ANNUAL REPORT 2011 - DONG Energy

notes
23 Deferred tax
DKK million 2011 2010
Deferred tax at 1 January 7,784 6,385
Foreign exchange adjustments 29 179
Addition on acquisition of individual assets (59) -
Deferred tax for the year recognised in profi t for the year 1,460 1,258
Deferred tax for the year recognised in other comprehensive income 1 (1)
Adjustments in respect of prior years (19) (38)
Transfers to assets classifi ed as held for sale (45) 2
Effect of reduction of income tax rate 4 (1)
Deferred tax at 31 December 9,155 7,784
Deferred tax is recognised in the balance sheet as follows:
Deferred tax (assets) (181) (404)
Deferred tax (liabilities) 9,336 8,188
Deferred tax at 31 December, net 9,155 7,784
Deferred tax relates to:
Intangible assets (10) 479
Property, plant and equipment 11,597 9,785
Other non-current assets 27 89
Current assets 158 (154)
Non-current liabilities (3,311) (3,063)
Current liabilities (125) (6)
Retaxation 2,548 1,701
Tax loss carryforwards (1,729) (1,047)
Deferred tax at 31 December 9,155 7,784
Deferred tax assets not recognised in the balance sheet relate to:
Temporary differences (2,626) (1,305)
Tax loss carryforwards 15,973 12,114
unrecognised deferred tax assets at 31 December 13,347 10,809
Of the deferred tax totalling DKK 9,155 million (2010: DKK
7,784 million), DKK 9,155 million is due for payment after 12
months (2010: DKK 7,784 million).
The tax base of taxable losses includes DKK 0 million (2010:
DKK 144 million) relating to unutilised deductible net fi nance
costs.
98 102 COnsOliDatED finanCial statEmEnts – DONG ENERGY GROUP ANNUAL ANNUAL REPORT REPORT 2011
2011
Unrecognised deferred tax assets relate primarily to unutilised
losses in hydrocarbon income. It is considered unlikely that the
losses will be utilised in the foreseeable future.