93
The breakdown of the main assumptions used to calculate actuarial liabilities is as follows:
2014
2013
Netherlands
Italy
Netherlands
Italy
Discount rates
2.10%
0.18%
2.10%
0.18%
Expected annual rate of salary rise
2.50%
1.90%
2.50%
1.90%
Expected return from assets allocated to the plan
2.10%
2.50%
2.10%
2.50%
Restructuring provision
The lower restructuring provision is due to the restructuring plan that the Group approved for reorganisation in Italy and Spain, which was executed
in 2014 and 2013. At the end of 2014, the Group’s provisions amounted to €4,721 thousand.
20.- TAX NOTE
Balances with Public Administrations
The balance of tax receivables at 31 December 2014 and 2013 were as follows:
€Thousand
2014
2013
Deferred tax assets
Tax credits
105,449
140,048
Tax assets due to asset impairment
35,353
38,735
Withholdings on personal income tax
1,703
1,437
Derivative financial instruments
-
-
Other prepaid taxes
15,353
18,562
157,858
198,782
€Thousand
2014
2013
Short-term taxes receivable
Income tax
11,068
4,746
Value Added Tax
18,405
29,196
Other tax receivables
5,650
5,750
Total
35,123
39,692
The movements of the “Deferred tax assets” item in 2014 and 2013 were as follows:
€Thousand
2014
2013
Opening balance
198,782
210,939
Asset impairment
(3,382)
(1,856)
Disposals due to derivative instruments
-
(10,932)
Cancellation of assets due to changes in scope
(28,708)
-
Cancellation of assets due to change in tax rate
(21,861)
-
Tax loss carry-forward for the year
12,056
(761)
Others
971
1,392
Total
157,858
198,782
Asset cancellations due to change in scope correspond to the derecognition of the tax losses contributed by Sotogrande and its subsidiaries,
worth €20,440 thousand, which are now lost due to the exit of these entities from the Spanish tax consolidation group (see note 2.5.4.) and to
the derecognition of the deferred tax assets these companies contributed to the consolidated balance sheet, worth €8,268 thousand (see note 9).
Asset disposals due to tax rate changes have arisen due to the change in the rate of Spanish Corporate Income Tax introduced by Law 27/2014, of
27 November. As the rate has been reduced, the Group has adjusted its deferred tax assets and liabilities and its tax loss assets, using the rate which
is likely to be applicable in the period when it estimates the asset will be realised or the liability will be settled.
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
