Financial statements of JSW S.A. for 2012

19. Deferred income tax

According to the accepted accounting principles presented in Note 2.15 of the Financial statements of JSW S.A. for 2012. The Company has offset deferred income tax assets and liabilities. After the offsetting, the following amounts are shown in the financial statements:

	31 Dec 2012	31 Dec 2011
Deferred income tax assets
– to be realized after the period of 12 months	450.3	365.2
– to be realized within the period of 12 months	104.2	92.3
Total	554.5	457.5
Deferred income tax liabilities
– to be realized after the period of 12 months	398.9	279.2
– to be realized within the period of 12 months	12.7	54.8
Total	411.6	334
Deferred income tax assets (net amount)	142.9	123.5

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Movement in deferred income tax is as follows:

	2012	2011 restated
As at 1 January	123.5	214.9
Charged to equity	-	(0.3)
Charged to net profit	(24.2)	(86.5)
Increase/(decrease) of other comprehensive income	43.6	(4.6)
As at 31 December	142.9	123.5

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Deferred income tax assets and liabilities (before their offsetting within a single legal jurisdiction is considered) are as follows:

Deferred income tax assets	Employee benefit liabilities	Provisions	Unpaid remuneration and other benefits	Tax loss	Others	Total
As at 1 January 2011	355.4	84.1	14.3	63.2	8.6	525.6
(Charged)/credited to net profit	7.6	(20.9)	0.3	(63.2)	12.7	(63.5)
Decrease of other comprehensive income	(4.6)	-	-	-	-	(4.6)
As at 31 Dec 2011	358.4	63.2	14.6	-	21.3	457.5
Credited to net profit	14.1	18.8	2.5	-	18	53.4
Increase of other comprehensive income	43.6	-	-	-	-	43.6
As at 31 Dec 2012	416.1	82	17.1	-	39.3	554.5

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Deferred income tax liabilities	Value of expensable mining pits	Valuation of other property, plant and equipment	Others	Total
As at 1 January 2011	120.4	175.1	15.2	310.7
Charged to equity	-	0.3	-	0.3
Charged to net profit	8.7	0.8	13.5	23
As at 31 Dec 2011	129.1	176.2	28.7	334
Charged to net profit	33.6	25.7	18.3	77.6
As at 31 Dec 2012	162.7	201.9	47	411.6

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