Annual Report 2019

213 ANNUAL REPORT 2019 36. DEFERRED TAXATION The movement in the net deferred tax assets and liabilities is as follows: 2019 2018 HK$’million HK$’million As at 1 January (3,294) (2,587) Exchange adjustments 163 139 Arising from acquisition of subsidiaries (note 40) — (683) Charged to consolidated statement of profit or loss (note 13) (277) (160) Charged to other comprehensive income (note 13) — (38) Disposal of subsidiaries (note 39) — 35 As at 31 December (3,408) (3,294) Deferred income tax assets are recognised for tax losses carried forward to the extent that realisation of the related tax benefit through the future taxable profits is probable. The Group has unrecognised tax losses of HK$1,723 million (2018: HK$1,228 million) to be carried forward against future taxable income. These amount expire in the following years: 2019 2018 HK$’million HK$’million 2019 — 95 2020 122 122 2021 148 152 2022 430 365 2023 590 494 2024 433 — 1,723 1,228