notes to financial statements - the grande holdings limited

54notes tofinancial statements31 December 200326. DEFERRED TAX (continued)b) Deferred tax assets not recognised:The deferred tax assets have not been recognised in respect of the followingitems:Group2003 2002HK$HK$million millionTax losses carried forward 437 398Accelerated depreciation allowances 87 71The tax losses do not expire under current tax legislation.c) Deferred tax liabilities not recognised:524 469There were no deferred tax liabilities not recognised for the year of 2003(2002: Nil).27. PROVISION FOR RETIREMENT AND LONG SERVICEGroup2003 2002HK$HK$million millionAt beginning of year 112 50Foreign currency adjustment 4 10Acquisition of subsidiaries 3 86Additional provision 7 8Reversal provision – (8)Utilisation of provision (33) (34)At end of year 93 112Analysis of provisions:Current liabilities 36 30Non-current liabilities 57 8293 112