BMW 2004 Annual Report Download - page 72
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71
allowance includes euro 439 million (2003: euro
440 million) on disposals (“capital losses”) in the
United Kingdom, which can only be offset against
capital gains, but not against operating profits and
euro 146 million (2003: euro 226 million) on tax
loss carryforwards. In addition, there is a valuation
allowance of euro 296 million (2003: euro 435 million)
A valuation allowance is recognised on deferred
tax assets when recoverability is uncertain. In
deter-
mining the level of the valuation allowance, all positive
and negative factors concerning the likely existence
of sufficient taxable profit in the future are taken
into account. These estimates can change depend-
ing on the actual course of events. The valuation
An analysis of deferred tax assets and liabilities by balance sheet position as at 31 December is shown below:
in euro million Deferred tax assets Deferred tax liabilities
2004 2003 2004 2003
Intangible assets 6 27 1,322 1,127
Property, plant and equipment 401 473 534 505
Leased products 830 804 2,695 2,371
Financial assets 7 1–2
Current assets 569 867 4,002 4,130
Tax loss carryforwards 1,147 1,117 ––
Provisions 700 721 182 23
Liabilities 3,088 2,419 584 543
Consolidations 1,361 1,186 209 139
8,109 7,615 9,528 8,840
Valuation allowance – 881 – 1,101 ––
Netting – 6,932 – 6,339 – 6,932 – 6,339
296 175 2,596 2,501