ETX-10829_Etex-AR2017_WEB_2018_DEF2 (2)

6.1
Financial report
Consolidated financial statements
Etex Annual Report 2017
Financial report
Consolidated financial statements
The amount of deferred tax assets and liabilities are attributable to the following items:
In thousands of EUR 2016 2017 2016 2017
Assets Liabilities Assets Liabilities Net Net Variance
Property, plant and equipment 9,572 156,565 12,301 143,258 -146,993 -130,957 16,036
Intangible assets 1,533 38,476 3,730 40,057 -36,943 -36,327 616
Employee benefits assets 34 - 40 668 34 -628 -662
Inventories 8,648 808 7,560 856 7,840 6,704 -1,136
Trade & other receivables 6,051 820 4,296 663 5,231 3,633 -1,598
Other assets 3,359 984 5,980 1,465 2,375 4,515 2,140
Provisions 19,645 2,509 15,660 2,830 17,136 12,830 -4,306
Employee benefits liabilities 67,194 97 48,207 121 67,097 48,086 -19,011
Loans and borrowings 499 1,480 1,220 594 -980 626 1,606
Other non-current liabilities -2 567 291 517 -569 -226 344
Current liabilities 19,502 558 15,607 1,381 18,944 14,226 -4,718
Tax losses carried forward 185,186 - 170,572 - 185,186 170,572 -14,614
Unrecognised deferred tax assets -107,639 - -105,094 - -107,639 -105,094 2,545
Netting by taxable entity -63,318 -63,318 -65,277 -65,281 - - -
Total 150,262 139,545 115,093 127,129 10,719 -12,040 -22,758
Deferred taxes have not been recognised in respect of tax losses carried forward for an amount of €101,800 thousand (€103,072
thousand in 2016) and net deductible temporary differences for €3,294 thousand (€4,567 thousand in 2016) when it is not probable that
future taxable profit will be available against which the Group can utilise the benefits there from.
The amount of deferred tax assets computed on tax losses carried forward is detailed below, before deduction of unrecognised deferred
tax assets, by year in which tax losses will expire:
Expiration year
Deferred Tax Asset
2018 1,826
2019 2,034
2020 77
2021 325
2022 or later 11,597
Without expiration date 154,713
Total 170,572
Note 25 – Trade and other liabilities
Non-current liabilities
In thousands of EUR 2016 2017
Deferred income - Government grants 12,295 21,546
Other liabilities 21,473 14,249
Total 33,768 35,795
The Group has been awarded a number of government grants related to investments in property, plant and equipment. These
government grants are recognised in the statement of financial position as deferred income for €21,546 thousand (€12,295 thousand in
2016) and amortised over the useful life of the assets. All conditions attached to these grants have been fulfilled.
Current liabilities
In thousands of EUR 2016 2017
Trade liabilities 445,678 503,412
Other liabilities 209,162 190,271
Total 654,840 693,683
The other current liabilities include:
In thousands of EUR 2016 2017
Income taxes payable 41,309 33,566
Other taxes payable 31,570 34,731
Remuneration payable 63,146 64,786
Social security payable 25,696 27,352
Deferred income and accrued charges 28,231 12,318
Derivative financial instruments with negative fair values 9,416 11,790
Dividends payable 210 46
Amount due to customers for construction contracts in progress 4 -
Advances received on construction contracts not started yet 2 2
Current cash guarantees received 1,483 753
Other 8,095 4,927
Total 209,162 190,271
Etex Annual Report 2017 p. 55
Etex Annual Report 2017 p. 56
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