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122 SABMiller plc Annual Report 2012Notes to the consolidated financial statements continued21. Deferred taxationThe movement on the net deferred tax liability is shown below.At 1 April 2,394 2,210Exchange adjustments 60 45Acquisitions – through business combinations (see note 30) 1,460 1Transfers to disposal group classified as held for sale (see note 19) (2) –Disposals (26) –Rate change (25) (7)Transfers to current tax (17) –Charged to the income statement 57 167Deferred tax on items (charged)/credited to other comprehensive income:– Financial instruments (30) 14– Actuarial gains and losses (71) (36)At 31 March 3,800 2,3942012US$m2011US$mThe movements in deferred tax assets and liabilities (after offsetting of balances as permitted by IAS 12) during the year are shown below.Fixed assetallowancesUS$mPensionsand postretirementbenefitprovisionsUS$mIntangiblesUS$mFinancialinstrumentsUS$mInvestment inMillerCoorsjoint ventureUS$mOther timingdifferencesUS$mDeferred tax liabilitiesAt 1 April 2010 656 (13) 1,210 (97) 599 19 2,374Exchange adjustments 23 1 27 (1) – (4) 46Acquisitions – through business combinations – – – – – 1 1Rate change (2) – (9) – – 1 (10)Transfers from deferred tax assets (3) (5) – – 27 (53) (34)Charged/(credited) to the income statement 37 10 (41) 43 142 32 223Deferred tax on items credited/(charged) to othercomprehensive income:– Financial instruments – – – 7 7 – 14– Actuarial gains and losses – (9) – – (27) – (36)At 31 March 2011 711 (16) 1,187 (48) 748 (4) 2,578Exchange adjustments (32) (1) 96 – – (8) 55Acquisitions – through business combinations (see note 30) 21 – 1,601 5 – (165) 1,462Disposals (49) – (2) – – (4) (55)Rate change – – – – – (25) (25)Transfers to current tax 1 – – – – (16) (15)Transfers to/(from) deferred tax assets 2 – – – – (23) (21)Transfers to disposal group classified as held for sale – – – (2) – – (2)Charged/(credited) to the income statement 112 5 (62) – 37 (51) 41Deferred tax on items charged to othercomprehensive income:– Financial instruments – – – (1) (29) – (30)– Actuarial gains and losses – (2) – – (69) – (71)At 31 March 2012 766 (14) 2,820 (46) 687 (296) 3,917TotalUS$m
SABMiller plc Annual Report 2012 12321. Deferred taxation continuedFixed assetallowancesUS$mPensionsand postretirementbenefitprovisionsUS$mProvisionsandaccrualsUS$mOther timingdifferencesUS$mDeferred tax assetsAt 1 April 2010 3 7 67 87 164Exchange adjustments – – 1 – 1Rate change – – – (3) (3)Transfers to deferred tax liabilities (3) (5) (21) (5) (34)(Charged)/credited to the income statement – (2) 13 45 56At 31 March 2011 – – 60 124 184Exchange adjustments 1 – (1) (5) (5)Acquisitions – through business combinations (see note 30) 2 – – – 2Disposals (4) – (7) (18) (29)Transfers to current tax – – – 2 2Rate change – – 1 (1) –Transfers from/(to) deferred tax liabilities 2 – (1) (22) (21)(Charged)/credited to the income statement (1) – 5 (20) (16)At 31 March 2012 – – 57 60 117Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and the deferred tax assets and liabilitiesrelate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is anintention to settle the balances on a net basis.The deferred tax asset arises due to timing differences in Europe, Africa, Asia Pacific, Latin America and Corporate. Given both recent andforecast trading, the directors are of the opinion that the level of profits in the foreseeable future is more likely than not to be sufficient to recoverthese assets.Deferred tax liabilities of US$3,860 million (2011: US$2,568 million) are expected to fall due after more than one year.Deferred tax assets of US$71 million (2011: US$103 million) are expected to be recovered after more than one year.Unrecognised deferred tax assetsDeferred tax assets have not been recognised in respect of the following items:Tax losses 161 144Tax credits – 40Capital allowances in excess of depreciation 13 11Share-based payments 25 29Other deductible temporary differences 107 113306 337Deferred tax assets in respect of tax losses are not recognised unless there is convincing evidence that there will be sufficient profits in futureyears to recover the assets. A significant part of the tax losses arise in the UK and the value has been calculated at the substantively enactedrate of 24%. It has been announced that the rate will fall annually to 23% and 22% commencing 1 April 2013. The impact of these reductionsis not anticipated to have a material impact on the financial statements.The deferred tax assets will not expire, unlike 2011 where US$40 million tax credits were set to expire if conditions for utilisation were not met.Deferred tax is recognised on the unremitted earnings of overseas subsidiaries where there is an intention to distribute those reserves.A deferred tax liability of US$37 million (2011: US$31 million) has been recognised. A deferred tax liability of US$51 million (2011: US$75 million)has also been recognised in respect of unremitted profits of associates where a dividend policy is not in place. No deferred tax has beenrecognised on temporary differences of US$8,600 million (2011: US$6,900 million) relating to unremitted earnings of overseas subsidiarieswhere either the overseas profits will not be distributed in the foreseeable future, or, where there are plans to remit overseas earnings ofsubsidiaries, it is not expected that such distributions will give rise to a tax liability. No deferred tax liability is recognised as the group is ableto control the timing of the reversal of these differences and it is probable that they will not reverse in the foreseeable future.As a result of UK legislation which largely exempts from UK tax the overseas dividends received, the temporary differences arising onunremitted profits are unlikely to lead to additional corporate taxes. However, remittance to the UK of those earnings may still result ina tax liability, principally as a result of withholding taxes levied by the overseas tax jurisdictions in which those subsidiaries operate.2012US$mTotalUS$m2011US$mOverview Business review Governance Financial statements Shareholder information
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Registered officeSABMiller HouseChu
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