Annual Report 2008 English [PDF, 2.69 MB] - Tessenderlo Group

financial report 2008
15. Deferred tax assets and liabilities
ASSETS LIABILITIES NET
2008 2007 2008 2007 2008 2007
Property, plant & equipment 5.5 3.5 -31.1 -31.0 -25.6 -27.5
Goodwill 1.4 1.7 - - 1.4 1.7
Intangible assets 1.4 2.3 - - 1.4 2.3
Inventories 2.4 2.7 -8.3 -1.9 -5.9 0.8
Receivables - 0.1 - - 0.0 0.1
Derivative financial instruments - - -0.1 -0.2 -0.1 -0.2
Other current assets 0.8 0.5 - - 0.8 0.5
Employee benefits 3.1 4.9 -3.2 -3.9 -0.1 1.0
Provisions 3.4 4.0 -16.2 -15.5 -12.8 -11.5
Other items - 0.1 -0.3 - -0.3 0.1
Losses carried forward 26.3 33.6 - - 26.3 33.6
Impairment of deferred tax assets -11.8 -11.8 - - -11.8 -11.8
Gross deferred tax assets / (liabilities) 32.5 41.6 -59.2 -52.5 -26.7 -10.9
Set off of tax -14.8 -15.3 14.8 15.3
140
Net deferred tax assets / (liabilities) 17.7 26.3 -44.4 -37.2 -26.7 -10.9
All movements of deferred tax assets and deferred tax liabilities are recorded through the income
statement, except for conversion differences (-0.7 million EUR in 2008) and the existing deferred tax
assets and deferred tax liabilities at date of acquisitions (-1.4 million EUR in 2008).
On 31 December 2008, a deferred tax liability of 18.6 million EUR (2007: 15.8 million EUR) relating
to undistributed reserves within the subsidiaries of the Group has not been recognised because
management believes that this liability will not be incurred in the foreseeable future.
Tax losses carried forward on which no deferred tax asset is recognised amount to 45.7 million EUR
(2007: 78.8 million EUR). These tax losses have an indefinite life. Deferred tax assets have not been
recognised on these items because it is not probable that future taxable profits (within the next 5 years)
will be available against which the unused tax losses can be utilised.