Annual Report 2019

214 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED Notes to the Consolidated Financial Statements For the year ended 31 December 2019 36. DEFERRED TAXATION (CONTINUED) The movements in deferred tax assets and liabilities during the year are as follows: Deferred tax liabilities Withholding tax relating Accelerated tax Fair value gains to unremitted earnings depreciation allowance and others Total 2019 2018 2019 2018 2019 2018 2019 2018 HK$’million HK$’million HK$’million HK$’million HK$’million HK$’million HK$’million HK$’million As at 1 January (1,059) (909) (1,835) (1,271) (460) (458) (3,354) (2,638) Exchange adjustments 30 49 128 84 13 19 171 152 Arising from acquisition of subsidiaries (note 40) — — — (705) — (17) — (722) (Charged)/credited to profit or loss (487) (199) 129 53 (127) (10) (485) (156) Charged to other comprehensive income – Revaluation of equity investments at FVTOCI — — — — — (38) — (38) Disposal of subsidiaries (note 39) — — — 4 — 44 — 48 As at 31 December (1,516) (1,059) (1,578) (1,835) (574) (460) (3,668) (3,354) Deferred tax assets Provision Others Total 2019 2018 2019 2018 2019 2018 HK$’million HK$’million HK$’million HK$’million HK$’million HK$’million As at 1 January 9 10 51 41 60 51 Exchange adjustments 1 — (9) (13) (8) (13) Arising from acquisition of subsidiaries (note 40) — — — 39 — 39 Credited/(charged) to profit or loss 10 (1) 198 (3) 208 (4) Disposal of subsidiaries (note 39) — — — (13) — (13) As at 31 December 20 9 240 51 260 60