Financial Report and Registration Document 2010 - Groupe Seb

3 NOTES
CONSOLIDATED FINANCIAL STATEMENTS
TO THE CONSOLIDATED FINANCIAL STATEMENTS
8.3. DEFERRED TAX ASSETS AND LIABILITIES
(in € millions) 2010 2009 2008
Intangible assets (brands) (91.6) (80.2) (82.7)
Capitalised development costs (5.8) (6.3) (6.5)
Property, plant and equipment (24.4) (24.6) (27.6)
Net tax loss carryforwards 19.6 11.8 24.8
Provisions for pensions and other employee-related liabilities 32.1 32.7 30.9
Elimination of intra-group gains 16.5 14.5 14.2
Other timing differences (net) 38.9 34.9 3.3
NET DEFERRED TAX ASSET/(LIABILITY) (14.7) (17.2) (43.6)
Of which:
Deferred tax assets 40.2 38.1 48.2
Deferred tax liabilities 54.9 55.3 91.8
Deferred taxes on other timing differences essentially include deferred taxes on the non-deductible portion of provisions.
The following table shows changes in net deferred taxes recognised in the balance sheet:
(in € millions)
NET DEFERRED TAX LIABILITY AT 31 DECEMBER 2008 (43.6)
Deferred tax charges and benefits for the period recognised in profit 15.1
Effect of deferred taxes recognised in equity 6.7
Effect of changes in foreign exchange rates 1.5
Effect of changes in the scope of consolidation 1.0
Other 2.1
NET DEFERRED TAX LIABILITY AT 31 DECEMBER 2009 (17.2)
Deferred tax charges and benefits for the period recognised in profit 2.5
Effect of deferred taxes recognised in equity 1.1
Effect of changes in foreign exchange rates (2.8)
Effect of changes in the scope of consolidation
Other 1.7
NET DEFERRED TAX LIABILITY AT 31 DECEMBER 2010 (14.7)
Deferred taxes recognised in equity essentially include deferred taxes on derivative hedging instruments and deferred taxes on gains and losses on treasury shares.
8.4. OTHER INFORMATION
At 31 December 2010, the Group had unrecognised deductible temporary differences and tax losses expiring in the following periods:
At 31 December 2010
(in € millions)
Deductible temporary
differences Tax losses Total
2011 0.6 0.6
2012 0.8 0.2 1.0
2013 0.8 0.8
2014 0.7 0.7
2015 and beyond 0.3 11.8 12.1
Available indefinitely 51.9 51.9
TOTAL 3.2 63.9 67.1
Unrecognised tax loss carryforwards fell from €72 million in 2009 to
€63.9 million in 2010. As in prior years, they primarily concerned operations
in Germany (€31 million in 2010, €39 million in 2009 and €42 million in 2008),
Spain (€4 million in 2010, €11 million in 2009 and €13 million in 2008) and the
United Kingdom (€9.6 million in 2010 and €9 million in both 2009 and 2008).
82 FINANCIAL REPORT AND REGISTRATION DOCUMENT 2010 GROUPE SEB