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>> Consolidated Financial Statements
Part B – Consolidated Balance Sheet - Assets
14.6 Deferred tax liabilities: annual changes (balancing Net Equity) (� '000)
Changes in
2009 2008
1. Opening balance 602,236 291,610
2. Increases 210,701 581,347
2.1 Deferred tax liabilities arising during the year 195,373 236,360
a) relating to previous years 90 6,681
b) due to change in accounting policies - -
c) other 195,283 229,679
2.2Newtaxesorincreaseintaxrates - -
2.3 Other increases 15,328 344,987
3. Decreases 332,346 270,721
3.1 Deferred tax liabilities derecognised during the year 133,760 254,238
a) reversal of temporary differences 110,408 252,560
b) due to change in accounting policies - -
c) Other 23,352 1,678
3.2 Reduction in tax rates 247 17
3.3 Other decreases 198,339 16,466
4. Final amount 480,591 602,236
14.7 Other information
Under IAS 12, no deferred tax assets due to tax losses carried forward were recognized, where no
taxable income against which losses can be used appeared to be likely. At Group level unused tax losses
for which no deferred tax assets had been recognized amounted to �7,460m, of which �1,176m
attributable to UniCredit SpA’s foreign branches, �5,814m to UniCredit Bank AG subsidiaries and �470m
to Bank Austria subsidiaries. The portion attributable to UniCredit SpA’s foreign branches concerned
losses which might be recovered only in respect of future taxable income generated by the Branches in
their respective country.