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              [html]<thead><tr><td>b.</td><td>Foreign currency translation</td><td>c. Revenue</td></tr></thead><tbody><tr><td>Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity.</td><td>( i )</td><td>Transactions and balances</td></tr><tr><td>Revenue is measured at the fair value of the consideration received or receivable. Sales revenue represents the net proceeds receivable from the buyer.</td><td>Foreign currency transactions are translated into the respective functional currencies of the Group entities at exchange rates on the dates of the transactions. Foreign exchange gains and</td><td>s resulting from the settlement of such actions and from the translation at year - exchange rates of monetary assets and thes. denominated in foreien cverses.</td></tr><tr><td>UUU GUU STITTT SGITS</td><td>the distribution of cash dividends are recognised at the same time that the liability to pay the related dividend is recognised.</td><td>re</td></tr><tr><td>Angued in the profit or loss, except when are deferred in equity as qualifying cash hedges and qualifying net investment</td><td>completed. Transportation and refinery costs are expensed when incurred.</td><td>Tax consolidation</td></tr><tr><td>hedges or are attributable to part of the net</td><td>d. Income tax</td><td>group with effect from 1 July 2003 and are</td></tr><tr><td>investment in a foreign operation.</td><td>Income tax expense comprises current and deferred tax. Current tax and deferred tax is</td><td>therefore taxed as a single entity from that date. The head entity within the tax - consolidation group is Kingsgate Consolidated Limited.</td></tr><tr><td>Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. Translation differences on non - monetary assets and liabilities such as society.</td><td>deferred tax. Current tax and deferred tax is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.</td><td>group is Kingspate Consolidated Limited. Current tax expense or benefit, deferred assets and deferred tax liabilities arising f</td></tr><tr><td>are recognised in profit or loss as part of the fair value gain or loss. Translation differences on non - monetary assets are included in the fair value reserve in equity.</td><td>Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjust</td><td>tax - consolidation group are recognised in the separate financial etatements of the members of the tax - consolidation group using the “ stand alone taxpayer ” approach by reference to the carrying amounts in the separate financial stata</td></tr><tr><td>Exchange gains and losses which arise on balances between Group entities are talen to</td><td>ment to tax payable in respect of previous years. Deferred tax is provided using the liability</td><td>the foreign currency translation reserve where the intra - group balances are in substance part of the Group ’ s net investment. Where as a result of ‘ vehous in rinvertment.’ snewinvelved wholen.</td></tr><tr><td>method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and</td><td>1.7 ° Current tax assets or liabilities and deferred tax assets arising from unused tax losses assumed</td><td>a change in circumstances, a previously designated intra - group balance is intended to be settled in the foreseeable future, the intra - group</td></tr><tr><td>the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of</td><td>by the head entity from the subsidiaries in the tax - consolidation group, are recognised as amounts receivable or payable to other entities in the tax - consolidation group in conjunction</td><td>balance is no longer regarded as part of net investment. The exchange differences for such</td></tr><tr><td>the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted</td><td>in the tax - consolidation group in conjunction with any tax funding agreement amounts.</td><td>balance previously talken directly to the foreign currency translation reserves are recognised in</td></tr><tr><td>at the reporting date.</td><td>Specifications</td><td>the profit or loss.</td></tr><tr><td>A deferred tax asset is recognised for unused tax</td><td>arising from unused tax losses of the tax - consolid</td><td>( II )</td></tr><tr><td>Foreign operations</td><td>differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets</td><td>that future taxable profits of the tax - consolidation group will be available against which the asset can be utilised.</td></tr><tr><td>Group entities ( none of which has the currency of a hyperinflationary economy ) that have a</td><td>are reviewed at each reporting date and are reduced to the extent that it is no lionger nr</td><td>ut at atrigitistical attending trials lieve a functional currency different from the presenta -</td></tr><tr><td>reduced to the extent that it is no longer probable that the related tax benefit will be realised.</td><td>Tax funding and sharing agreements</td><td>tion currency are translated into the presenta -</td></tr><tr><td>tion currency as follows :</td><td>Deferred tax is not recognised for :</td><td>I ' N INImbers of the GIX - consolidation g70. up have entered into a funding agreement that sets out the funding obligations of members of the</td></tr><tr><td>O the assets and liabilities of the foreign opera -</td><td>• temporary differences on the initial recogni -</td><td>tions, including goodwill and fair value adjustments arising on acquisition, are</td></tr><tr><td>tion of assets or liabilities in a transaction that is not a business combination and that</td><td>translated at the year - end exchange rate ;</td><td>affects neither accounting nor taxable profit</td></tr><tr><td>≥ 3 the income and expenses of foreign operation</td><td>Table</td><td>tions are translated at average exchange</td></tr><tr><td>Oral differences related to invest -</td><td>by the head entity, resulting in the head entity recognising an intra - group receivable or payable in the separate financial statements of the</td><td>rates ( unless this is not a reasonable approximation of the cumulative effect of the rate</td></tr><tr><td>ments in subsidiaries where the Company is able to control the timing of the reversal of</td><td>phenening, or not senses, on senses, on sense, non - case income and expenses are translated at the dates of the transactions ); and</td><td>the temporary differences and it is probable that they will not reverse in the foreseeable future ; and</td></tr><tr><td>9 foreign currency differences are recognised in other comprehensive income, and presented</td><td>X taxable temporary differences ar initial recognition of goodwill.</td></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr></tbody>
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