FAIRFAX MEDIA  LIMITED  2013  89 NOTEs TO THE FINANCIAL sTATEMENTs  16. DERIVATIVE FINANCIAL INsTRUMENTs (CONTINUED) (iV) neT inVeSTMenT HedGeS 17. DEFERRED TAx AssETs AND LIABILITIEs FAIRFAx MEDIA LIMITED AND CONTROLLED ENTITIES FOR THE PERIOD ENDED 30 JUNE 2013 For the Group, the remeasurement of the hedged items resulted in a loss before tax of $21.4 million (2012: $11.0 million loss) and  the changes in the fair value of the hedging instruments resulted in a gain before tax of $16.1 million (2012: $14.6 million gain)  resulting in a net loss before tax of $5.3 million (2012: $3.6 million gain) recorded in finance costs. The NZD/USD cross currency swap agreements have also been designated to hedge the net investment in New Zealand  controlled entities acquired as part of the acquisition of the business assets of Independent News Limited in June 2003. At 30 June 2013, the hedges were assessed to be highly effective with an unrealised loss of $12.9 million (2012: $2.5 million loss)  recognised in equity. During the current financial period there was an unrealised loss of $0.8 million (2012: $0.2 million gain)  recognised in the income statement attributable to the ineffective portion of the net investment hedges. Deferred tax assets and liabilities are attributable to the following: (A) RECOGNISED DEFERRED TAX ASSETS AND LIABILITIES (B) MOVEMENT IN TEMPORARY DIFFERENCES DURING THE FINANCIAL YEAR ASSETS LIABILITIES NET  30June 2013 $’000 24 JUNE 2012 $’000  30June 2013 $’000 24 JUNE 2012 $’000  30June 2013 $’000 24 JUNE 2012 $’000 Property, plant and equipment  11,607   16,117   10,111   22,275   1,496   (6,158) Inventories  –   –   3,055   3,121   (3,055)  (3,121) Investments  –   –   515   1,133   (515)  (1,133) Intangible assets  6,286   6,278   5,038   13,018   1,248   (6,740) Other assets  16,946   18,792   4,182   17,487   12,764   1,305  Provisions  62,524   100,620   –   –   62,524   100,620  Payables  10,669   15,004   –   –   10,669   15,004  Other liabilities  9,747   4,917   475   393   9,272   4,524  Tax losses  8,144   –   –   –   8,144   –  Other   1,415   2,853   (352)  (151)  1,767   3,004  Gross deferred tax assets/liabilities  127,338   164,581   23,024   57,276   104,314   107,305  Set-off of deferred tax assets/liabilities  (19,443)  (42,051)  (19,443)  (42,051)  –   –  net deferred tax assets/liabilities  107,895   122,530   3,581   15,225   104,314   107,305  BALANCE 24 JUNE 2012 RECOGNISED ON ACQUISITION RECOGNISED IN INCOME RECOGNISED IN EQUITY BALANCES DISPOSED DISCONTINUED OPERATIONS  BAlAnCe 30June 2013 Property, plant and equipment  (6,158)  (102)  7,659   –   55   42   1,496  Inventories  (3,121)  –   66   –   –   –   (3,055) Investments  (1,133)  –   614   4   –   –   (515) Intangible assets  (6,740)  (113)  (647)  –   8,748   –   1,248  Other assets  1,305   –   10,205   4,190   (1,987)  (949)  12,764  Provisions  100,620   195   (38,078)  –   –   (213)  62,524  Payables  15,004   47   (4,058)  –   –   (324)  10,669  Other liabilities  4,524   –   4,881   –   –   (133)  9,272  Tax losses  –   –   8,144   –   –   –   8,144  Other   3,004   4   (19)  (1,211)  –   (11)  1,767   107,305   31   (11,233)  2,983   6,816   (1,588)  104,314 