Nutreco
- Consolidated income statement
- Consolidated statement of comprehensive income
- Consolidated balance sheet
- Statement of changes in equity
- Consolidated cash flow statement
- Notes to the consolidated financial statements
- (1) Accounting policies used for the consolidated financial statements of Nutreco Holding N.V.
- (2) Reconciliation consolidated income statement
- (3) Operating segments
- (4) Discontinued operations and divestments
- (5) Assets and liabilities held for sale
- (6) Acquisitions
- (7) Other operating income
- (8) Personnel costs
- (9) Other operating expenses
- (10) Net financing costs
- (11) Income tax expense
- (12) Earnings per share
- (13) Property, plant and equipment
- (14) Intangible assets
- (15) Investments in associates
- (16) Other investments
- (17) Deferred tax assets and liabilities
- (18) Inventories
- (19) Biological assets
- (20) Trade and other receivables
- (21) Cash and cash equivalents
- (22) Equity attributable to the equity holders of the parent
- (23) Interest-bearing borrowings
- (24) Employee benefits
- (25) Provisions
- (26) Trade and other payables
- (27) Financial instruments and risk management
- (28) Contingent assets and liabilities
- (29) Related party transactions
- (30) Subsequent events
- (31) Accounting estimates and judgements
- (32) Notes to the consolidated cash flow statement
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(17) Deferred tax assets and liabilities Classification of the deferred tax assets and liabilities is as follows: |
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(EUR x million) |
2009 |
2008 |
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Deferred tax assets |
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- Deferred tax asset to be recovered after more than 12 months |
19.2 |
17.9 |
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- Deferred tax asset to be recovered within 12 months |
7.1 |
8.6 |
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26.3 |
26.5 |
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Deferred tax liabilities |
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- Deferred tax liabilities to be recovered after more than 12 months |
-13.9 |
-6.8 |
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- Deferred tax liabilities to be recovered within 12 months |
-1.5 |
-5.1 |
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-15.4 |
-11.9 |
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Net deferred tax assets |
10.9 |
14.6 |
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Deferred tax assets and liabilities as a consequence of valuation differences relate to the following balance sheet captions: |
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(EUR x million) |
2009 |
2008 |
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Assets |
Liabilities |
Assets |
Liabilities |
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Property, plant and equipment |
4.1 |
-11.5 |
2.9 |
-11.1 |
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Intangible assets |
12.1 |
-9.1 |
14.4 |
-7.2 |
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Other non-current assets |
2.5 |
-1.0 |
- |
-2.5 |
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Inventories |
0.8 |
-0.8 |
0.9 |
-0.5 |
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Biological assets |
- |
-3.0 |
- |
-2.1 |
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Trade and other receivables |
7.3 |
-3.4 |
5.9 |
-0.6 |
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Employee benefits |
3.5 |
-0.5 |
0.6 |
- |
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Provisions |
0.9 |
-10.5 |
1.0 |
-10.3 |
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Trade and other payables |
5.2 |
-4.3 |
3.5 |
-2.7 |
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Total |
36.4 |
-44.1 |
29.2 |
-37.0 |
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Net deferred tax liabilities |
-7.7 |
-7.8 |
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The movements in net deferred tax liabilities mainly occur in intangible assets, other non-current assets and employee benefits.
A specification of the net operating losses is provided in the table below:
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(EUR x million) |
2009 |
2008 |
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Net operating losses not recognised |
46.4 |
47.2 |
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Net operating losses capitalised |
22.2 |
34.7 |
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Net operating losses |
68.6 |
81.9 |
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The movement in net operating losses capitalised mainly stems from loss utilisation in Spain. The effect of net operating losses on the net deferred tax liabilities is summarised in the table below: |
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(EUR x million) |
2009 |
2008 |
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Net deferred tax liabilities |
-7.7 |
-7.8 |
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Tax loss carried forward |
14.3 |
16.2 |
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Netting net operating losses |
4.3 |
6.2 |
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Net deferred tax assets |
10.9 |
14.6 |
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The deferred tax asset on net operating losses is split up between tax loss carried forward and netting net operating losses. The latter figure is a result of netting deferred tax liabilities on valuation differences with deferred tax assets on net operating losses if applicable within a fiscal unity as a deferred tax liability will not materialise before the deferred tax asset on net operating losses is used.
The movements of the net deferred tax assets are as follows: |
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(EUR x million) |
2009 |
2008 |
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As at 1 January |
14.6 |
16.9 |
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Recognised in income statement |
-0.6 |
2.9 |
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Recognised in comprehensive income |
-0.2 |
- |
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Acquisitions |
-2.5 |
-3.7 |
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Effect of movement in foreign exchange |
2.6 |
-3.1 |
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Transfer to/from current tax |
-3.0 |
1.6 |
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As at 31 December |
10.9 |
14.6 |
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Movements in recognised deferred taxation during the yea |
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Non-capitalised unused net operating loss
The total non-capitalised net operating loss is EUR 46.4 million at the end of the financial year 2009 (2008: EUR 47.2 million) and consists of the following items: |
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2009 |
2008 |
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Expiration |
< 5 years |
5-10 years |
> 10 years |
< 5 years |
5-10 years |
> 10 years |
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Net operating loss |
1.8 |
24.1 |
20.5 |
3.5 |
28.1 |
15.6 |
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Deferred tax assets have not been recognised in respect of these items because, based upon the level of historical taxable income and projections for future taxable income, management believes that it is more likely that no sufficient tax profits will be available against which the benefits can be utilised. These non-capitalised unused net operating losses mainly relate to acquisitions, restructuring and normal operating losses.
Income tax receivables and income tax liabilities
The income tax receivables of EUR 13.8 million (2008: EUR 12.4 million) represent the amount of income taxes recoverable in respect of current and prior periods that exceeds payment. The income tax liabilities amount to EUR 15.6 million in 2009 (2008: EUR 11.9 million). Income tax receivables and liabilities have been offset in cases where there is a legally enforceable right to set off current tax assets against current tax liabilities and when the intention exists to settle on a net basis or to realise the receivable and liability simultaneously.
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