Annual Report 2011 - Analist.be

Accounts at 31 December 2011 - Notes10.3. Deferred tax by nature in the balance sheetIn EUR million 2011 2010 2009Deferred tax assetsTangible and intangible assets 62.5 - -Inventories, trade receivables, trade payables, provisions and other 54.2 - -Exchangeable bonds 2005-2012 - - -Obligations with respect to employee benefits 39.6 - -Unused tax losses and credits 34.6 - -Other 31.1 2.1 0.5Compensation assets/liabilities (143.3) - -Total 78.7 2.1 0.5Of which: Holding 0.5 - -Imerys 72.6 - -Private equity 5.6 - -Deferred tax liabilitiesTangible and intangible assets (213.2) - -Inventories, trade receivables, trade payables, provisions and other (34.4) - -Exchangeable bonds 2005-2012 (0.3) (1.3) (2.7)Obligations with respect to employee benefits - - -Unused tax losses and credits - - -Other (5.3) - -Compensation assets/liabilities 143.3 - -Total (109.9) (1.3) (2.7)Of which: Holding (0.3) - -Imerys (95.0) - -Private equity (14.6) - -Tax losses relating to the “Risk Capital Deduction” (DCR) claimed by the Group in Belgium, for which the duration of use is set atseven years at most, amounted to EUR 1,540 million (EUR 1,204 million in 2010). Other tax losses carried forward and tax creditsamounted to EUR 431 million (EUR 480 million in 2010); for foreign subsidiaries, these items amounted to EUR 2,327 million(EUR 1,205 million in 2010). This amount includes losses generated by Imerys in the amount of EUR 329 million and by ECP IIIoperating subsidiaries in the amount of EUR 1 million.Moreover, deferred taxes on tax losses are only recognised insofar as the taxable profits are likely to be realised, allowing toutilize those losses. On 31 December 2011, a total of EUR 35 million was recognised as deferred tax assets on tax lossesand tax credits.A credit of EUR 38 million in deferred taxes was recognised directly in equity in 2011 (EUR 0 million in 2010 and 2009).This represents taxes on differences in translation (EUR 15 million), actuarial gains and losses (EUR 13 million) and cash flowhedging (EUR 10 million).98 Annual Report 2011