Boskalis jaarverslagen 2011

13. Deferred income tax assets and liabilities

    Balance as at January 1, 2011   Movement in temporary differences during the year   Balance as at December 31, 2011
    Asset   Liability   Charged (-)/ added to net profit   Charged to equity   Business combi-nation   In / out con- solidation   Currency translation differences   Asset   Liability
                                     
Intangible assets     -26,890   2,886       70   -20     -23,954
Property, plant and equipment   7,508   -65,224   672     -5,941   1,827   5,112   4,628   -60,674
Due from and due to customers     -7,751   1,036         -158     -6,873
Trade and other receivables   239   -153   76     -626     -3   172   -639
Hedging reserve   645   -887   -6   -921       -4   701   -1,874
Actuarial gains and losses and asset limitation on defined benefit pension schemes   10,287       9,882         20,169  
Employee benefits   950   -6,704   2,201   -345       -111   1,718   -5,727
Provisions   7,648   -644   -1,416     1,349     34   7,409   -438
Interest-bearing borrowings   550   -1,840   65     1,081     199   55  
Trade and other payables   2,237   -130   -683         31   1,593   -138
Other assets and liabilities   476   -2,007   848   2,231   -1,147   -774   -691   973   -2,037
Fiscal reserves     -1,194   212       708       -274
Foreign branch results     -4,202   1,065             -3,137
Tax losses carried forward   1,659   -2   3,093         -1,073   3,677  
    32,199   -117,628   10,049   10,847   -5,284   1,831   3,316   41,095   -105,765
Offsetting deferred tax assets and liabilities   -13,493   13,493                       -12,282   12,282
                                     
Net in the consolidated balance sheet   18,706   -104,135                       28,813   -93,483

    Balance as at January 1, 2010   Movement in temporary differences during the year   Balance as at December 31, 2010
    Asset   Liability   Charged (-)/ added to net profit   Charged to equity   Business combi- nation   In / out con- solidation   Currency translation differences   Asset   Liability
                                     
Intangible assets       980     -27,082     -788     -26,890
Property, plant and equipment   1,832   -13,073   9,869     -57,053     709   7,508   -65,224
Due from and due to customers     -6,298   -146     -815     -492     -7,751
Trade and other receivables   67     -197     211     5   239   -153
Hedging reserve     -2,282   -2,708   938   3,808     2   645   -887
Actuarial gains and losses and asset limitation on defined benefit pension schemes   5,234     -305   5,358         10,287  
Employee benefits   982   -5,230   -2,564   -235   1,448     -155   950   -6,704
Provisions   1,929   -568   310     5,164     169   7,648   -644
Interest-bearing borrowings       23     -1,212     -101   550   -1,840
Trade and other payables   914   -4,775   5,761         207   2,237   -130
Other assets and liabilities   3,446   -878   -3,983   563   2,852     -3,531   476   -2,007
Fiscal reserves       -407     -787         -1,194
Foreign branch results     -6,125   1,923             -4,202
Tax losses carried forward   2,306     -1,690     519     522   1,659   -2
    16,710   -39,229   6,866   6,624   -72,947     -3,453   32,199   -117,628
Offsetting deferred tax assets and liabilities   -9,997   -9,997                       -13,493   13,493
                                     
Net in the consolidated balance sheet   6,713   -29,232                       18,706   -104,135

Deferred tax assets are not recognized as long as it is not probable that economic benefits can be expected in future periods. Deferred tax assets and liabilities within fiscal entities are offset in the balance sheet.

The following movements in deferred tax assets and liabilities, including applicable tax rate changes, together with the items they relate to, are recognized directly in group equity:

    2011
    Before tax   Tax (expense) benefit   Net of tax
             
Foreign currency translation differences for foreign operations   -823   2,231   1,408
Fair value of cash flow hedges   6,074   -921   5,153
Defined benefit plan actuarial gains (losses) and asset limitation   -58,789   9,537   -49,252
    -53,538   10,847   -42,691

    2010
    Before tax   Tax (expense) benefit   Net of tax
             
Foreign currency translation differences for foreign operations   37,864   563   38,427
Fair value of cash flow hedges   -11,554   938   -10,616
Defined benefit plan actuarial gains (losses) and asset limitation   -28,593   5,123   -23,470
    -2,283   6,624   4,341

Unrecognized deferred income tax assets

Unrecognized deferred tax assets regarding tax losses carried forward of Group companies amount to € 86.5 million (2010: € 58.8 million), of which € 0.0 million (2010: € 1.4 million) expires within one year, € 12.4 million (2010: € 17.3 million) in between one and five years, and € 74.1 million (2010: € 40.1 million) after more than five years. These deferred tax assets are not recognized in the balance sheet as long as recovery through taxable profit or deductible temporary differences before
expiration is not probable.

Added to My report add to My report Source: Annual report 2011, page 86