ONE ROOF

17. Other receivables and other assets
Prepaid expenses consist of insurance premiums, rents and
taxes applicable to later accounting periods and prepayments
for maintenance and services. They also include commission
paid by HOCHTIEF insurance companies for insurance arranged
by direct insurers. Such commission is reversed to expense
over the lifetime of the policy.
18. Deferred taxes
Deferred tax assets and liabilities break down as follows:
Deferred tax assets and deferred tax liabilities are offset within
each company or group. The EUR 440,837,000 (2008: EUR
395,250,000) gross amount of deferred tax assets includes
the following tax refund entitlements arising from the expected
future use of tax loss carryforwards:
❘ Information for our Shareholders ❘ ❘ Management Report ❘ ❘ Financial Statements and Notes ❘
(EUR thousand) Dec. 31, 2009 Dec. 31, 2008
Non- Current Non- Current
currentcurrent
Pension fund credit balances 94,542 – 46,138 –
Prepaid expenses 2,329 59,490 5,762 49,312
Derivative receivables 46,456 1,524 7,623 8,373
Entitlements from real estate sales – 9,660 – 42,386
Tax receivables (excluding income taxes) – 8,162 – 9,854
Entitlements from sales of participating interests – – – 25,265
Sundry other assets 33,810 47,953 36,283 35,771
177,137 126,789 95,806 170,961
(EUR thousand) Dec. 31, 2009 Dec. 31, 2008
restated
Deferred tax
assets
Deferred tax
liabilities
Deferred tax
assets
Deferred tax
liabilities
There is adequate assurance that the tax loss carryforwards
will be realized. For reasons of accounting prudence, as in
2008, deferred tax assets were not recognized for tax losses
incurred in Germany in 2009. Tax loss carryforwards for which
no deferred tax assets have been recognized amount to EUR
849,874,000 (2008: EUR 693,444,000) in respect of corporate
income tax and EUR 1,091,793,000 (2008: EUR 908,194,000)
in respect of German municipal trade tax. The EUR 164,260,000
decrease in tax loss carryforwards in respect of corporate
income tax relates to losses at European operating locations
in the years 1999 to 2008. Due to uncertainty concerning the
legal position from 2009, it is no longer assured that these tax
losses will be capable of being utilized.
Deferred tax
assets
Jan. 1, 2008
restated
Deferred tax
liabilities
Non-current assets 106,141 78,888 66,174 65,233 75,314 67,920
Current assets 11,404 118,727 19,810 114,436 18,083 121,868
Non-current liabilities
Pension provisions 88,254 22,118 114,089 6,868 74,703 –
Other provisions 41,554 91,909 29,750 80,821 34,624 61,469
Sundry non-current liabilities 25,681 4,531 23,748 – 1,236 –
Current liabilities
Other provisions 83,223 564 79,390 559 94,509 5,369
Sundry current liabilities 70,146 2,819 47,533 4,053 49,826 10,397
426,403 319,556 380,494 271,970 348,295 267,023
Losses carried forward 14,434 – 14,756 – 13,532 –
Gross amount 440,837 319,556 395,250 271,970 361,827 267,023
Offsetting item 208,057 208,057 178,165 178,165 184,920 184,920
Reported amount 232,780 111,499 217,085 93,805 176,907 82,103
(EUR thousand) Dec. 31,
2009
Dec. 31,
2008
Corporate income tax 9,448 9,770
German municipal trade tax 4,986 4,986
14,434 14,756
Annual Report 2009 157