saxo-bank-annual-report-2015

NOTES – SAXO BANK A/S
Note (DKK 1,000)
9 Income tax · continued
Tax recognised in Other comprehensive income
2015 Before tax Tax Net of tax
Exchange rate adjustments 125,149 - 125,149
Hedge of net investments in foreign entities (63,118) 14,833 (48,285)
Other comprehensive income from subsidiaries, net of tax 10,905 - 10,905
Other comprehensive income from associates and joint ventures, net of tax 13 - 13
Total 72,949 14,833 87,782
2014 Before tax Tax Net of tax
Exchange rate adjustments 69,470 - 69,470
Hedge of net investments in foreign entities (50,096) 12,276 (37,820)
Other comprehensive income from subsidiaries, net of tax (37,936) - (37,936)
Other comprehensive income from associates and joint ventures, net of tax (117) - (117)
Total (18,679) 12,276 (6,403)
Deferred tax assets and deferred tax liabilities 2015 2014
Deferred tax at 1 january, net (174,003) (213,926)
Deferred tax for the year recognised in income statement and equity 184,146 33,551
Change in deferred tax from changes in tax rate (6,720) 2,000
Deferred tax utilised in the Danish Joint taxation (10,600) -
Adjustment to tax previous years 886 2,374
Exchange rate adjustments 18 (2)
Deferred tax at 31 December, net (6,273) (174,003)
Deferred tax assets Deferred tax liabilities Total deferred tax
2015 2014 2015 2014 2015 2014
Intangible assetes - - (148,420) (201,249) (148,420) (201,249)
Tangible assets - - 21,395 16,251 21,395 16,251
Tax losses carried forward - - 77,044 - 77,044 -
Other provisions 66 218 43,642 10,777 43,708 10,995
Total 66 218 (6,339) (174,221) (6,273) (174,003)
SAXO BANK · ANNUAL REPORT 2015 · 123