Deferred taxes

The table below shows the net deferred tax assets and liabilities:

Assets

Liabilities

At 31 December 2012

At 31 December 2011

At 31 December 2012

At 31 December 2011

Property, plant and equipment

371

338

Intangible assets

15

12

Cash flow hedges

– 15

– 2

Losses available for relief 1

6

9

– 13

– 27

Provisions

– 12

– 7

Receivables

– 1

Total 1

6

9

346

313

  1. 2011 figures restated for comparative purposes.

Deferred tax assets and liabilities related to cash flow hedges have been recognised through equity. The regulations for preventing double taxation create the deferred tax liability presented under losses available for relief for the losses carried forward at non-resident participating interests.

The table below shows the expiry periods for temporary differences available for relief at 31 December 2012:

Expiry periods for differences available for relief after 31 December 2012

Property, plant and equipment

1 - 50 yrs

Intangible assets

1 - 30 yrs

Cash flow hedges

1 - 30 yrs

Losses available for relief

1 - 10 yrs

Provisions

1 - 10 yrs

No deferred tax asset has been recognised on pre-consolidation and other losses of € 7.0 million (2011: € 66.9 million) since it is not certain whether sufficient taxable profits will be available in the future at the associates which are not members of the fiscal unity. The tax regulations state that this relief is only available against profits made in the years 2013 to 2019.