Sun Art Retail Group Limited - TodayIR.com

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 21 DEFERRED TAX ASSETS AND LIABILITIES (CONTINUED) (b) Reconciliation to the consolidated statement of financial position: At 31 December 2012 2011 RMB million RMB million Net deferred tax assets 208 197 Net deferred tax liabilities (64) (45) 144 152 (c) Deferred tax assets not recognised In accordance with the accounting policy set out in note 1(t), the Group has not recognised deferred tax assets in respect of unused tax losses of RMB960 million as at 31 December 2012 (2011: RMB878 million), as it is not probable that future taxable profits against which these losses can be utilised will be available in the subsidiaries concerned. The unused tax losses can be carried forward up to five years from the year in which the losses originated, and will expire in the following years: At 31 December 2012 2011 RMB million RMB million 2012 – 67 2013 127 147 2014 225 241 2015 189 211 2016 178 212 2017 241 – 960 878 (d) Deferred tax liabilities not recognised No deferred tax liabilities were provided on post-2007 undistributed profits of the Group’s PRC subsidiaries for which the Group has no plan to distribute them outside the PRC in the foreseeable future. As at 31 December 2012, such undistributed profits amounted to RMB2,144 million (2011: RMB1,059 million). Sun Art Retail Group Limited Annual Report 2012 93
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 22 CAPITAL, RESERVES AND DIVIDENDS (a) Movements in components of equity The reconciliation between the opening and closing balances of each component of the Group’s consolidated equity is set out in the consolidated statement of changes in equity. Details of the changes in the Company’s individual components of equity between the beginning and the end of the years are set out as follows: The Company: Share Share Capital Exchange Retained capital premium reserve reserve profits Total RMB million RMB million RMB million RMB million RMB million RMB million Balance at 1 January 2011 1,713 – – (316) 122 1,519 Changes in equity for 2011: Profit for the year – – – – 1,842 1,842 Other comprehensive income – – – (109) – (109) Total comprehensive income – – – (109) 1,842 1,733 Acquisition of non-controlling interests 682 – 13,304 – – 13,986 Issuance of shares by initial public offering 326 7,299 – – – 7,625 Dividends declared – – – – (1,128) (1,128) Balance at 31 December 2011 2,721 7,299 13,304 (425) 836 23,735 Changes in equity for 2012: Profit for the year – – – – 955 955 Other comprehensive income – – – – – – Total comprehensive income – – – – 955 955 Share-based payments – – 6 – – 6 Dividends declared – – – – (776) (776) Balance at 31 December 2012 2,721 7,299 13,310 (425) 1,015 23,920 94 Sun Art Retail Group Limited Annual Report 2012
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Sun Art Retail Group Limited (Incor
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CORPORATE INFORMATION DIRECTORS Exe
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CHAIRMAN’S STATEMENT Dear Shareho
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CHIEF EXECUTIVE OFFICER’S STATEME
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MANAGEMENT DISCUSSION AND ANALYSIS
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PROFILES OF DIRECTORS AND SENIOR MA
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REPORT OF DIRECTORS The directors o
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REPORT OF DIRECTORS Purchase, Sale
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REPORT OF DIRECTORS Notes: (1) The
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REPORT OF DIRECTORS Under the terms
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REPORT OF DIRECTORS Audit Committee
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RISK FACTORS • potential growth o
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RISK FACTORS any severe communicabl
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REPORT OF CORPORATE GOVERNANCE Inde
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