142
AirAsia X Berhad • Annual Report 2014
NOTES TO THE FINANCIAL STATEMENTS
AS AT 31 DECEMBER 2014
12 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Included in property, plant and equipment of the Group and Company are aircraft pledged as security for borrowings (Note 25) with a net book value of RM1,682 million (2013:
RM2,066 million).
The beneficial ownership and operational control of certain aircraft pledged as security for borrowings rests with the Company when the aircraft is delivered to the Company.
Where the legal title to the aircraft is held by the financiers during delivery, the legal title will be transferred to the Company only upon settlement of the respective facilities.
The net cash outflow for the acquisition of property, plant and equipment during the financial year is as follows:
Group and Company
2014
RM’000
2013
RM’000
Acquisition of property, plant and equipment during the financial year
418,653
1,069,949
Less: Deposits on aircraft purchases paid in the previous financial year
(66,192)
(187,284)
352,461
882,665
13 DEFERRED TAXATION
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when deferred taxes relate
to the same tax authority. The following amounts, determined after appropriate offsetting, are shown in the balance sheets:
Group
Company
2014
RM’000
2013
RM’000
2014
RM’000
2013
RM’000
Deferred tax assets
445,793
359,630
445,793
359,630
The movements in deferred tax assets and liabilities during the financial year are as follows:
Group
Company
2014
RM’000
2013
RM’000
2014
RM’000
2013
RM’000
At beginning of financial year
359,630
234,840
359,630
234,840
Credited/(charged) to income statement (Note 10):
- Property, plant and equipment
43,395
27,058
43,395
27,058
- Unrealised foreign exchange differences
32,403
(1,568)
32,403
(1,568)
- Tax losses
42,665
(691)
42,665
(691)
- Tax incentives
(32,834)
99,899
(32,834)
99,899
- Others
534
92
534
92
86,163
124,790
86,163
124,790
At end of financial year
445,793
359,630
445,793
359,630
