Deferred taxes

Customize annual report

The table below shows the net deferred tax assets and liabilities:

Assets

Liabilities

At 31 December 2013

At 31 December 2012

At 31 December 2013

At 31 December 2012

Property, plant and equipment1

398

373

Intangible fixed assets1

24

13

Cash flow hedges

– 8

– 15

Loss carry forwards1

5

6

– 15

– 40

Losses at non-resident participating interests1

26

27

Provisions

– 12

– 12

Total

5

6

413

346

  1. 2012 figures restated for comparative purposes.

Deferred tax assets and liabilities related to cash flow hedges have been recognised through equity. The regulations for preventing double taxation create the deferred tax liability presented for losses at non-resident participating interests.

Movements in deferred taxes during 2013 were as follows:

Net balance at 1 January 2013

Recognised in profit or loss

Recognised in other comprehensive income

Other

Net balance at 31 December 2013

Deferred tax assets

Deferred tax liabilities

Property, plant and equipment

– 373

– 26

1

– 398

1

– 399

Intangible fixed assets

– 13

– 11

– 24

6

– 30

Cash flow hedges

15

– 7

8

8

Loss carry forwards

46

– 26

20

20

Losses at non-resident participating interests

– 27

1

– 26

– 26

Provisions

12

12

12

Tax assets (liabilities) before set-off

– 340

– 62

– 7

1

– 408

47

– 455

Set-off of tax

– 42

42

Net tax assets (liabilities)

5

– 413

Movements in deferred taxes during 2012 were as follows:

Net balance at 1 January 2012

Recognised in profit or loss

Recognised in other comprehensive income

Other

Net balance at 31 December 2012

Deferred tax assets

Deferred tax liabilities

Property, plant and equipment

– 338

– 35

– 373

1

– 374

Intangible fixed assets

– 12

– 1

– 13

5

– 18

Cash flow hedges

2

15

– 2

15

15

Loss carry forwards

67

– 21

46

46

Losses at non-resident participating interests

– 31

4

– 27

– 27

Provisions

7

5

12

12

Receivables

1

– 1

Tax assets (liabilities) before set-off

– 304

– 49

15

– 2

– 340

79

– 419

Set-off of tax

– 73

73

Net tax assets (liabilities)

6

– 346

The table below shows the expiry periods for temporary differences available for relief at 31 December 2013:

Expiry periods for differences available for relief after 31 December 2013

Property, plant and equipment

1 - 50 yrs

Intangible assets

1 - 25 yrs

Cash flow hedges

1 - 30 yrs

Losses available for relief

1 - 10 yrs

Provisions

1 - 10 yrs

No deferred tax asset has been recognised on pre-consolidation and other losses of € 5.6 million (2012: € 7.0 million) since it is not certain whether sufficient taxable profits will be available in the future at the associates which are not members of the fiscal unity. The tax regulations state that this relief is only available against profits made in the years 2014 to 2019.