TAV IT

TAV AIRPORTS HOLDING AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2008
(Amounts expressed in Euro unless otherwise stated)
Recognised deferred tax assets and liabilities
As at 31 December 2008 and 2007, deferred tax assets and liabilities are attributable to the following:
31 December
2008
Assets Liabilities Net
31 December
2007
31 December
2008
31 December
2007
31 December
2008
31 December
2007
PPE, airport operation
right, and other intangible
assets 7,684,088 15,092,542 (11,360,710) (5,887,747) (3,676,622) 9,204,795
Prepaid concession
expenses - - (8,711,900) (16,095,521) (8,711,900) (16,095,521)
Other investments - - (3,396,840) - (3,396,840) -
Inventories - 36,955 - - - 36,955
Derivatives 5,744,933 3,490,406 (1,647,264) (158,460) 4,097,669 3,331,946
Loans and borrowings 826,003 118,457 (704,793) (538,510) 121,210 (420,053)
Reserve for employee
severance indemnity 397,080 965,098 - - 397,080 965,098
Provisions 447,062 582,488 - - 447,062 582,488
Receivables and payables 25,260 144,586 (30,086) (45,463) (4,826) 99,123
Other items 695,491 624,878 (81,708) (97,350) 613,783 527,528
Tax loss carry-forwards 41,727,578 18,344,246 - - 41,727,578 18,344,246
Deferred tax assets/
(liabilities) 57,547,495 39,399,656 (25,933,301) (22,823,051) 31,614,194 16,576,605
Set off of tax (20,180,853) (18,241,848) 20,180,853 18,241,848 - -
Net deferred tax assets/
(liabilities) 37,366,642 21,157,808 (5,752,448) (4,581,203) 31,614,194 16,576,605