PT ADARO ENERGY Tbk AND SUBSIDIARIES Schedule 555
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2014 AND 2013
Expressed in thousands of US Dollars, unless otherwise stated
36. TAXATION continued
d. Income tax expense continued
The tax on consolidated profit before income tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated subsidiaries as follows:
2014 2013
Consolidated profit before income tax 325,360
424,256 Tax calculated at applicable tax rates
171,058 184,341
Income subject to final tax 54,539
39,933 Non-deductible expenses
63,196 56,273
Tax allowance 15,186
15,907 Tax audit assesment
12,557 468
Others 35,266
7,017
Consolidated income tax expense 141,820
192,259
As restated refer to Note 3
The reconciliation between the consolidated profit before income tax and estimated consolidated taxable income is as follows:
2014 2013
Consolidated profit before income tax 325,360
424,256 Profit before income tax - subsidiaries
351,601 470,610
Adjusted for consolidation elimination 4,047
32,560 Loss before income tax - the Company
22,194 13,794
Fiscal correction:
Income subject to final tax 566
417 Non-deductible expenses
33,844 30,193
33,278 29,776
Utilisation of tax losses -
714 Taxable income -the Company
11,084 15,268
Current income tax - the Company 2,771
3,817 Current income tax - subsidiaries
155,797 208,338
Consolidated current income tax 158,568
212,155
As restated refer to Note 3
Current income tax computations are based on estimated taxable income. The amounts may be adjusted when the Annual Tax Returns are filed with the Tax Office.
The income tax chargedcredited relating to other comprehensive income during the year is as follows:
2014 2013
Tax charge Tax charge
Before tax credit
After tax Before tax
credit After tax
Cash flow hedges 52,044
23,419 28,625
4,066 1,509
2,557
207
AdARo ENERgy 2014 ANNuAl REPoRT
PT ADARO ENERGY Tbk AND SUBSIDIARIES Schedule 556
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2014 AND 2013
Expressed in thousands of US Dollars, unless otherwise stated
36. TAXATION continued
e. Deferred tax assetsliabilities
31 December 2014 Transfer
tofrom deferred
Beginning Charged to
tax assets Acquisition
Credited to Ending
balance profit or loss
liabilities of subsidiary
equity balance
Deferred tax assets
Tax losses carried forward 6,400
4,164 2,113
- -
123 Difference between the commercial
and tax net book values of fixed assets
- 355
2,006 -
- 2,361
Differences in fixed assets under finance leases and
lease installments -
725 4,800 - -
4,075 Retirement benefits obligation
2,294 1,523 2,313 -
- 6,130
Deferred tax assets at the end of the year
8,694 1,561 2,594
- -
4,539 Deferred tax liabilities
Capitalised borrowing cost 20,427
252 -
- -
20,175 Retirement benefits obligation
3,065 1,735
2,313 -
- 2,487
Mining properties 513,698
29,567 -
- -
484,131 Gain due to changes in the fair
values of derivative financial instruments
576 -
- -
23,419 22,843
Deferred stripping assets 17,026
3,270 -
- -
13,756 Differences between the commercial
and tax net book values of fixed assets
115,453 1,267
2,006 -
- 116,192
Provision for impairment of trade receivables
9,000 2,937
- -
- 11,937
Differences in fixed assets under finance leases
and lease installments 4,800
- 4,800
- -
- Tax losses carried forward
- 861
2,113 -
- 1,252
Provision for mine Closure 703
- -
- 703
Income from subsidiaries 5,871
1,464 -
- -
7,335
Deferred tax liabilities at the end of the year
631,734 30,866
2,594 -
23,419 574,855
As restated refer to Note 3
208
PT ADARO ENERGY Tbk AND SUBSIDIARIES Schedule 557
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2014 AND 2013
Expressed in thousands of US Dollars, unless otherwise stated
36. TAXATION continued
e. Deferred tax assetsliabilities continued
