NOTE 19
Movements in deferred tax in 2010: |
||||||
| € million | 31 Dec. 2009 | Income statement charge |
Tax charged/ credited to equity |
Exchange differences |
Acquisition/sale of subsidiary |
31 Dec. 2010 |
| Deferred tax assets | ||||||
| Internal margin of inventories | 0.9 | 0.1 | 1.1 | |||
| Finance lease assets | 0.1 | 0.1 | 0.2 | |||
| Provisions | 8.9 | 0.4 | 9.2 | |||
| Pensions | 0.5 | -0.1 | 0.5 | |||
| Confirmed losses | 3.9 | -0.9 | 0.3 | 3.2 | ||
| Others | 17.0 | -2.0 | -1.4 | 0.2 | 0.0 | 13.8 |
| Total | 31.2 | -2.4 | -1.4 | 0.5 | 0.0 | 28.0 |
| Deferred tax liabilities | ||||||
| Accumulated depreciation differences | 39.3 | -2.4 | -0.6 | 36.4 | ||
| Allocation of acquisition cost | 24.8 | -1.6 | 0.8 | -0.1 | 23.9 | |
| Pensions | 83.0 | -35.8 | 0.0 | 47.2 | ||
| Others | 8.6 | 1.9 | 4.3 | 14.8 | ||
| Total | 155.7 | -37.9 | 4.3 | 0.8 | -0.7 | 122.2 |
| Net deferred tax liabilities | 124.5 | 94.2 | ||||
Balance sheet division of net tax liabilities: |
||||||
| € million | 2010 | 2009 | ||||
| Deferred tax assets | 2.7 | 3.2 | ||||
| Deferred tax liabilities | 96.9 | 127.7 | ||||
| Total | 94.2 | 124.5 | ||||
The group ‘others’ within deferred tax assets includes €2.3 million in deferred tax assets arising from compliance with the Group’s accounting principles and €5.5 million in deferred tax assets resulting from timing differences in local accounting and taxation requirements.
The movements in deferred tax in 2009: |
||||||
| € million | 31 Dec. 2008 | Income statement charge |
Tax charged/ credited to equity |
Exchange differences |
Acquisition/sale of subsidiary |
31 Dec. 2009 |
| Deferred tax assets | ||||||
| Internal margin of inventories | 1.0 | 0.0 | 0.9 | |||
| Finance lease assets | 0.2 | -0.1 | 0.1 | |||
| Provisions | 9.1 | -0.2 | 8.9 | |||
| Pensions | 0.9 | -0.4 | 0.5 | |||
| Confirmed losses | 2.8 | 0.6 | 0.5 | 3.9 | ||
| Others | 20.7 | -2.6 | -1.2 | 0.1 | 17.0 | |
| Total | 34.5 | -2.7 | -1.2 | 0.6 | 0.0 | 31.2 |
| Deferred tax liabilities | ||||||
| Accumulated depreciation differences | 49.5 | -10.2 | 0.0 | 39.3 | ||
| Allocation of acquisition cost | 22.9 | -0.8 | 1.6 | 1.0 | 24.8 | |
| Pensions | 79.0 | 4.0 | 83.0 | |||
| Others | 8.5 | 2.8 | -2.7 | -0.1 | 8.6 | |
| Total | 159.9 | -4.1 | -2.7 | 1.5 | 0.9 | 155.7 |
| Net deferred tax liabilities | 125.5 | 124.5 | ||||
Balance sheet division of net tax liabilities: |
||||||
| € million | 2009 | 2008 | ||||
| Deferred tax assets | 3.2 | 6.5 | ||||
| Deferred tax liabilities | 127.7 | 132.0 | ||||
| Total | 124.5 | 125.5 | ||||
At 31 December 2010, the Group’s unused confirmed losses were €124.4 million, for which deferred tax assets have not been recognised, because the realisation of the related tax benefit through future taxable profits is not probable.
Confirmed losses for which tax assets have not been recognised expire as follows: |
|||||||
| € million | 2011 | 2012 | 2013 | 2014 | 2015 | 2016– | Total |
| 0.5 | 2.3 | 0.0 | 0.1 | 0.4 | 121.0 | 124.4 | |
Deferred income tax liabilities have not been recognised for taxes payable on subsidiaries’ unremitted earnings, because the subsidiaries’ distributions are at the discretion of the Group, and a distribution with tax effect is not probable in the near future.