2012 Registration document and annual financial report - BNP Paribas

CONSOLIDATED FINANCIAL STATEMENTS - YEAR ENDED 31 DECEMBER 2012Notes to the financial statements45.k CURRENT AND DEFERRED TAXESIn millions of euros 31 December 2012 31 December 2011Current taxes 790 2,227Deferred taxes 7,871 9,343Current and deferred tax assets 8,661 11,570Current taxes 901 1,893Deferred taxes 2,145 1,596Current and deferred tax liabilities 3,046 3,489➤ CHANGE IN DEFERRED TAX OVER THE PERIOD:In millions of euros Year to 31 Dec. 2012 Year to 31 Dec. 2011NET DEFERRED TAXES AT START OF PERIOD 7,747 7,601Net losses arising from deferred taxes (note 2.g) (363) (687)Changes in deferred taxes linked to changes in value and reversal through profit or loss of changesin value of available-for-sale financial assets, including those reclassified as loans and receivables (2,054) 848Changes in deferred taxes linked to changes in value and reversal through profit or loss of changesin value of hedging derivatives (195) (428)Effect of exchange rate and other movements 591 413NET DEFERRED TAXES AT END OF PERIOD 5,726 7,7474➤ BREAKDOWN OF DEFERRED TAX ASSETS AND LIABILITIES BY NATURE:In millions of euros 31 December 2012 31 December 2011Available-for-sale financial assets, including those reclassified as loans and receivables (365) 1,708Unrealised finance lease reserve (688) (725)Provisions for employee benefit obligations 915 844Provisions for credit risk 2,811 3,607Other items (103) (535)Tax loss carryforwards 3,156 2,848NET DEFERRED TAXES 5,726 7,747Deferred tax assets 7,871 9,343Deferred tax liabilities (2,145) (1,596)Unrecognised deferred tax assets totalled EUR 1, 905 million at31 December 2012 compared with EUR 2, 404 million at 31 December2011.In order to determine the size of the tax loss carryforwards recognised asassets, the Group conducts every year a specific review for each relevantentity based on the applicable tax regime, notably incorporating any timelimit rules, and a realistic projection of their future revenue and chargesin line with their business plan.2012 Registration document and annual financial report - BNP PARIBAS 155