Deferred income taxes are calculated in full on temporary differences under the liability method using the principal tax rates that apply to the countries in which the companies of the Group operate.
The movement on the deferred income tax account after set-offs is as follows:
| (all amounts in Euro thousands) |
Group |
Company |
|
2013 |
2012 |
2013 |
2012 |
| Opening balance, net deferred liability |
176.287 |
189.665 |
17.972 |
19.990 |
| Income statement charge (note 8) |
-898 |
-3.882 |
-4.767 |
-2.342 |
| Tax charged to equity through other comprehensive income |
2.091 |
-266 |
1.010 |
324 |
| Exchange differences |
-15.121 |
-9.230 |
- |
- |
| Ending balance, net deferred liability |
162.359 |
176.287 |
14.215 |
17.972 |
The deferred tax charged to equity is related to the effect of cash flow hedges.
|
Group |
Company |
| Analysis of deferred tax liabilities (before set - offs) |
2013 |
2012 |
2013 |
2012 |
| Property, plant and equipment |
224.337 |
229.368 |
34.528 |
27.521 |
| Intangible assets |
38.473 |
38.641 |
- |
- |
| Provisions |
8.591 |
4.834 |
6.253 |
1.800 |
| Receivables and prepayments |
1.533 |
3.644 |
6 |
- |
| Trade and other payables |
89 |
-2.842 |
335 |
228 |
|
273.023 |
273.645 |
41.122 |
29.549 |
| Analysis of deferred tax assets (before set - offs) |
|
|
|
|
| Intangible assets |
-13.813 |
-10.951 |
-14 |
-64 |
| Investments & other non-current receivables |
-2.285 |
-1.963 |
-1.316 |
- |
| Inventories |
-1.268 |
-1.830 |
-256 |
-256 |
| Post-employment and termination benefits |
-7.210 |
-7.689 |
-2.933 |
-2.260 |
| Receivables and prepayments |
-6.163 |
-8.800 |
-460 |
-765 |
| Tax losses carried forward (note 8) |
-67.988 |
-59.320 |
-19.600 |
-6.917 |
| Long term borrowings |
-1.660 |
-161 |
- |
- |
| Government grants |
-704 |
2.274 |
-1.135 |
-969 |
| Provisions |
-8.508 |
-8.609 |
-457 |
-346 |
| Trade and other payables |
-36 |
-365 |
- |
- |
| Financial instruments |
-1.029 |
56 |
-736 |
- |
|
-110.664 |
-97.358 |
-26.907 |
-11.577 |
| Net deferred tax liability |
162.359 |
176.287 |
14.215 |
17.972 |
The movement in deferred tax assets and liabilities (prior to offsetting balances within the same tax jurisdiction) during the year is as follows:
(all amounts in Euro thousands)
| Group |
January 1, 2013 |
Debit/(Credit) to net profit |
Debit/(Credit) to equity
through statement OCI |
Exchange differences |
December 31, 2013 |
| Deferred tax liabilities (before set - offs) |
| Property, plant and equipment |
229.368 |
9.658 |
229 |
-14.918 |
224.337 |
| Intangible assets |
38.641 |
3.567 |
- |
-3.735 |
38.473 |
| Provisions |
4.834 |
3.758 |
- |
-1 |
8.591 |
| Receivables and prepayments |
3.644 |
-2.065 |
- |
-46 |
1.533 |
| Trade and other payables |
-2.842 |
2.747 |
- |
184 |
89 |
|
273.645 |
17.665 |
229 |
-18.516 |
273.023 |
| Deferred tax assets (before set - offs) |
| Intangible assets |
-10.951 |
-3.614 |
- |
752 |
-13.813 |
| Investments & other non-current receivables |
-1.963 |
-324 |
- |
2 |
-2.285 |
| Inventories |
-1.830 |
515 |
- |
47 |
-1.268 |
| Post-employment and termination benefits |
-7.689 |
-682 |
1.012 |
149 |
-7.210 |
| Receivables and prepayments |
-8.800 |
2.475 |
- |
162 |
-6.163 |
| Tax losses carried forward (note 8) |
-59.320 |
-10.593 |
- |
1.925 |
-67.988 |
| Long term borrowings |
-161 |
-1.564 |
- |
65 |
-1.660 |
| Government grants |
2.274 |
-2.995 |
- |
17 |
-704 |
| Provisions |
-8.609 |
-160 |
- |
261 |
-8.508 |
| Trade and other payables |
-365 |
330 |
- |
-1 |
-36 |
| Financial instruments |
56 |
-1.951 |
850 |
16 |
-1.029 |
|
-97.358 |
-18.563 |
1.862 |
3.395 |
-110.664 |
| Net deferred tax liability |
176.287 |
-898 |
2.091 |
-15.121 |
162.359 |