Osim FR 050407.indd

Notes to the Financial Statements - 31 December 2006 (cont’d)35. Taxation (cont’d)c) Deferred tax assets and liabilities as at 31 December relate to the following:ConsolidatedBalance SheetGroupConsolidatedProfit & Loss AccountCompanyBalance Sheet2006 2005 2006 2005 2006 2005$’000 $’000 $’000 $’000 $’000 $’000Deferred tax liabilitiesExcess of net book value overtax written down value offi xed assets (2,563) (1,699) 864 1,479 (1,247) (440)Fair value adjustments onacquisition of subsidiary (2,299) (2,827) (528) – – –Gross deferred tax liabilities (4,862) (4,526) (1,247) (440)Deferred tax assetsExcess of tax written downvalue over net book value offi xed assets 111 202 91 (98) – –Provisions 1,082 1,007 (75) (15) 181 410Unutilised tax losses 2,210 811 (1,399) (1,703) – –Unrealised profi ts on sale ofinventory to relatedcompanies 2,115 1,703 (412) (811) – –Gross deferred tax assets 5,518 3,723 181 410Net deferred tax assets/(liabilities) 656 (803) (1,066) (30)Net exchange differences (30) 38Deferred income tax expenses (1,489) (1,110)Notes to the Financial Statements 149Annual Report 2006