BMW 2005 Annual Report Download - page 87
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86
Kingdom of euro1.5 billion (31.12. 2004: euro 1.5 bil-
lion)
were written down in full since these losses can
only be offset against capital gains, and not against
operating profits. At 31 December 2005, a valuation
allowance of euro 188 million (31.12. 2004: euro
146 million) is recognised on deferred tax assets
re-
lating to tax losses available for carryforward amount-
ing
to euro 2.1 billion (31.12. 2004: euro 2.5 billion),
which for the most part can be carried forward with-
A valuation allowance is recognised on de-
ferred tax assets when recoverability is uncertain. In
determining 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
depending on the actual course of events. Deferred
tax assets of euro 453 million (31.12.2004: euro
439 million) relating to capital losses in the United
An analysis of deferred taxes tax assets and liabilities by position at 31 December is shown below:
in euro million Deferred tax assets Deferred tax liabilities
2005 2004*2005 2004*
Intangible assets 1 61,594 1,322
Property, plant and equipment 127 401 474 534
Leased products 780 830 3,255 2,695
Investments 16 7––
Current assets 807 569 3,810 4,002
Tax loss carryforwards 947 1,147 ––
Provisions 1,639 1,247 98 191
Liabilities 3,386 3,088 789 584
Consolidations 1,489 1,361 281 209
9,192 8,656 10,301 9,537
Valuation allowance – 641 – 881 ––
Netting – 7,779 – 7,260 – 7,779 – 7,260
772 515 2,522 2,277
*adjusted in accordance with Note [8] (b)
Group Financial Statements 62
Income Statements 63
Balance Sheets 64
Cash Flow Statements 66
Group Statement of
Changes in Equity 68
Statement of Income and Expenses
recognised directly in Equity 69
Notes 70
--Accounting Principles
and Policies 70
--Notes to the Income Statement 81
--Notes to the balance sheet 90
--Other Disclosures 114
--Segment Information 121
Auditors’ Report 125