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8. DeFerreD taxes
Deferred taxes relate to the items shown below:
t.19 t.1
t.20 t.1
2012 2011
€ million € million
Tax losses carried forward 53.6 31.7
Non-current assets 16.2 15.2
Current assets 33.0 40.8
Provisions and other liabilities 59.3 37.8
Deferred tax assets (before netting) 162.0 125.5
Non-current assets 57.6 62.4
Current assets 6.1 16.5
Provisions and other liabilities 0.5 1.1
Deferred tax liabilities (before netting) 64.1 80.0
Deferred tax assets, net 97.9 45.5
Of the deferred tax assets, € 87.7 million (previous year: € 82.7 million) and of the deferred
tax liabilities € 6.0 million (previous year: € 16.0 million) are current assets.
As of December 31, 2012, tax losses carried forward amounted to a total of € 334.1 million
(previous year: € 234.2 million). This results in a deferred tax asset of € 87.2 million (previous
year: € 57.8 million). Deferred tax liabilities were recognized for these items in the
amount at which the associated tax advantages are likely to be realized in the form of future
profits for income tax purposes. Accordingly, deferred tax receivables were not recognized
for tax losses carried forward amounting to € 33.6 million (previous year: € 26.1 million).
These are non-forfeitable. In addition, no deferred taxes were recognized for deductible
temporary differences amounting to € 13.0 million (previous year: € 15.7 million).
Deferred tax liabilities for withholding taxes from possible dividends on retained earnings
of subsidiaries that serve to cover the financing needs of the respective company were not
accumulated, since it is most likely that such temporary differences will not be cleared in
foreseeable time.
PUMA BUsiness And sUstAinABility RePoRt 2012
Deferred tax assets and liabilities are netted if they relate to a taxable entity and can in fact
be netted. Accordingly, they are shown in the balance sheet as follows:
2012 2011
€ million € million
Deferred tax assets 152.0 109.1
Deferred tax liabilities 54.1 63.6
Deferred tax assets, net 97.9 45.5
The changes in deferred tax assets were as follows:
t.21 t.1
2012 2011
€ million € million
Deferred tax assets, previous year 109.1 96.5
Recognition in the income statement 37.4 17.3
Adjustment against other comprehensive income 5.5 -4.7
Deferred tax assets 152.0 109.1
The changes in deferred tax liabilities were as follows:
t.22
t.1
CONsOlidated FiNaNCial statemeNts
2012 2011
€ million € million
Deferred tax liabilities, previous year 63.6 50.7
Recognition in the income statement -7.0 4.6
Adjustment against other comprehensive income -2.5 8.3
Deferred tax liabilities 54.1 63.6