Annual Report 2006 – Financial Section - Quilvest

Notes to the Consolidated Financial Statements (continued)
11) Deferred Tax Assets and Liabilities
11.1) Summary of consolidated amounts in $ '000 2006 2005
Deferred tax assets 201 14
Deferred tax liabilities 7,606 6,537
Deferred tax (expense)/income (172) 2,474
11.2) Recognized Deferred 2006 2005 2006 2005
Tax Assets and Liabilities in $ '000 Assets Liabilities Assets Liabilities net net
Other receivables - - 2 - - 2
Investments - 106 (168) 371 (106) (539)
Property, Plant and Equipment 80 3,390 80 2,529 (3,310) (2,449)
Investment property - 2,582 - 2,217 (2,582) (2,217)
Intangible Assets 4 - - (1) 4 1
Investments in associates - 5 - - (5) -
Employee benefits 117 (33) - (24) 150 24
Other provisions - 1,556 100 1,445 (1,556) (1,345)
Total deferred tax assets (liabilities) 201 7,606 14 6,537 (7,405) (6,523)
11.3) Movements of net deferred tax assets and liabilities in $ '000 2006 2005
Net deferred tax assets (liabilities) at opening balance (6,523) (10,166)
Increase/(decrease) in temporary differences 172 556
Change in tax rate - 1,065
Other effects (change in tax regulation) - 853
Currency differences (1,054) 1,169
Net deferred tax assets (liabilities) at closing balance (7,405) (6,523)
Deferred tax assets have not been recognized in respect of tax losses corresponding to USD 1,163,000.
The deductible temporary difference does not expire under current fiscal legislation.
Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profit
will be available against which the Group can utilise the benefits therefrom.
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