Annual Report 2021

CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED 168 Notes to the Consolidated Financial Statements For the year ended 31 December 2021 35. DEFERRED TAXATION The movement in the net deferred tax liabilities is as follows: 2021 2020 HK$’million HK$’million As at 1 January 4,062 3,408 Exchange adjustments 65 83 Obtaining control of a non-wholly owned subsidiary (note 39) — 485 Charged to consolidated statement of profit or loss (note 12) 310 86 Charged to other comprehensive income 20 — As at 31 December 4,457 4,062 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$2,286 million (2020: HK$2,076 million) to be carried forward against future taxable income. These amount expire in the following years: 2021 2020 HK$’million HK$’million 2021 — 158 2022 471 473 2023 646 685 2024 474 468 2025 359 292 2026 336 — 2,286 2,076