Page 91 - Annual Report 2015 EN
P. 91
Annual Report 2015
The gross movement on the deferred income tax account is as follows:
As at 1 January 2015 2014
Income statement charge 48,862,805 45,376,830
Other comprehensive income 12,375,654
As at 31 December 4,191,573
139,444 (705,598)
61,377,904 48,862,805
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:
Deferred tax liabilities Accelerated tax Grant of Usufruct of Total
depreciation rights fee the site 199,893,332
As at 1 January 2014 191,820,170
Charged/(credited) to the income statement 7,914,089 159,073
and other comprehensive income (14,951,965)
As at 31 December 2014 (633,127) 12,476 (15,572,615)
Charged/(credited) to the income statement 176,868,206
and other comprehensive income 7,280,962 171,549 184,320,718
As at 31 December 2015 5,255,241
133,931 33,710 5,422,881
182,123,446
7,414,893 205,259 189,743,599
Deferred tax assets Tax losses Provisions Retirement Other Total
(115,215,609) (3,800,790) bene t
As at 1 January 2014 (34,287,358) (154,516,503)
obligations
Charged/(credited) to
the income statement (1,212,746)
and other comprehensive
income 20,059,452 101,282 (655,244) (446,898) 19,058,592
As at 31 December 2014 (95,156,157) (3,699,508) (1,867,990) (34,734,256) (135,457,911)
Charged/(credited) to 12,050,155 (1,727,661) (323,254) (2,907,023) 7,092,216
the income statement
and other comprehensive (83,106,002) (5,427,169) (2,191,244) (37,641,279) (128,365,695)
income
As at 31 December 2015
At the balance sheet date the Company has unused tax losses of €286,572,422 available for offset against
future taxable profits. A deferred tax asset amounting to €83,106,002 (2014: €95,156,157) 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 Company recognised a deferred tax
liability on the outstanding accelerated depreciation, net of the corresponding accelerated amortisation of
the cohesion fund, amounting to €182,123,446 (2014: €176,868,206).
5.23 Other non-current liabilities
Other long-term liabilities are analysed as follows:
Analysis of other non-current liabilities 2015 2014
Grant of rights fee payable 107,829,884 110,743,308
Long term securities provided by customers
Total other non-current liabilities 2,111,244 2,618,839
109,941,127 113,362,146
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
48 of 56
The gross movement on the deferred income tax account is as follows:
As at 1 January 2015 2014
Income statement charge 48,862,805 45,376,830
Other comprehensive income 12,375,654
As at 31 December 4,191,573
139,444 (705,598)
61,377,904 48,862,805
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:
Deferred tax liabilities Accelerated tax Grant of Usufruct of Total
depreciation rights fee the site 199,893,332
As at 1 January 2014 191,820,170
Charged/(credited) to the income statement 7,914,089 159,073
and other comprehensive income (14,951,965)
As at 31 December 2014 (633,127) 12,476 (15,572,615)
Charged/(credited) to the income statement 176,868,206
and other comprehensive income 7,280,962 171,549 184,320,718
As at 31 December 2015 5,255,241
133,931 33,710 5,422,881
182,123,446
7,414,893 205,259 189,743,599
Deferred tax assets Tax losses Provisions Retirement Other Total
(115,215,609) (3,800,790) bene t
As at 1 January 2014 (34,287,358) (154,516,503)
obligations
Charged/(credited) to
the income statement (1,212,746)
and other comprehensive
income 20,059,452 101,282 (655,244) (446,898) 19,058,592
As at 31 December 2014 (95,156,157) (3,699,508) (1,867,990) (34,734,256) (135,457,911)
Charged/(credited) to 12,050,155 (1,727,661) (323,254) (2,907,023) 7,092,216
the income statement
and other comprehensive (83,106,002) (5,427,169) (2,191,244) (37,641,279) (128,365,695)
income
As at 31 December 2015
At the balance sheet date the Company has unused tax losses of €286,572,422 available for offset against
future taxable profits. A deferred tax asset amounting to €83,106,002 (2014: €95,156,157) 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 Company recognised a deferred tax
liability on the outstanding accelerated depreciation, net of the corresponding accelerated amortisation of
the cohesion fund, amounting to €182,123,446 (2014: €176,868,206).
5.23 Other non-current liabilities
Other long-term liabilities are analysed as follows:
Analysis of other non-current liabilities 2015 2014
Grant of rights fee payable 107,829,884 110,743,308
Long term securities provided by customers
Total other non-current liabilities 2,111,244 2,618,839
109,941,127 113,362,146
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
48 of 56
