Singapore Airlines 2015 Annual Report Download - page 152
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Notes to the Financial Statements
31 March 2015
18 Deferred Taxation (in $ million)
The Group The Company
Statement of
financial position Profit and loss
Statement of
financial position
31 March 31 March
2015 2014 FY2014/15 FY2013/14 2015 2014
The deferred taxation arises as a result of:
Deferred tax liabilities
Differences in depreciation 1,857.0 1,827.0 16.6 (92.8) 1,481.6 1,523.0
Revaluation of fuel hedging contracts
to fair value 1.5 15.1 – – 1.4 13.0
Revaluation of currency hedging contracts
to fair value 21.8 2.0 – – 17.4 1.9
Revaluation of available-for-sale financial
assets to fair value 0.4 0.4 – – – –
Fair value adjustments on acquisition of
a subsidiary company 17.2 – 2.9 – – –
Other temporary differences 17.4 52.9 (35.5) (38.0) 11.6 48.5
Gross deferred tax liabilities 1,915.3 1,897.4 (16.0) (130.8) 1,512.0 1,586.4
Deferred tax assets
Unabsorbed capital allowances and
tax losses (82.7) (26.6) (91.5) (29.3) – –
Revaluation of fuel hedging contracts
to fair value (166.4) (1.2) – – (134.1) (1.0)
Revaluation of currency hedging contracts
to fair value (10.4) (5.5) – – (9.1) (4.7)
Revaluation of interest rate cap contracts
to fair value (2.0) (5.3) – – (2.0) (5.3)
Actuarial loss on revaluation of defined
benefit plans (1.2) (3.3) – – (0.7) (2.8)
Other deferred tax assets (53.0) (66.6) 14.4 (18.1) (40.6) (56.4)
Gross deferred tax assets (315.7) (108.5) (77.1) (47.4) (186.5) (70.2)
Net deferred tax liabilities 1,599.6 1,788.9 1,325.5 1,516.2
Deferred tax credited to profit and loss (93.1) (178.2)
Deferred tax charged to equity (157.1) 3.2 (128.2) 4.1
At the end of the reporting period, no deferred tax liability (2014: nil) has been recognised for taxes that would be payable on
the undistributed earnings of certain of the Group’s subsidiary companies as the Group has determined that the undistributed
earnings of these subsidiary companies will not be distributed in the foreseeable future. Such temporary dierences for which no
deferred tax liability has been recognised aggregate to $5.9 million (2014: $4.3 million). The deferred tax liability is estimated to be
$1.8 million (2014: $1.3 million).
150 FINANCIAL