UNBOUNCE - EXAMPLE PAGE-REPORT-ENTERPRISE DOCUMENT-KINGSPAN - Flipbook - Page 168
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021 (continued)
21 Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities arising from temporary differences and unused tax losses after offset are as follows:
Deferred tax assets
Deferred tax liabilities
Net Position
2021
€m
2020
€m
34.7
(34.7)
23.0
(32.4)
(9.4)
-
Deferred tax arises from differences in the carrying value of items such as property, plant and equipment, intangibles, pension
obligations, and other temporary differences in the financial statements and the tax base established by the tax authorities.
The movement in the net deferred tax position for 2021 is as follows:
Balance Recognised in Recognised in
1 Jan
profit
equity
2021
or loss
Property, plant and
equipment
Intangibles
Other temporary differences
Pension obligations
Unused tax losses
€m
€m
€m
(49.0)
(25.8)
55.1
6.1
4.2
(9.4)
(1.5)
3.9
7.2
(0.6)
3.0
12.0
9.7
9.7
Recognised
in other
comprehensive
income
€m
(5.5)
(5.5)
Translation
adjustment
Arising on
acquisitions
Balance
31 Dec
2021
€m
€m
€m
(1.1)
(0.8)
(2.5)
0.4
(0.2)
(4.2)
(0.1)
(7.1)
3.8
0.3
0.5
(2.6)
(51.7)
(29.8)
73.3
0.7
7.5
-
The movement in the net deferred tax position for 2020 is as follows:
Balance
1 Jan
2020
Recognised in
profit
or loss
Recognised in
equity
€m
€m
€m
(41.4)
(26.8)
42.5
0.9
7.0
(17.8)
(7.4)
4.1
10.6
(0.4)
(2.2)
4.7
(0.9)
(0.9)
Property, plant and
equipment
Intangibles
Other temporary differences
Pension obligations
Unused tax losses
Recognised
in other
comprehensive
income
€m
4.1
4.1
Translation
adjustment
Arising on
acquisitions
Balance
31 Dec
2020
€m
€m
€m
1.2
1.2
(0.5)
0.1
(0.6)
1.4
(1.4)
(4.3)
3.4
1.4
(0.9)
(49.0)
(25.8)
55.1
6.1
4.2
(9.4)
22 Business Combinations
A key strategy of the Group is to create and sustain market leading positions through acquisitions in markets it currently operates in,
together with extending the Group’s footprint in new geographic markets. In line with this strategy, the principal acquisitions completed
during the year were as follows:
In February 2021, the Group acquired 100% of the share capital of TeraSteel a Romanian based manufacturer of insulated panels. The
total consideration, including net debt acquired amounted to €81.6m.
In June 2021, the Group acquired 100% of the share capital of the Logstor Group a leading global supplier of technical insulation solutions.
The total consideration, including net debt acquired amounted to €244.5m.
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