Page 99 - 2board23full
P. 99
FINANCIAL STATEMENTS
4.25 Income & deferred tax liabilities
Income tax liabilities
The amount reflects the income tax payable on the dividends declared for distribution, although the Company is in a tax
loss position, in accordance with paragraph 1 of article 99 of law 2238/1994.
At the balance sheet date the recognition of the income tax liability amounting to €56.000.000 (2008: €35.000.000) was
determined by applying the following formula:
Dividends declared for distribution * Income Tax Rate / (1- Income Tax Rate)
Also, at 31/12/2009 an amount of €13.993.705 has been recognized as income tax liability due to special once off tax
contribution imposed by Law 3808/2009 on the profits generated by legal entities in year 2008 (refer to note 4.31).
Deffered tax assets and liabilities
The following are the primary deferred tax assets and liabilities recognised by the Company during the current and prior
reporting periods:
Analysis of deferred tax assets & liabilities 2009 2008
Deferred tax assets 1.128.572 953.574
Employee retirement benefits 3.803.354 24.334.055
Provisions 51.280.616 55.059.578
Cohesion fund 18.059.812 17.417.905
Long term liabilities 3.335.201
Other current liabilities 7.400.608
Other fixed assets 46.213 87.802
Other long term receivables 40.144 50.639
Tax losses recognised 156.767.323
158.492.928
Total deferred tax assets 234.461.235
263.797.089
Deferred tax liabilities (247.879.838)
Buildings & technical works (185.213) (263.923.660)
Other fixed assets (100.770) (97.294)
Usufruct of the site (92.973)
Grant of rights fee (8.279.331)
Available for sale financial assets 0 (8.888.130)
(96.223)
Total deferred tax liabilities (256.445.152)
(21.983.917) (273.098.280)
Net deferred tax asset/(liability) (9.301.191)
At the balance sheet date the Company has unused tax losses of €748.736.613 available for offset against future taxable
profits. A deferred tax asset amounting to €156.767.323 (2008: €158.492.928) has been recognised in respect to these tax
losses. According to the provisions of article 25.1.2.(k) of the ADA, (law 2338/1995) tax losses can be carried forward to
relieve future taxable profits without time limit.
Tax losses have primarily arisen from the application of the accelerated depreciation method as provided by paragraph 8
of article 26 of law 2093/1992. In addition, according to article 25.1.2.(j) of the ADA the accelerated depreciation method
provided by law 2093/1992 refers to tax depreciation and constitutes an allowable deduction for tax purposes even though the
depreciation in the annual statutory accounts of the Company may differ from year to year. At the balance sheet date the
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 62 OF 69
4.25 Income & deferred tax liabilities
Income tax liabilities
The amount reflects the income tax payable on the dividends declared for distribution, although the Company is in a tax
loss position, in accordance with paragraph 1 of article 99 of law 2238/1994.
At the balance sheet date the recognition of the income tax liability amounting to €56.000.000 (2008: €35.000.000) was
determined by applying the following formula:
Dividends declared for distribution * Income Tax Rate / (1- Income Tax Rate)
Also, at 31/12/2009 an amount of €13.993.705 has been recognized as income tax liability due to special once off tax
contribution imposed by Law 3808/2009 on the profits generated by legal entities in year 2008 (refer to note 4.31).
Deffered tax assets and liabilities
The following are the primary deferred tax assets and liabilities recognised by the Company during the current and prior
reporting periods:
Analysis of deferred tax assets & liabilities 2009 2008
Deferred tax assets 1.128.572 953.574
Employee retirement benefits 3.803.354 24.334.055
Provisions 51.280.616 55.059.578
Cohesion fund 18.059.812 17.417.905
Long term liabilities 3.335.201
Other current liabilities 7.400.608
Other fixed assets 46.213 87.802
Other long term receivables 40.144 50.639
Tax losses recognised 156.767.323
158.492.928
Total deferred tax assets 234.461.235
263.797.089
Deferred tax liabilities (247.879.838)
Buildings & technical works (185.213) (263.923.660)
Other fixed assets (100.770) (97.294)
Usufruct of the site (92.973)
Grant of rights fee (8.279.331)
Available for sale financial assets 0 (8.888.130)
(96.223)
Total deferred tax liabilities (256.445.152)
(21.983.917) (273.098.280)
Net deferred tax asset/(liability) (9.301.191)
At the balance sheet date the Company has unused tax losses of €748.736.613 available for offset against future taxable
profits. A deferred tax asset amounting to €156.767.323 (2008: €158.492.928) has been recognised in respect to these tax
losses. According to the provisions of article 25.1.2.(k) of the ADA, (law 2338/1995) tax losses can be carried forward to
relieve future taxable profits without time limit.
Tax losses have primarily arisen from the application of the accelerated depreciation method as provided by paragraph 8
of article 26 of law 2093/1992. In addition, according to article 25.1.2.(j) of the ADA the accelerated depreciation method
provided by law 2093/1992 refers to tax depreciation and constitutes an allowable deduction for tax purposes even though the
depreciation in the annual statutory accounts of the Company may differ from year to year. At the balance sheet date the
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 62 OF 69
