Annual Report - SABMiller

104 Notes to the consolidated financial statements SABMiller plc Annual Report 2010Notes to the consolidated financial statements continued20. Deferred taxation continuedThe movements in deferred tax assets and liabilities (after offsetting of balances as permitted by IAS 12) during the year are shown below.Pensions andpost-retirementInvestmentFixed asset benefit Financial in MillerCoors Other timingallowances provisions Intangibles instruments joint venture differences TotalUS$m US$m US$m US$m US$m US$m US$mDeferred tax liabilitiesAt 1 April 2008 613 (30) 1,383 (139) – 122 1,949Exchange adjustments (137) 7 (284) 26 – (11) (399)Acquisitions – through business combinations 15 – 2 – – – 17Formation of MillerCoors joint venture – – – – 569 – 569Rate change (2) – – – – (3) (5)Transfers from deferred tax assets – – – – – (32) (32)Charged/(credited) to the income statement 31 8 (57) 52 24 – 58Deferred tax on items credited/(charged) toother comprehensive income:– Financial instruments – – – 6 (39) – (33)– Actuarial gains and losses – 5 – – (99) – (94)At 31 March 2009 1 520 (10) 1,044 (55) 455 76 2,030Exchange adjustments 101 (3) 204 (4) – (29) 269Acquisitions – through business combinations 1 – – – – – 1Rate change (2) – – – – (9) (11)Transfers from deferred tax assets (11) – – – – (2) (13)Charged/(credited) to the income statement 47 (2) (38) (26) 93 (17) 57Deferred tax on items credited/(charged) toother comprehensive income:– Financial instruments – – – (12) 58 – 46– Actuarial gains and losses – 2 – – (7) – (5)At 31 March 2010 656 (13) 1,210 (97) 599 19 2,3741 As restated (see note 28).Pensions andpost-retirementFixed asset benefit Provisions Financial Other timingallowances provisions and accruals instruments differences TotalUS$m US$m US$m US$m US$m US$mDeferred tax assetsAt 1 April 2008 (222) 268 158 2 135 341Exchange adjustments (4) – (15) – (9) (28)Acquisitions – through business combinations – – – – 2 2Formation of MillerCoors joint venture 240 (266) (106) – 23 (109)Rate change – – – – (2) (2)Transfers to deferred tax liabilities – – – – (32) (32)Credited/(charged) to the income statement 1 – 4 – (14) (9)Deferred tax on items charged toother comprehensive income:– Financial instruments – – – (2) – (2)At 31 March 2009 15 2 41 – 103 161Exchange adjustments 1 – 6 – 4 11Transfers to deferred tax liabilities (11) – – – (2) (13)Credited/(charged) to the income statement (2) – 20 – (18) –Deferred tax on items credited toother comprehensive income:– Actuarial gains and losses – 5 – – – 5At 31 March 2010 3 7 67 – 87 164Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and the deferred tax assets and liabilities relateto income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention tosettle the balances on a net basis.The deferred tax asset arises due to timing differences in Europe, Africa, Asia and Latin America. Given both recent and forecast trading, thedirectors are of the opinion that the level of profits in the foreseeable future is more likely than not to be sufficient to recover these assets.Deferred tax liabilities of US$2,349 million (2009: US$2,044 million) are expected to be recovered after more than one year.Deferred tax assets of US$102 million (2009: US$126 million) are expected to be recovered after more than one year.