Annual Report 2023

169 ANNUAL REPORT 2023 33. DEFERRED TAXATION The movement in the net deferred tax liabilities is as follows: 2023 2022 HK$’million HK$’million As at 1 January 4,443 4,457 Adjustments for adoption of amendments to HKAS 12 (62) — As at 1 January (adjusted) 4,381 4,457 Exchange adjustments (13) (282) Disposal of a subsidiary (note 37) (424) 12 Charged to consolidated statement of profit or loss (note 12) 221 256 As at 31 December 4,165 4,443 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$1,072 million (2022: HK$1,570 million) to be carried forward against future taxable income. These amount expire in the following years: 2023 2022 HK$’million HK$’million 2023 — 541 2024 408 419 2025 313 317 2026 91 93 2027 211 200 2028 49 — 1,072 1,570