FY 2012 - Investor Relations - NIS

16. DEFERRED TAX ASSETS AND LIABILITIESDeferred tax liabilitiesCarrying value vs. Tax baseAs at 1 January 2011 (1,458,535)Origination and reversal of temporary differences 298,024As at 31 December 2011 (1,160,511)Origination and reversal of temporary differences (623,824)Impact of change in the tax rate (580,256)As at 31 December 2012 (2,364,591)ProvisionsImpairment lossInvestmentcreditDeferred tax assetsAs at 1 January 2011 - - 4,804,904 4,804,904Origination and reversal of temporarydifferences103,534 668,654 2,298,344 3,070,532As at 31 December 2011 103,534 668,654 7,103,248 7,875,436Origination and reversal of temporarydifferences94,538 (203,662) 1,634,552 1,525,428Impact of change in the tax rate 51,767 334,327 - 386,094As at 31 December 2012 249,839 799,319 8,737,800 9,786,958The recognition of deferred tax assets was based on a five-year business plan of the Company and the actual resultsachieved to date which have given the management strong indications that the income tax credits carried forward willbe utilised.Investment credits represent 20% qualifying of capital investments made up to 31 December 2012 in accordance withtax legislation of the Republic of Serbia.TotalIn 2012 was adopted new income tax law. New income tax rate was introduced (15%), which shall be applied forcalculation and payment of tax liabilities starting from 2013. In computation of deferred tax assets (liabilities) Companywas applied new income tax rate.Tax CreditOriginationTax Credit Reversal 31 December 2012 31 December 20112005 2015 - 43,0532006 2016 425,226 444,1372007 2017 2,164,224 2,184,6302008 2018 702,349 710,6072009 2019 1,228,886 1,311,8232010 2020 1,294,489 1,308,0642011 2021 937,460 1,100,9342012 2022 1,985,166 -8,737,800 7,103,24817. OFF BALANCE SHEET ASSETS AND LIABILITIES31 December 2012 31 December 2011Issued warranties and bills of exchange 44,671,748 49,650,326Received warranties and bills of exchange 24,593,773 14,603,725Properties in ex-Republics of Yugoslavia 5,424,642 5,463,077Receivables from companies from ex-Yugoslavia 5,290,900 4,964,881Third party merchandise in NIS warehouses 4,047,706 4,332,583Assets for oil fields liquidation in Angola 422,341 264,97384,451,110 79,279,565206 • FINANCIAL STATEMENTS Annual report for 2012Annual report for 2012FINANCIAL STATEMENTS • 207