2011 Annual Report - OTCIQ.com

100 Notes
Deferred tax assets and liabilities as of December 31, 2011, and
December 31, 2010, break down as shown in the following table:
Deferred Tax Assets and Liabilities
December 31
€ in millions
2011 2010
Intangible assets 319 256
Property, plant and equipment 1,030 817
Financial assets 205 225
Inventories 28 23
Receivables 709 944
Provisions 5,693 5,410
Liabilities 4,307 3,932
Net operating loss carryforwards 1,713 807
Tax credits 27 23
Other 520 280
Subtotal 14,551 12,717
Changes in value -88 -98
Deferred tax assets 14,463 12,619
Intangible assets 1,933 1,908
Property, plant and equipment 6,184 6,553
Financial assets 223 204
Inventories 157 123
Receivables 4,995 4,943
Provisions 781 1,382
Liabilities 449 733
Other 1,375 1,449
Deferred tax liabilities 16,097 17,295
Net deferred tax assets/liabilities (-) -1,634 -4,676
Net deferred taxes break down as follows based on the timing
of their reversal:
Net Deferred Tax Assets and Liabilities
December 31, 2011 December 31, 2010
NonNon-
€ in millions
Current current Current current
Deferred tax assets 1,220 4,020 83 2,496
Changes in value -13 -75 -1 -97
Net deferred tax assets 1,207 3,945 82 2,399
Deferred tax liabilities -812 -5,974 -671 -6,486
Net deferred tax assets/liabilities (-) 395 -2,029 -589 -4,087