Annual Report 2010 - Frauenthal Holding AG

Consolidated Financial Statements Frauenthal Holding Group 2010
Deferred tax assets were recognised for the tax loss carryforwards of Linnemann-Schnetzer Deutschland GmbH to the extent
to which it is probable that the temporary differences will reverse within five years and that taxable profit will be available
against which they can be utilised. Of a total of EUR 69,088,000 (31 Dec. 2009: EUR 72,067,000) in tax loss carryforwards
available to Linnemann-Schnetzer Deutschland GmbH, use was made of EUR 28,833,000 (31 Dec. 2009: EUR 28,833,000)
to recognise EUR 8,500,000 (31 Dec. 2009: EUR 8,500,000) in deferred tax assets. A tax inspection at Linnemann-Schnetzer
Deutschland GmbH, initiated in 2009, was still in progress at the time of preparation of the consolidated financial statements.
At the end of the reporting period the Wholesale Plumbing Supplies Division had EUR 2,157,000 (31 Dec. 2009: EUR
8,556,000) in tax loss carryforwards, for which deferred tax assets of EUR 539,000 (31 Dec. 2009: EUR 2,139,000) were recognised.
Deferred tax assets arising from tax loss carryforwards available to Frauenthal Handels- und Dienstleistungs GmbH
increased from EUR 3,304,000 at 31 Dec. 2009 to EUR 3,853,000 at the end of the reporting period.
Deferred tax assets recognised for tax loss carryforwards in respect of Styria Arcuri S.A. rose from EUR 406,000 to EUR
440,000.
As at the end of the reporting period tax loss carryforwards of EUR 661,000 (31 Dec. 2009: EUR 960,000) were available to
Styria Impormol S.A. and carryforwards of EUR 3,066,000 (31 Dec. 2009: EUR 4,302,000) were available to Styria Ressorts
Véhicules Industriels S.A.S. Deferred tax assets of EUR 175,000 (31 Dec. 2009: EUR 254,000) and EUR 1,022,000 (31 Dec.
2009: EUR 1,434,000) were recognised for Styria Impormol S.A. and Styria Ressorts Véhicules Industriels S.A.S., respectively.
The tax loss carryforwards available to the Austrian, French and German companies can be utilised for an indefinite period.
In Portugal there is a time limit of six years.
Holdings in subsidiaries have given rise to deferred tax loss carryforwards due to impairments to investments, which can be
spread over seven years under Austrian tax law. At 31 December 2010 the carrying values were as follows:
Frauenthal Holding AG eur 2,084,000 (31 Dec. 2009: EUR 974,000)
Styria Federn GesmbH, Judenburg eur 1,439,000 (31 Dec. 2009: EUR 1,919,000)
Deferred tax loss carryforwards amounting to EUR 881,000 (31 Dec. 2009: EUR 723,000) arising from impairments to investments
were recognised at the end of the reporting period.
Deferred tax assets and liabilities are offset due to fulfilment of the conditions set by paragraph 74 IAS 12. A detailed presentation
of the evolution of deferred tax and tax income is set out in Note 34.
Deferred tax
Frauenthal Deutschland GmbH eur 888, 000 (31 Dec. 2009: EUR 948, 000)
Styria Elesfrance S.A.S eur 1, 506, 000 (31 Dec. 2009: EUR 1, 215, 000)
Frauenthal Holding AG - (31 Dec. 2009: EUR 2, 242, 000)
Linnemann-Schnetzer Ahlen GmbH eur 326, 000 (31 Dec. 2009: EUR 211, 000)
Linnemann-Schnetzer Formparts GmbH eur 552, 000 (31 Dec. 2009: EUR -)
Linnemann-Schnetzer Deutschland GmbH eur 10, 189,000 (31 Dec. 2009: EUR 12, 970, 000)
Styria Vzmeti d.o.o. eur 1, 459,000 (31 Dec. 2009: EUR 1, 221, 000)
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