Merck 2008 Annual Report Download - page 99
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The reconciliation between deferred tax assets and liabilities shown in the balance
sheet and deferred taxes in the income statement is presented below:
€ million 2008 2007
Change in deferred tax assets (balance sheet) 15.9 195.1
Change in deferred tax liabilities (balance sheet) –73.8 –780.3
Deferred taxes credited/debited to equity 17.9 30.8
Changes in companies consolidated First-time
consolidation of the Serono companies – 788.0
Changes in companies consolidated/
Deconsolidation of the Generics companies – 82.0
Other changes in companies consolidated/currency translation/
Other changes 81.1 –27.2
Deferred taxes (income statement) 41.1 288.4
Tax loss carryforwards are structured as follows:
€ million
Dec. 31, 2008 Dec. 31, 2007
Germany Abroad Total Germany Abroad Total
Tax loss carry-
forwards 121.6 288.1 409.7 126.4 401.6 528.0
thereof:
Including de-
ferred tax asset – 29.2 29.2 124.8 227.4 352.2
Deferred tax
asset – 7.4 7.4 18.9 45.0 63.9
thereof:
Excluding de-
ferred tax asset 121.6 258.9 380.5 1.6 174.2 175.8
Theoretical
deferred tax
asset 18.5 34.2 52.7 0.4 29.8 30.2
The decrease in tax loss carryforwards compared with the previous year is mainly the
result of the positive business development of the relevant Group companies. Deferred
tax assets are recognized for tax loss and interest carryforwards only if realiza tion of the
related tax benefit is probable in the foreseeable future. Due to overall economic de vel-
op ment, existing deferred tax assets of € 40.2 million were written down at year-end.
94 | Merck Annual Report 2008