Pace plc Annual Report and Accounts 2012 - Financial Statements

Financial StatementsNotesContinued13 Investments in and loans to Group and other companies continuedNote aDirectly owned by:1 Pace plc 8 Latens Systems Limited2 Pace Asia Pacific Limited 9 Pace Americas Holdings Inc.3 Pace France SAS 10 Pace Americas, Inc4 Pace Distribution (Overseas) Limited 11 Pace Americas Investments LLC5 Pace Americas Limited 12 Kenati Technologies Inc6 Pace Overseas Distribution Limited 13 Pace USA Inc (98%), Pace France SAS (2%)7 2Wire, Inc 14 Pace France SAS (99.99998%), Pace Distribution (Overseas) Limited (0.00002%)Each of the subsidiary undertakings listed above has been consolidated in the Group’s Financial Statements.Each of the subsidiary undertakings listed above has a financial year end of 31 December with the exception of Pace MicroTechnology (India) Private Limited, Latens Systems (India) Private Limited and 2Wire Development Center Private Limited (31 March).The class of share capital held is ordinary with the exception of Pace Distribution (Overseas) Limited where there is preferenceshare capital in addition to ordinary share capital.14 Deferred tax assets/(liabilities)The movements in deferred tax assets and liabilities during the year are shown below:Property,Short-termplant and Trading timingequipment losses Intangibles differences TotalGroup $m $m $m $m $mRecognised assets/(liabilities)At 31 December 2010 0.2 45.6 (115.4) 31.0 (38.6)Credited/(charged) to income statement (0.9) (7.5) 21.2 (1.2) 11.6Credited/(charged) to other comprehensive income — — — (1.5) (1.5)At 31 December 2011 (0.7) 38.1 (94.2) 28.3 (28.5)Credited/(charged) to income statement 1.9 (8.2) 25.4 (23.5) (4.4)At 31 December 2012 1.2 29.9 (68.8) 4.8 (32.9)Shown as deferred tax assets 2.7 29.9 — 4.8 37.4Shown as deferred tax liabilities (1.5) — (68.8) — (70.3)60Annual Report and Accounts 2012 Pace plc