XII. Deferred tax assets

Deferred tax assets, shown net of offsettable deferred tax liabilities, amount to €113,437k (€104,940k at 31 December 2007). The increase on a currency-adjusted basis would have been €5,284k.

The main components of this item are detailed below:

  • €41,175k (€59,775k at 31 December 2007) for the US units, where deferred tax assets are generated primarily by the different amortisation period of leasehold improvements and the deferred deductibility of provisions for concession fees;
  • €31,338k (€16,331k at 31 December 2007) for the Aldeasa Group, mostly in relation to tax losses carried forward, and provisions for higher future concession fees recognised upon acquisition as they derive from transactions concluded with grantors in previous periods and are deductible upon payment;
  • €11,421k (€9,593k at 31 December 2007) for the French units, in connection chiefly with tax losses carried forward and the different amortisation and depreciation periods.

At 31 December 2008, deferred tax liabilities not offsettable against deferred tax assets amounted to €78,648k (€55,314k the previous year). The increase on a currency-adjusted basis would have been €23,909k.
Most of this liability stems from temporary differences relating to property, plant and equipment belonging to Dutch, Spanish and Italian units and assets recognised under purchase accounting, as well as the estimated tax charge on consolidated companies' undivided profits.
The recoverability of the deferred tax assets recognised in the financial statements has been confirmed on the basis of the companies' prospects for future taxable income.
Total net deferred tax assets at 31 December 2008 (€34,789k) are analysed below:

XII. Deferred tax assets