Our performance in 2009 - Sappi

US$ million
2009 annual report
2009 2008
Assets Liabilities Assets Liabilities
11. Deferred tax
Other liabilities, accruals and prepayments (111) 8 (106) 6
Inventory 5 (4) 2 –
USA alternative minimum taxation credit carry forward 11 – 11 –
Unutilised Secondary Tax on Companies (STC) credits (1) – – 2 –
Tax loss carry forward 360 69 389 27
Property, plant and equipment (141) (292) (163) (254)
Plantations (20) (145) (11) (162)
Other non-current assets 26 – 35 –
Other non-current liabilities (74) 9 (118) (16)
(1) Refer to note 6 ‘Taxation (benefit) charge’ for a description of STC credits.
Negative asset and liability positions
56 (355) 41 (399)
These balances reflect the impact of tax assets and liabilities arising in different tax jurisdictions, which cannot be netted
against tax assets and liabilities arising in other tax jurisdictions.
Deferred tax assets recognised on the balance sheet
The recognised deferred tax assets relate mostly to available unused tax losses. It is expected that there will be sufficient
future taxable profits against which these losses can be recovered. In the estimation of future taxable profits, future product
pricing and production capacity utilisation are taken into account.
Unrecognised deferred tax assets
Deferred tax assets are not recognised for carry-forward of unused tax losses when it cannot be demonstrated that it is
probable that taxable profits will be available against which deductible temporary differences can be utilised.
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financials