mdg-annual-report-2013

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102 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSDeferrred taxes as at 31 December 2013 related to the following items:DEFERRED TAXESIN € KCONSOLIDATEDBALANCE SHEETCONSOLIDATEDINCOME STATEMENT31 DEC 2013 31 DEC 2012 2013 2012Deferred tax assetsDeferred taxes on tax loss carryforwardsGermany 49,905 47,233 2,672 1,821USA 16,964 17,664 -700 -340United Kingdom 0 0 0 -1,91166,869 64,897 1,972 -430non deductible -63,886 -61,985 -1,901 862Net 2,983 2,912 71 432Tangible fixed assets 13 13 0 -7Other taxes from grants 1,757 1,834 -77 -36Share of result of an associate 170 134 36 22Other assets 16 4 12 4Other liabilities 72 13 59 1Prepaid expenses 0 0 0 -20Liability pension insurance 350 321 29 282,378 2,319 59 -8Non deductible -1,944 -1,975 31 15Net 434 344 90 7Deferred tax liabilitiesIntangible assets 3,166 2,899 267 265Tangible fixed assets 1 0 1 0Pension accruals 218 210 8 27Other liabilities 32 0 32 0Other accruals 0 147 -147 1473,417 3,256 161 439Deferred tax income/expenses 0 0Deferred tax asset/liabilities (balance) 0 0In 2013 and 2012, neither tax income nor a tax expense from deferred taxes was posted in shareholders’ equity.The calculation of deferred tax in Germany starting from 1 January 2008 has been based on a combined tax rate of26.33%. This is composed as follows: 15% corporation tax, 5.5% solidarity surcharge on the corporation tax and10.5% trade tax.Country-specific tax rates were applied for the deferred taxes of foreign business segments.As the subsidiaries have no retained earnings, no deferred tax liabilities were recognised in this respect.The recognised tax expenses differ from the expected tax expenses which would have resulted from the applicationof the nominal tax rate for the earnings under IFRS. A reconciliation of the differential effects can be seen in the followingtable, in which the tax rate applicable in the respective period was used. The increase in unrecognised deferredtax assets shown below does not correspond to the above mentioned amount of unrecognised deferred tax assets ontax loss carryforwards, due to the different exchange rates (transaction exchange rate at the date of business transaction,or the average rate for the conversion of the result before tax as against the corresponding closing rate forunrecognised deferred tax assets).
MEDIGENE AG ANNUAL REPORT 2013 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 103INCOME TAXESIN € K 2013 2012Result before income tax from continued operations -10.264 -14,795Result before income tax from discontinued operations 0 5,018Result before income tax -10.264 -9,777Expected tax income 2.702 2,574Increase in unrecognised deferred tax assets -2.734 -1,508Effect from deconsolidation (investment UK) 0 -1,623Non-deductible expenses -42 -66International tax rate differences 32 -12Tax-free revenue 0 622Other 24 -69Income tax expense -18 -82thereof from continued operations -18 -82thereof from discontinued operations 0 0Effective tax rate in % 0 1The breakdown of tax loss carryforwards is as follows:TAX LOSS CARRYFORWARDSIN € K 2013 2012Corporate income tax Germany 190,595 180,293Trade tax Germany 188,030 178,110State tax USA 40,575 42,326Federal tax USA 39,344 40,947In Germany, tax losses may generally be carried forward for an unlimited period of time. The deduction of existing losscarryforwards is ruled out in the event of detrimental changes in the shareholder structure.The loss carryforwards of Medigene, Inc. will expire between 2014 and 2033. In the USA, tax loss carryforwards basedon federal tax may be utilised for 20 years, whereas those based on state tax expire between 10 and 20 years, unlessan extension is granted.(48) Trade accounts payable and other current liabilitiesThe trade accounts payable of €1,419 k (2012: €719 k) as at the end of the reporting period consisted in unpaid invoicesissued primarily for services utilised by Medigene. For the maturity analysis of the financial liabilities, pleaserefer to ≥ note (53).Other current liabilities amounting to €3,651 k (2012: €2,888 k) include the short-term share of the liability relatingto the transfer of the future cash flows from the 2% share in Eligard ® revenue to Cowen totalling €1,044 k (2012:€927 k) ≥ note (4), bonus payments due of €621 k (2012: €626 k), liabilities relating to withholding tax and VATamounting to €463 k (2012: €94 k) and liabilities not yet invoiced for production and preclinical studies amounting to€331 k (2012: €58 k).
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Medigene AG Annual report 2013 Kapi
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