THE NATURE OF OUR BUSINESS – STABLE GROWTH - Symrise

The deferred tax assets and liabilities include foreign currency
translation effects amounting to € 0.2 million (2007:
€ 0.6 million). A deferred tax asset amounting to € 7.0 million
derived from interest hedges. In accordance with
hedge accounting requirements, the contra booking was
recognized directly in equity.
2007 2008
T€
One year
Two years
Three years
Four years
Five years or more
No expiry date
Total
In order to calculate the figures in the above table, the loss
carry-forward of those entities subject to two types of income
tax was determined using the combined tax rate,
taking the resulting deferred tax assets as a basis (where
applicable, before any adjustment for impairment).
Total corporate income tax loss carry-forwards amounted
to € 170.8 million (prior year: € 233.6 million). In addition,
tax loss carry-forwards of € 116.5 million (prior year: €
164.1) existed for other categories of income tax, primarily
for trade tax in Germany and US state tax.
Use of the tax loss carry-forwards, and thus the measurement
of corresponding deferred tax assets, is supported
by tax planning.
In 2008, tax loss carry-forwards were utilized in Germany,
France and Mexico. Only a small amount of new tax loss
carry-forwards arose.
The expectation is that, despite legal restrictions, it will
continue to be possible to use tax loss carry-forwards in
Mexico (€ 18.9 million). The restriction of utilization possibilities
was taken into account by making an allowance
for impairment of € 3.0 million (prior year: € 4.0 million)
against the related deferred tax assets.
Furthermore, the tax loss carry-forwards for US state
tax purposes were partially categorized as being not
utilizable as they result from the time prior to the business
combination and their use is restricted due to
Annual Report 2008 Symrise AG 123
Total
0
124
32
293
51,086
165,023
216,558
Not utilizable
0
124
32
293
16,599
16,482
33,530
utilizable
0
0
0
0
34,487
148,541
183,028
Total
0
0
319
445
47,140
122,441
170,345
local tax regulations. The corresponding impairment of
deferred tax assets amounted to € 1.1 million (prior year:
€ 0.9 million).
The high level of taxable income in France for 2008, which
mainly resulted from special factors, and the resultant reduction
of the impairment allowance correction on the deferred
tax assets amounting to € 3.7 million had a positive
impact on the Group’s overall tax rate. Nevertheless, the
corporate tax losses in France continue to be partly categorized
as not utilizable, as it cannot be assumed that they
can be fully offset against taxable income in the foreseeable
future. The corresponding correction for impairment
of deferred tax assets amounted to € 1.3 million (prior
year: € 5.0 million).
The calculation of foreign taxes is based on the legal regulations
prevailing in the respective countries. The tax
rates for the individual companies vary from 15% to 42%,
excluding financing entities.
8.8. Other Noncurrent Assets and Receivables
T€
Derivative financial instruments
Security, guarantee and
rental deposits
Loans to customers/employees
Other receivables
Total
Not utilizable
0
0
68
445
13,310
15,672
29,495
2007
9,301
1,239
976
243
11,759
utilizable
0
0
251
0
33,830
106,769
140,850
2008
0
1,393
707
795
2,895
Notes