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Frigoglass Annual report 07 Notes to the Financial Statements
29 Deferred income tax Group 2007 Deferred Tax Asset Open balance on 01/01/2007 Charged to profit and loss Charged to equity Exchange differences Closing balance on 31/12/2007
Deferred Tax Liabilities Open Balance on 01/01/2007 Charged to profit and loss Charged to equity Exchange differences Closing Balance on 31/12/2007 Net Deferred Income Tax Asset (Liability)
Provisions and liabilities F000’s
Tax losses carry forward F000’s
Impairment of assets F000’s
Pensions and employee benefit plan F000’s
Other F000’s
Total F000’s
3,689 –367
369
15 –5
1,833 –165
746 134
6,283 –34
–19 3,303
–9 360
–1 9
–3 1,665
–1 879
–33 6,216
Accelerated tax depreciation F000’s
Fair value gains F000’s
Asset revaluation F000’s
Income tax at preferential rates F000’s
Other F000’s
Total F000’s
8,240 –50
487
1,734 –210
1,186 1,150
11,160 1,377
140 8,330 –5,027
1 488 –128
–54 1,470 –1,461
–6 2,330 –1,451
81 12,618 –6,402
31/12/2007 F000’s
31/12/2006 B000’s
2,614 9,016 –6,402
3,404 8,281 –4,877
1,665
.Closing Balance at
Deferred tax assets Deferred tax liabilities Net deferred income tax asset (liability) 2006 Deferred tax asset Open balance on 01/01/2006 Charged to profit and loss Charged to equity Exchange differences Closing balance on 31/12/2006
Deferred tax liabilities Open balance on 01/01/2006 Charged to profit and loss Exchange Differences Closing balance on 31/12/2006 Net deferred income tax asset (liability)
Pensions & employee benefit plan
Other
Total
5
1,514 268
295 434
4,081 2,209
–5
10 15
51 1,833
17 746
–7 6,283
Fair value gains
Asset revaluation
Income tax at preferential rates
Other
Total
1,833
1,928 –970 228 1,186 –440
12,513 –654 –699 11,160 –4,877
31/12/2006 B000’s
31/12/2005 B000’s
3,404 8,281 –4,877
1,241 9,673 –8,432
Provisions and liabilities
Tax losses carry forward
Impairment of assets
2,230 1,539
37 –32
–80 3,689
Accelerated tax depreciation
8,851 316 –927 8,240 –4,551
1,734
1,734 –1,719
Closing balance at . Deferred tax assets Deferred tax liabilities Net deferred income tax asset (liability)
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against tax liabilities and when the deferred income taxes relate to the same fiscal authority. This offset took place for the parent company, and for the subsidiaries of the Group (VPI SA and Scandinavian Appliances). The majority portion of deferred tax asset/liability is to be recovered after more than 12 months.