Download Annual Report 2006 - Mühlbauer Group

58 CONSOLIDATED FINANCIAL STATEMENTS, NOTESThe reconciliation of the deferred tax assets and liabilitieson the balance sheet and the deferred taxes in the statementof income is represented as follows:2006 2005TEURTEURChanges in deferred tax assets in acc. w. the balance sheet (57) (135)Changes in deferred tax liabilities in acc. w. the balance sheet (410) 78Changes in deferred tax assets/liabilities that do not affect income (63) (89)Exchange rate fluctuation (9) 9Deferred taxes in accordance with of income (539) (137)Overall, deferred tax assets from future tax benefitsamount to TEUR 20 (PY: TEUR 93). All loss carryovers canbe carried forward unrestrictedly.The deferred tax assets and liabilities can be allocated tothe following balance sheet positions:2006 2005Assets Liabilities Assets LiabilitiesTEUR TEUR TEUR TEURTrade accounts receivable, net - 7 6 -Inventories - 130 17 121Marketable securities - 55 - 66Fixed assets 325 1,735 323 1,683Capitalized development costs - 3,274 - 2,836Pension accruals 469 - 326 -Unrealized profits and losses from currency translation 3 67 2 33Tax loss carryovers 20 - 93 -Other 23 49 71 109Subtotal 840 5,317 838 4,848Balance of deferred tax assets and liabilities (798) (798) (739) (739)Total deferred taxes 42 4,519 99 4,109Deferred tax assets and liabilities are offset if deferred taxesexist in respect of the same tax authority and they canbe offset. The probable realization of deferred tax assetsand liabilities can be found in the following table:2006 2005Deferred Deferred Deferred Deferredin TEUR tax assets tax liabilities tax assets tax liabilitiesRealization within 12 months 42 375 99 559Realization after more than 12 months - 4,144 - 3,55042 4,519 99 4,109The following table provides a reconciliation for taxes,based on the theoretical tax rate that would arise in respectof effective taxes in accordance with the statementof income, if the regular tax rates were applied on the nationaland international group companies of the MühlbauerGroup: