Today, Wavin - Jaarverslag.com

Wavin Annual Report 2010 | page 11521. Deferred tax assets and liabilitiesDeferred tax assets and deferred tax liabilities are attributable to:(€ x 1,000) 2010 2009ASSETS LIABILITIES ASSETS LIABILITIESIntangible assets 86 81,232 121 82,078Property, plant & equipment 523 31,392 563 30,333Financial assets 1 1,240 2 1,450Inventories 1,032 1,079 969 1,283Other current assets 1,610 351 1,047 104Tax losses carried forward 11,873 – 9,688 –Provision for employee benefi ts 2,131 16 2,224 57Other provisions 1,269 – 1,181 –Interest-bearing loans and borrowings 209 202 156 289Other liabilities 5,884 681 6,340 488Tax assets / liabilities 24,618 116,193 22,291 116,082Set off tax assets and liabilities (15,032) (15,032) (11,886) (11,886)Net tax assets / liabilities 9,586 101,161 10,405 104,196Unrecognised deferred tax assetsDeferred tax assets have not been recognised in respect of the following items:(€ x 1,000) 2010 2009Deductible temporary differences not capitalised 119 198Tax losses carried forward not capitalised 9,361 8,190Withholding taxes not capitalised 4,052 3,739Total unrecognised deferred tax assets 13,532 12,127The tax assets are not recognised because it is not probable that taxable profi t will be available against which the Group canutilise the benefi ts in the near future. The increase of tax losses not capitalised mainly relates to not capitalised losses carriedforward in some Eastern European Countries.There are no time restrictions on the utilisation of not capitalised taxes for an amount of € 9.2 million. Unrecognised taxes foran amount of € 0.2 million have a limited usage. Withholding taxes not capitalised relate to positions in the Netherlands whichwill not expire, but can only be compensated when all tax losses have been utilised besides meeting other specifi crequirements.