NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 29 DEFERRED TAX LIABILITIES Movements in deferred tax assets and liabilities of the Group (prior to offsetting of balances) during the year are as follows: At 1 January 2022 Recognised in profit or loss (note 33) Recognised in the statement of comprehensive income (note 33) Disposal of subsidiaries (note 39) Reclassifications (note 6) Translation differences on consolidation At 31 December 2022 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Restated* Restated* Restated* Restated* Group Deferred tax liabilities Property, plant and equipment (including right-of-use assets) 291,928 18,230 – (7,513) (418) (41,950) 260,277 Investment properties 61,957 (2,085) – (326) (3,156) (2,954) 53,436 Development properties 16,851 (2,667) – – (396) (2,128) 11,660 Employee benefits 1,151 (2,087) 1,258 1,297 323 330 2,272 Unremitted earnings 68,379 164,980 – 2,641 (2,641) (82) 233,277 Others 9,236 4,350 – 2,172 5,685 (3,930) 17,513 449,502 180,721 1,258 (1,729) (603) (50,714) 578,435 Deferred tax assets Tax losses (175,562) 43,041 – 8,487 603 4,264 (119,167) Lease liabilities (126,930) (15,681) – 34 – 13,779 (128,798) Trade and other payables (20,244) (7,550) – – – 109 (27,685) (322,736) 19,810 – 8,521 603 18,152 (275,650) Total 126,766 200,531 1,258 6,792 – (32,562) 302,785 * The comparative information has been re-presented to reflect a separate deferred tax asset in relation to the Group’s lease liabilities and a deferred tax liability in relation to the Group’s right-of-use assets. See note 2.5. At 1 January 2023 Recognised in profit or loss (note 33) Recognised in the statement of comprehensive income (note 33) Reclassifications Translation differences on consolidation At 31 December 2023 $’000 $’000 $’000 $’000 $’000 $’000 Group Deferred tax liabilities Property, plant and equipment (including right-of-use assets) 260,277 37,113 – (15,420) 17,812 299,782 Investment properties 53,436 2,127 – – (1,088) 54,475 Development properties 11,660 13,345 – – (991) 24,014 Employee benefits 2,272 2,828 (37) 59 (34) 5,088 Unremitted earnings 233,277 (59,957) – 519 157 173,996 Others 17,513 14,732 – (15,250) 2,764 19,759 578,435 10,188 (37) (30,092) 18,620 577,114 Deferred tax assets Tax losses (119,167) (8,163) – 17,526 1,861 (107,943) Lease liabilities (128,798) (839) – 12,566 (8,838) (125,909) Trade and other payables (27,685) 23,907 – – 222 (3,556) (275,650) 14,905 – 30,092 (6,755) (237,408) Total 302,785 25,093 (37) – 11,865 339,706 29 DEFERRED TAX LIABILITIES (CONT’D) At 1 January 2022 Recognised in profit or loss At 31 December 2022 Recognised in profit or loss At 31 December 2023 $’000 $’000 $’000 $’000 $’000 Restated* Restated* Restated* Company Deferred tax liabilities Property, plant and equipment (including right-of-use assets) (908) 4,028 3,120 (583) 2,537 Investment properties 11,178 (699) 10,479 (10,099) 380 Unremitted earnings 14,072 (5) 14,067 (9) 14,058 24,342 3,324 27,666 (10,691) 16,975 Deferred tax assets Tax losses – – – (3,225) (3,225) Development properties (2,862) 53 (2,809) – (2,809) Lease liabilities (2,707) (2,822) (5,529) 1,000 (4,529) Trade and other payables (88) 57 (31) (5) (36) Others (120) 207 87 (533) (446) (5,777) (2,505) (8,282) (2,763) (11,045) Total 18,565 819 19,384 (13,454) 5,930 * The comparative information has been re-presented to reflect a separate deferred tax asset in relation to the Company’s lease liabilities and a deferred tax liability in relation to the Company’s right-of-use assets. See note 2.5. Deferred tax liabilities and assets are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred taxes relate to the same taxation authority. The amounts, determined after appropriate offsetting, are as follows: Group Company Note 2023 2022 2023 2022 $’000 $’000 $’000 $’000 Deferred tax assets 12 28,804 47,468 – – Deferred tax liabilities (368,510) (350,253) (5,930) (19,384) (339,706) (302,785) (5,930) (19,384) FINANCIALS FINANCIALS ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED 195 194
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