The following table details changes in deferred tax assets and liabilities by type of timing difference and calculated based on the tax rates established by applicable regulations. The table also reports the amount of deferred tax assets that, where allowed, can be offset against deferred tax liabilities.
|Millions of euro||Increase/ (Decrease) taken to income statement||Change in scope of consolidation||Other changes||Exchange rate differences|
|at Dec. 31, 2012 restated||at Dec. 31, 2013|
|Deferred tax assets:|
|- differences in the value of intangible assets, and property, plant and equipment||1,805||102||-||13||(27)||1,893|
|- accruals to provisions for risks and charges and impairment losses with deferred deductibility||2,307||(258)||-||21||(28)||2,042|
|- tax loss carried forward||116||(22)||-||23||(6)||111|
|- measurement of financial instruments||650||(45)||-||(123)||(10)||472|
|- other items||1,938||(184)||1||3||(37)||1,721|
|Deferred tax liabilities:|
|- differences on non-current and financial assets||8,942||(337)||22||16||(548)||8,095|
|- measurement of financial instruments||220||14||-||(62)||(2)||170|
|- other items||2,624||73||-||(22)||(35)||2,640|
|Non-offsettable deferred tax assets||2,664|
|Non-offsettable deferred tax liabilities||4,626|
|Offsettable deferred tax liabilities||2,704|
At December 31, 2013 “deferred tax assets” totaled €6,239 million (€6,816 million at December 31, 2012).
It should also be noted that no deferred tax assets were recorded in relation to prior tax losses in the amount of €1,069 million, because, on the basis of current estimates of future taxable income, it is not certain that such assets will be recovered. More specifically, the losses include those attributable to the holding companies located in the Netherlands (€363 million).
“Deferred tax liabilities”, which totaled €10,905 million at December 31, 2013 (€11,786 million at December 31, 2012), essentially include the determination of the tax effects of the value adjustments to assets acquired as part of the final allocation of the cost of acquisitions made in the various years and the deferred taxation in respect of the differences between depreciation charged for tax purposes, including accelerated depreciation, and depreciation based on the estimated useful lives of assets. The exchange rate losses, amounting to €585 million, are essentially attributable to the Latin American companies.
Finally, no deferred tax liabilities were recognized for the subsidiary Enel Energy Europe in respect of the difference (€537 million) between the carrying amount and the value used for tax purposes for the company in application of the exemption provided for under IAS 12, paragraph 39. That difference was generated by the distribution of a special dividend by Endesa to its direct subsidiary in December 2013.