FINANCIAL STATEMENTS 2010 - Finnlines

EUR 1,000 2010 2009
Deferred tax assets and liabilities
Total deferred tax assets 4,225 3,567
Set off against deferred tax liabilities
Deferred tax assets on statement of financial position 4,225 3,567
Deferred tax liabilities 89,459 87,660
Set off against deferred tax assets
Deferred tax liabilities on statement of financial position 89,459 87,660
Deferred tax liabilities are not recognised for subsidiaries’ undistributed earnings, because in most cases these earnings are trans-
ferred to the company without any tax consequences. In addition, the Group does not recognise deferred tax liabilities for subsidiaries’
undistributed earnings when the related funds are intended for permanent investment in the companies in question.
Deferred income tax assets are recognised for tax loss carry-forwards to the extent that the realisation of the related tax benefit through
future taxable profits is probable.
The group did not recognise deferred income tax assets of EUR 1 million (2009: EUR 2.6 million) because according to management’s
view, utilisation of losses involves considerable uncertainty.
The group has booked deferred tax assets for unutilised losses in taxation EUR 2.4 million (2009 EUR 0.1 million). The tax losses
expire during 2015-2020.
22. INVENTORIES
EUR 1,000 2010 2009
Material and equipment 5,922 5,958
Inventory for resale 645 572
6,567 6,530
No impairment of inventories was recognised during the reporting period.
23. CURRENT RECEIVABLES
2010 2009
EUR 1,000 Fair Value Carrying amount Fair Value Carrying amount
Accounts receivable and other receivables
Loans and other receivables
Accounts receivable 53,166 53,166 43,775 43,775
Accrued income and prepaid expenses 12,057 12,057 14,352 14,352
Other receivables 3,636 3,636 2,942 2,942
Loan receivables 384 384 2,860 2,860
Financial assets at fair value through P&L
Currency derivatives, non-hedge accountig * 657 657 416 416
69,900 69,900 64,345 64,345
The tables below show the analysis of accounts receivable by age and currency. Significant items of accrued receivables are specified
in the following table.
* The Group has ordered six ro-ro vessels from the Chinese Jinling shipyard. These ships will be paid partly in USD, but instalments
have been fully hedged against EUR. The Group applies hedge accounting in accordance with IAS 39 for the spot part of the forward
exchange of the above derivative contracts. The interest portion of these forward agreements is handled outside hedge accounting.
The generated positive valuation is shown in short-term receivables.
30 FINNLINES PLC Financial Statements 2010 (figures in EUR thousand, if not stated otherwise)