| Temporary differences | |||||||||||
| Deferred tax provided | Accelerated tax depreciation €m |
Fair Value €m |
Employee benefits €m |
Other €m |
Losses available for offset €m |
Total €m |
|||||
| At 1 January | (22.4) | 1.9 | 24.1 | (8.1) | 12.8 | 8.3 | |||||
| Recognised in Income Statement (see Note 7) | 4.8 | – | (2.0) | (1.1) | (1.6) | 0.1 | |||||
| Recognised in Statement of Recognised Income and
Expense (see Note 7) |
– | 1.7 | 0.4 | – | – | 2.1 | |||||
| Exchange movements | 0.1 | 0.1 | 0.3 | – | – | 0.5 | |||||
| At 31 December 2006 | (17.5) | 3.7 | 22.8 | (9.2) | 11.2 | 11.0 | |||||
| At 1 January | (17.5) | 3.7 | 22.8 | (9.2) | 11.2 | 11.0 | |||||
| Recognised in Income Statement (see Note 7) | 3.6 | – | 1.0 | (2.6) | (3.0) | (1.0) | |||||
| Transfer to current tax | – | – | – | 2.3 | – | 2.3 | |||||
| Recognised in Statement of Recognised Income and Expense (see Note 7) | – | (0.6) | (3.4) | – | – | (4.0) | |||||
| Disposal of business (see Note 39) | 9.0 | – | (0.3) | (0.2) | – | 8.5 | |||||
| Exchange movements | (0.4) | (1.3) | (0.3) | (0.2) | – | (2.2) | |||||
| At 31 December | (5.3) | 1.8 | 19.8 | (9.9) | 8.2 | 14.6 | |||||
| Analysed as: | |||||||||||
| At 31 December 2007 | |||||||||||
| Deferred tax assets | 24.2 | 1.8 | 16.5 | 5.1 | 1.9 | 49.5 | |||||
| Deferred tax liabilities | (29.5) | – | (3.3) | (15.0) | 6.3 | (34.9) | |||||
| Net | (5.3) | 1.8 | 19.8 | (9.9) | 8.2 | 14.6 | |||||
| At 31 December 2006 | |||||||||||
| Deferred tax assets | 25.4 | 3.7 | 22.8 | 9.2 | 9.4 | 70.5 | |||||
| Deferred tax liabilities | (42.9) | – | – | (18.4) | 1.8 | (59.5) | |||||
| Net | (17.5) | 3.7 | 22.8 | (9.2) | 11.2 | 11.0 | |||||
Deferred tax assets have been recognised in respect of tax losses and other temporary differences where it is probable that these assets will be recovered. Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and there is an intention to settle the balances net.
At the year end, the Group had unused tax losses of €93.6 million (2006: €144.7 million) available for offset against future profits. A deferred tax asset has been recognised in respect of €29.1 million (2006: €36.9 million) of such losses. No deferred tax asset has been recognised in respect of the remaining unused tax losses of €64.5 million (2006: €107.8 million) due to the unpredictability of future profit streams, but these losses may be carried forward indefinitely.
Deferred tax has not been recognised in respect of other temporary differences which would give rise to deferred tax assets of €8.8 million (2006: €8.2 million) due to the unpredictability of future profit streams. Deferred tax liabilities of €nil (2006: €0.3 million) have similarly not been recognised.
At the year end, the aggregate amount of other temporary differences associated with unremitted earnings of the Group’s overseas subsidiaries for which deferred tax liabilities have not been recognised was €264.4 million (2006: €264.9 million). No liability has been recognised in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future. Temporary differences arising in connection with interests in the joint venture and associate are insignificant.
