Annual Report 2012 - Bank Sarasin

2.10 Deferred taxes
CHF 000 31.12.2012 31.12.2011
Change to 31.12.2011
CHF %
Change in deferred tax assets
Balance at beginning of the year 10,922 6,077 4,845 79.7
Charges and releases recognised in income statement 3,654 -456 4,110 901.3
Charges and releases not recognised in income statement 421 5,462 -5,041 -92.3
Impact of change in deferred tax rates and currency translation differences -26 -161 135 83.9
Total deferred tax assets end of the year 1) 14,971 10,922 4,049 37.1
Change in deferred tax liabilities
Balance at beginning of the year 7,518 9,070 -1,552 -17.1
Charges and releases recognised in income statement -5,427 -1,573 -3,854 -245.0
Charges and releases not recognised in income statement 12,918 17 12,901 > 1'000
Impact of change in deferred tax rates and currency translation differences -27 4 -31 -775.0
Total deferred tax liabilities end of the year 1) 14,982 7,518 7,464 99.3
Loss carry-forwards not reflected in balance sheet expire as follows
Within 1 year 0 0 0
From 1 to 5 years 0 0 0
After 5 years 2) 14,776 2) 21,032 -6,256 -29.7
Total 14,776 21,032 -6,256 -29.7
1)
2)
The deferred tax assets mainly comprise property, equipment and intangible assets of CHF 4.1 million (31.12.2011 CHF 3.8 million)
and tax loss carry-forwards of CHF 8.8 million (31.12.2011 CHF 5.1 million).
The deferred tax liabilities mainly comprise the financial instruments of CHF 10.6 million (31.12.2011 CHF 6.1 million) and the item
provisions and other’ of CHF 1.0 million (31.12.2011 CHF 1.4 million).
Concerns a holding company; only effective for direct federal tax.
Bank Sarasin & Co. Ltd, Annual Report 2012 | 36