Annual Report 2012 - ORCO Germany

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19. Income taxes
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities
and when the deferred income tax assets and liabilities relate to income taxes laid by the same taxation authority of either the taxable entity or
different taxable entities where there is the intention to settle the balances on a net basis.
The capacity to recognize the deferred tax asset arising from the temporary differences detailed in the thereafter table is assessed on the level of the
fiscal entity. In the case of the entity is not in position to recognize them, they are neutralized on the line “DTA derecognition”.
December
2011
Scope
Variation
Variation Other December
2012
DTA
At Closing
DTL
At Closing
Intangible assets (2,157) - - - (2,157) - (2,157)
Tangible assets (87,003) 22 (6,376) 212 (93,146) 1,006 (94,152)
Financial assets 5,070 - 1,997 - 7,067 7,288 (221)
Inventories 2,726 - 1,152 (212) 3,666 5,476 (1,810)
Current assets (2,658) - (797) - (3,455) 135 (3,590)
Equity 35 - - - 35 39 (3)
Provisions (18) (369) (288) - (675) - (675)
Long term debts 3,091 - (330) - 2,762 3,888 (1,126)
Current debts 2,412 - (1,213) - 1,199 1,660 (461)
DTA derecognition (10,374) - (4,882) - (15,256) (15,256) -
Recognized loss carry forward 578 427 (427) - 578 578 -
Total deferred taxes (88,298) 80 (11,164) - (99,382) 4,814 (104,195)
Deferred tax assets - -
Deferred tax liabilities (88,299) (99,382)
December
2010
Scope
Variation
Variation Other December
2011
DTA
At Closing
DTL
At Closing
Intangible assets (2,157) - - - (2,157) - (2,157)
Tangible assets (87,681) 6,399 (5,721) - (87,003) 538 (87,542)
Financial assets 3,369 108 1,594 - 5,070 5,274 (221)
Inventories 2,594 447 (315) - 2,726 4,414 (1,688)
Current assets (1,994) - (664) - (2,658) 61 (2,719)
Equity 35 - - - 35 39 (3)
Provisions 458 - (476) - (18) 376 (394)
Long term debts 2,707 - 385 - 3,091 3,252 (161)
Current debts 5,096 - (2,684) - 2,412 2,564 (135)
DTA derecognition - - - (10,374) (10,374) (10,374) -
Recognized loss carry forward (10,766) - 969 10,374 578 578 -
Total deferred taxes (88,339) 6,954 (6,912) - (88,298) 6,722 (95,020)
Deferred tax assets - -
Deferred tax liabilities (88,340) (88,299)
The income tax and deferred tax rates applicable in 2012 (like in 2011) are 30.17 % in Germany and 28.80% in Luxembourg.
In 2012, the theoretical tax rate is -29.80% and the effective tax rate of the period is 112.02%. The income tax loss recognized in the income
statement amount to EUR 11.4 million and composed of EUR 0.6 million of current income tax expenses and EUR 10.8 million of deferred income
taxes expenses arising essentially from the booking of the positive revaluations booked on the properties for EUR 18.1 million.
In 2011, the theoretical tax rate is 30.13% and the effective tax rate of the period is 30.99%. As at 31 December 2011, the income tax loss recognized
in the income statement amount to a charge of EUR 9.6 million among which EUR 2.6 million of current income tax expense and EUR 6.9 million
deferred income tax expense. Deferred income taxes expenses arising essentially from reversal of deferred tax assets made following the booking of
positive revaluations and impairments booked on properties (EUR 6.0 million).
The Group choose to correct the presentation of the 2011 table and disclose in the “other” column the neutralized deferred tax asset arising from
temporary differences at the 2011 opening in the entities which were not in position to recognize them. The neutralization of this EUR 10.4 million
deferred tax asset is now presented on the line “DTA derecognition”.
As at December 2012, the losses carry forward not recognized into the local statutory accounts of the Group’s subsidiaries represents a tax basis of
EUR 183.9 million (EUR 159.3 million in 2011).
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to results of
the consolidated entities as follows:
ANNUAL CONSOLIDATED FINANCIAL STATEMENTS | 42