Notes to the Consolidated Financial Statements

20. Deferred taxes
               
Change in deferred taxes during 2011
               
MEUR 1 January 2011 Recognised in the consolidated statement of income Other comprehensive income Translation differences Acquisitions 31 December 2011
Deferred tax assets            
  Tax loss carry-forwards 42 2   1   45
  Pension obligations 5         4
  Provisions 15 4       19
  Intra-group margin in stock 9 -1       7
  Other temporary differences 51 -13 4     43
Total 122 -8 4 1   119
               
Deferred tax liabilities            
  Intangible assets and property, plant and equipment 26 -3     7 31
  Fair value reserve 8 1 2     11
  Other temporary differences 36 -9       27
Total 70 -11 2   7 69
               
Net deferred tax assets/liabilities 52 3 2 1 -7 50
               
At 31 December 2011, the Group had unrecognised deferred tax assets totalling EUR 21 million (15), as it is uncertain if they will be realised. Most of them were related to cumulative losses.
               
Change in deferred taxes during 2010
               
MEUR 1 January 2010 Recognised in the consolidated statement of income Other comprehensive income Translation differences Acquisitions 31 December 2010
Deferred tax assets            
  Tax loss carry-forwards 23 19       42
  Pension obligations 4     1   5
  Provisions 10 4       15
  Intra-group margin in stock 10 -1       9
  Other temporary differences 41 8   2   51
Total 88 30   4   122
               
Deferred tax liabilities            
  Intangible assets and property, plant and equipment 26         26
  Fair value reserve 31 3 -27     8
  Other temporary differences 35 -1   1   36
Total 93 2 -26 2   70
               
Net deferred tax assets/liabilities -4 28 26 2   52
               
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