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METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss
→ noTes : noTes To THe BalanCe sHeeT
24. Deferred tax assets/deferred tax liabilities
Deferred taxes on loss carry-forwards and temporary differences
amount to €904 million, a decline of €96 million
compared with the previous year. The carrying amount of
deferred tax liabilities decreased to €157 million, €55 million
lower than the previous year’s level.
Deferred taxes recognised concern the following balance
sheet items:
In accordance with Ias 12, deferred taxes relating to differences
between the carrying amount of a subsidiary’s pro rata
assets and liabilities in the balance sheet and the invest ment
book value for this subsidiary in the parent company’s tax statement
must be created (so-called outside basis differences)
if the tax benefit is likely to be realised in future. no deferred
taxes were recognised for retained earnings of subsidiaries as
these earnings will be reinvested over an inde finite period of
time or are not subject to relevant tax ation. In the previous year,
€6 million in deferred tax liabilities from outside basis differences
were recognised for planned dividend payments. There
were no circumstances leading to a corresponding accrual
during the reporting year. For this reason, the deferred tax
liabilities from outside basis differences were dissolved.
31/12/2010 31/12/2011
→ p. 214
€ million Asset Liability Asset Liability
Goodwill 257 144 216 152
other intangible assets 131 25 106 57
Tangible assets and investment properties 156 671 206 692
Financial assets 7 8 12 1
Inventories 85 25 85 20
other receivables and assets 124 85 110 85
provisions for pensions and similar obligations 126 16 138 12
other provisions 101 11 101 11
Financial liabilities 417 5 483 4
other liabilities 158 65 158 81
outside basis differences 0 6 0 0
non-scheduled write-downs –40 0 –50 0
loss carry-forwards 327 0 297 0
Total 1,849 1,061 1,862 1,115
offset –849 –849 –958 –958
Book value of deferred taxes 1,000 212 904 157
no deferred taxes were created for the following tax loss
carry-forwards and interest carried forward as well as temporary
differences because a short-term realisation is not
expected:
€ million 2010 2011
Corporate tax losses 6,488 6,886
Trade tax losses 6,839 7,153
Interest carried forward 6 40
Temporary differences 121 164
The losses primarily concern Germany. They can be carried
forward without limitation.