29 Deferred taxes

(XLS:)

in CHF thousands

31.12.2011

31.12.2010

+/– %

Deferred tax assets

 

 

 

Loss carry forwards

4'738

4'738

0.0

Property and equipment

4'081

4'081

0.0

Others

18'778

15'318

22.6

Total deferred tax assets

27'597

24'137

14.3

 

 

 

 

Deferred tax liabilities

 

 

 

Allowance for credit losses

17

17

0.0

Intangible assets

8'395

13'448

–37.6

Property

538

675

–20.3

Financial investments through profit and loss

11'159

6'386

74.7

Other provisions

10'701

17'788

–39.8

Total deferred tax liabilities

30'810

38'314

–19.6

 

 

 

 

Net movement on deferred taxes

 

 

 

As at 1 January

10'462

30'996

–66.2

Change with no effect on the income statement

–4'468

633

 

Increase in deferred taxes recognised in the income statement

9'255

4'655

98.8

Decrease in deferred taxes recognised in the income statement

–12'036

–22'107

–45.6

As at 31 December

3'213

14'177

–77.3

At 31 December 2011, there existed temporary differences of CHF thousands 10'869, which were not booked as deferred taxes and which in future could be offset with potential tax allowances (previous year: CHF thousands 7'836).

In general, taxable losses in Switzerland can be carried forward for seven years, and in the Principality of Liechtenstein and in Austria they can be carried forward without limitation.

The taxable losses carried forward, which were not considered as deferred tax claims per 31 December 2011, and which expire within the next seven years, amounted to CHF thousands 7'006 (previous year: CHF thousands 5'705).

Deferred taxes arise from temporarly differences between valuations used for IFRS and for statutory tax purposes.

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