Page 87 - 2board23full
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Accelerated Fair value Usufruct of Grant of rights
gains /
Deferred tax liabilities tax (losses) the site fee Total
depreciation 96,223
0
As at 1 January 2009 208,873,574 92,973 8,888,130 217,950,900
(96,223) 7,797 (608,799) (12,736,353)
Charged/(credited) to (12,135,351)
the income statement 0
Charged directly to equity 0 0 0 0 (96,223)
As at 31 December 2009 196,738,223 0 100,770 8,279,331 205,118,324
Charged/(credited) to (11,982,309) 0 (7,198) (584,401) (12,573,908)
the income statement
Charged directly to equity 0 0 0 0
As at 31 December 2010 184,755,914 93,572 7,694,930 192,544,416
Retirement
Deferred tax liabilities benefit Provisions Tax losses Other Total
obligations
As at 1 January 2009 (953,574) (24,334,055) (158,492,928) (24,869,152) (208,649,709)
3,433,995 25,515,303
Charged/(credited) to (174,998) 20,530,701 1,725,605
the income statement
Charged directly to equity 0 0 0 0 0
As at 31 December 2009 (1,128,572) (3,803,354) (156,767,323) (21,435,157) (183,134,406)
Charged/(credited) to (215,881) (1,052,716) 26,956,370 (1,128,080) 24,559,693
the income statement
Charged directly to equity 0 0 0 0 0
As at 31 December 2010 (1,344,453) (4,856,070) (129,810,953) (22,563,237) (158,574,713)
At the balance sheet date the Company has unused tax losses of €620.179.764 available for offset against future taxable
profits. A deferred tax asset amounting to €129.810.953 (2009: €156.767.323) 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 €184.755.914 (2009: €196.738.223).
The Company’s tax losses for the years 2004 to 2010 are still subject to audit and final assessment by the tax authorities
which have already initiated the regular tax audit for the years 2004-2009.
5.23 Other non-current liabilities
Other long-term liabilities are analysed as follows:
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 44 of 51
gains /
Deferred tax liabilities tax (losses) the site fee Total
depreciation 96,223
0
As at 1 January 2009 208,873,574 92,973 8,888,130 217,950,900
(96,223) 7,797 (608,799) (12,736,353)
Charged/(credited) to (12,135,351)
the income statement 0
Charged directly to equity 0 0 0 0 (96,223)
As at 31 December 2009 196,738,223 0 100,770 8,279,331 205,118,324
Charged/(credited) to (11,982,309) 0 (7,198) (584,401) (12,573,908)
the income statement
Charged directly to equity 0 0 0 0
As at 31 December 2010 184,755,914 93,572 7,694,930 192,544,416
Retirement
Deferred tax liabilities benefit Provisions Tax losses Other Total
obligations
As at 1 January 2009 (953,574) (24,334,055) (158,492,928) (24,869,152) (208,649,709)
3,433,995 25,515,303
Charged/(credited) to (174,998) 20,530,701 1,725,605
the income statement
Charged directly to equity 0 0 0 0 0
As at 31 December 2009 (1,128,572) (3,803,354) (156,767,323) (21,435,157) (183,134,406)
Charged/(credited) to (215,881) (1,052,716) 26,956,370 (1,128,080) 24,559,693
the income statement
Charged directly to equity 0 0 0 0 0
As at 31 December 2010 (1,344,453) (4,856,070) (129,810,953) (22,563,237) (158,574,713)
At the balance sheet date the Company has unused tax losses of €620.179.764 available for offset against future taxable
profits. A deferred tax asset amounting to €129.810.953 (2009: €156.767.323) 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 €184.755.914 (2009: €196.738.223).
The Company’s tax losses for the years 2004 to 2010 are still subject to audit and final assessment by the tax authorities
which have already initiated the regular tax audit for the years 2004-2009.
5.23 Other non-current liabilities
Other long-term liabilities are analysed as follows:
Financial Statements as at 31 December 2010 (Amounts in Euros unless otherwise stated) Page 44 of 51
