5.3.16Deferred Tax Assets and Liabilities
The deferred tax assets and liabilities and associated offsets are summarized as follows:
Deferred tax positions (summary)
|
31 December 2016 |
31 December 2015 |
|||||
|---|---|---|---|---|---|---|
|
Assets |
Liabilities |
Net |
Assets |
Liabilities |
Net |
|
|
Property, plant and equipment |
0 |
10 |
(9) |
0 |
3 |
(3) |
|
Tax losses |
14 |
- |
14 |
23 |
- |
23 |
|
R&D credits |
- |
- |
- |
4 |
- |
4 |
|
Other |
15 |
- |
15 |
32 |
0 |
33 |
|
Book value at 31 December |
29 |
10 |
19 |
59 |
3 |
56 |
Movements in net deferred tax positions
|
2016 |
2015 |
||
|---|---|---|---|
|
Note |
Net |
Net |
|
|
Deferred tax at 1 January |
56 |
52 |
|
|
Deferred tax recognised in the income statement |
(22) |
6 |
|
|
Deferred tax recognised in other comprehensive income |
(14) |
(1) |
|
|
Foreign currency variations |
0 |
(1) |
|
|
Total movements |
(37) |
4 |
|
|
Deferred tax at 31 December |
19 |
56 |
Expected realization and settlement of deferred tax positions is within 9 years. The current portion at less than one year of the net deferred tax position as of December 31, 2016 amounts to US$ 4 million. The deferred tax losses are expected to be recovered, based on the anticipated profit in the applicable jurisdiction. The Company has US$ 36 million (2015: US$ 23 million) in deferred tax assets unrecognized in 2016 due to current tax losses not valued.
The non-current portion of deferred tax assets amounts to US$ 25 million (2015: US$ 35 million).
Deferred tax assets per location are as follows:
Deferred tax positions per location
|
31 December 2016 |
31 December 2015 |
|||||
|---|---|---|---|---|---|---|
|
Assets |
Liabilities |
Net |
Assets |
Liabilities |
Net |
|
|
Switzerland |
6 |
- |
6 |
22 |
- |
22 |
|
The United States of America |
- |
- |
- |
13 |
0 |
13 |
|
The Netherlands |
3 |
- |
3 |
7 |
- |
7 |
|
Canada |
14 |
10 |
4 |
14 |
3 |
11 |
|
Luxembourg |
- |
- |
- |
3 |
- |
3 |
|
Monaco |
6 |
- |
6 |
- |
- |
- |
|
Other |
1 |
- |
1 |
0 |
0 |
- |
|
Book value at 31 December |
29 |
10 |
19 |
59 |
3 |
56 |