Loreal 2011 Annual Report Download - page 110

108 REGISTRATION DOCUMENT − L’ORÉAL 2011
42011 Consolidated Financial Statements
Notes to the consolidated  nancial statements
9.3. Deferred taxes in the balance sheet
The net change in deferred taxes (assets and liabilities) can be analysed as follows:
€ millions
Balance of deferred tax assets at December31st, 2008 498.9
Balance of deferred tax liabilities at December31st, 2008 -398.4
Income statement impact -51.6
Translation differences -6.1
Other effects (1) 108.6
Balance of deferred tax assets at December31st, 2009 570.8
Balance of deferred tax liabilities at December31st, 2009 -418.0
Income statement impact -110.0
Translation differences 6.7
Other effects(1) 114.6
Balance of deferred tax assets at December31st, 2010 626.1
Balance of deferred tax liabilities at December31st, 2010 -462.0
Income statement impact -85.9
Translation differences -5.6
Other effects(1) -78.9
Balance of deferred tax assets at December31st, 2011 671.4
Balance of deferred tax liabilities at December31st, 2011 -677.7
(1) Including mainly the tax effect on actuarial gains and losses recognised in equity and in2011 on newly consolidated companies for €100million.
Deferred tax assets and liabilities recorded in the balance sheet may be broken as follows:
€ millions
12.31.2011 12.31.2010 12.31.2009
Deferred
tax assets
Deferred
tax
liabilities
Deferred
tax assets
Deferred
tax
liabilities
Deferred
tax assets
Deferred
tax
liabilities
Temporary differences 645.5 461.5 599.0 371.9 540.9 313.2
Deferred tax liabilities on remeasurement of Sanofi(1) 216.2 90.1 104.8
Tax credits and tax loss carry-forwards 25.9 27.1 29.9
Deferred tax total 671.4 677.7 626.1 462.0 570.8 418.0
(1) In2011, the deferred tax rate increased to 3.44% (1.72% in2010 and 2009).
Deferred tax assets on temporary differences mainly relate to
provisions for pensions and early retirement (€321.6 million,
€313.2million and €297.4million, respectively, at the end of
2011, 2010 and 2009) and provisi ons for liabilities and charges
(€164.1million, €197.9million and €180.5million, respectively,
at the end of 2011, 2010 and 2009).
Deferred tax liabilities on temporary differences mainly relate
to intangible assets acquired in the context of business
combinations other than non tax-deductible goodwill.
Deferred tax assets whose recovery is not considered probable
are not recorded in the financial statements; such assets
amount to €67.5million at December31st, 2011 compared
with €80.9million at December31st, 2010 and €91.0million at
December31st, 2009.