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Financial Statements
Deferred tax assets & liabilities 2011 2010
Deferred tax assets: (176,567,654)
Deferred tax assets to be recovered (163,867,498) (29,675,208)
after more than 12 months
(206,242,862)
Deferred tax assets to be recovered within 12 months (25,804,529)
222,411,998
Total deferred tax assets (189,672,027)
17,800,567
Deferred tax liabilities:
240,212,565
Deferred tax liabilities to be settled 205,959,608 33,969,703
after more than 12 months
2010
Deferred tax liabilities to be settled within 12 months 15,478,755
21,983,917
Total deferred tax liabilities 221,438,363 11,985,786
Deferred tax liabilities (net) 31,766,336
33,969,703
The gross movement on the deferred income tax account is as follows:
2011
As at 1 January 33,969,703
Income statement charge (2,203,367)
As at 31 December 31,766,336
The movement in deferred income tax assets and liabilities during the year, without taking into consideration the
offsetting of balances within the same tax jurisdiction, is as follows:
Accelerated Fair value Usufruct of Grant of
Deferred tax liabilities tax gains /
(losses) the site rights fee Total
depreciation
As at 1 January 2010 196,738,223 0 100,770 8,279,331 205,118,324
Charged/(credited) to (11,982,309)
the income statement 0 (7,198) (584,401) (12,573,908)
184,755,914
As at 31 December 2010 0 93,572 7,694,930 192,544,416
(14,406,058)
Charged/(credited) to 0 9,597 (633,127) (15,029,588)
the income statement 170,349,856
0 103,169 7,061,803 177,514,828
As at 31 December 2011
Retirement
Deferred tax assets
benefit Provisions Tax losses Other Total
As at 1 January 2010 obligations (183,134,406)
24,559,693
Charged/(credited) to (1,128,572) (3,803,354) (156,767,323) (21,435,157)
the income statement (215,881) (1,052,716) 26,956,370 (1,128,080)
As at 31 December 2010 (1,344,453) (4,856,070) (129,810,953) (22,563,237) (158,574,713)
Charged/(credited) to (74,500) (408,085) 13,433,745 (124,940) 12,826,220
the income statement
(1,418,953) (5,264,155) (116,377,208) (22,688,177) (145,748,493)
As at 31 December 2011
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 43 of 50
Deferred tax assets & liabilities 2011 2010
Deferred tax assets: (176,567,654)
Deferred tax assets to be recovered (163,867,498) (29,675,208)
after more than 12 months
(206,242,862)
Deferred tax assets to be recovered within 12 months (25,804,529)
222,411,998
Total deferred tax assets (189,672,027)
17,800,567
Deferred tax liabilities:
240,212,565
Deferred tax liabilities to be settled 205,959,608 33,969,703
after more than 12 months
2010
Deferred tax liabilities to be settled within 12 months 15,478,755
21,983,917
Total deferred tax liabilities 221,438,363 11,985,786
Deferred tax liabilities (net) 31,766,336
33,969,703
The gross movement on the deferred income tax account is as follows:
2011
As at 1 January 33,969,703
Income statement charge (2,203,367)
As at 31 December 31,766,336
The movement in deferred income tax assets and liabilities during the year, without taking into consideration the
offsetting of balances within the same tax jurisdiction, is as follows:
Accelerated Fair value Usufruct of Grant of
Deferred tax liabilities tax gains /
(losses) the site rights fee Total
depreciation
As at 1 January 2010 196,738,223 0 100,770 8,279,331 205,118,324
Charged/(credited) to (11,982,309)
the income statement 0 (7,198) (584,401) (12,573,908)
184,755,914
As at 31 December 2010 0 93,572 7,694,930 192,544,416
(14,406,058)
Charged/(credited) to 0 9,597 (633,127) (15,029,588)
the income statement 170,349,856
0 103,169 7,061,803 177,514,828
As at 31 December 2011
Retirement
Deferred tax assets
benefit Provisions Tax losses Other Total
As at 1 January 2010 obligations (183,134,406)
24,559,693
Charged/(credited) to (1,128,572) (3,803,354) (156,767,323) (21,435,157)
the income statement (215,881) (1,052,716) 26,956,370 (1,128,080)
As at 31 December 2010 (1,344,453) (4,856,070) (129,810,953) (22,563,237) (158,574,713)
Charged/(credited) to (74,500) (408,085) 13,433,745 (124,940) 12,826,220
the income statement
(1,418,953) (5,264,155) (116,377,208) (22,688,177) (145,748,493)
As at 31 December 2011
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 43 of 50
