCIAL STATEMENTS (Continued)
22 Deferred tax assets
Deferred taxation is calculated in full on temporary differences under the liability method using the rates applicable in the
respective jurisdictions.
The movements in the deferred tax assets/(liabilities) are as follows:
Group
2009 2008
US$’000 US$’000
At the beginning of the year 156,440 101,551
Reclassification and exchange adjustments (17,833) 8,309
Credited to consolidated income statement 52,237 51,482
Disposal of discontinued operations – (4,902)
At the end of the year 190,844 156,440
Closing net book amount analyzed into:
Group
2009 2008
US$’000 US$’000
Current 151,939 92,171
Non-current 38,905 64,269
190,844 156,440
Deferred tax assets are recognized for deductible temporary differences and tax losses carried forward to the extent that
realization of the related tax benefit through the future taxable profits is probable. At March 31, 2009, the Group has
unrecognized tax losses of approximately US$187,001,000 (2008: US$62,529,000) that can be carried forward against future
taxable income. Unrecognized tax losses of US$64,889,000 (2008: US$23,806,000) can be carried forward indefinitely. The
remaining balances of unrecognized tax losses will expire as follows:
Group
2009 2008
US$’000 US$’000
Expiring in
– 2011 307 –
– 2014 72,849 7,351
– 2015 19,720 19,720
– 2016 11,652 11,652
– 2017 17,584 –
122,112 38,723