13. Deferred tax assets and liabilities


Deferred tax assets


EUR million, 31 Dec 2012 2011
Pension liability 0.1 0.1
Internal inventory margin 1.7 0.9
Other deductible temporary differences 0.2 0.4
Total 2.0 1.4



Deferred tax liabilities


EUR million, 31 Dec 2012 2011
Depreciation difference and untaxed reserves 24.0 24.6
Pension assets 9.7 9.2
Effects of consolidation and elimination 0.4 0.4
Capitalised cost of inventory 6.4 5.4
Other taxable temporary differences 2.6 2.6
Total 43.1 42.2



Change in deferred tax arises from


EUR million 2012 2011
Pension assets/liabilities -0.6 -1.0
Internal inventory margin 0.8 -0.4
Depreciation difference and untaxed reserves 0.6 2.7
Consolidation effects 0.1 0.1
Capitalised cost of inventory -1.0 0.1
Deductible losses and other timing differences -0.1 -0.4
Total -0.3 1.1



At 31 December 2012 the Group had a total of EUR 5.2 (2011: 5.2) million of temporary differences for which no deferred tax asset has been recognised. These unrecognised deferred tax assets relate to tax losses of foreign subsidiaries which will not expire but realisation of the tax benefit included in them is not likely.


During the period, a decrease in equity of EUR 0.0 million due to income taxes was recognised (2011: an increase of EUR 0.6 million), and the equity includes EUR 0.1 (2011: 0.1) million of recognised taxes.


The official financial statement documents including notes to the parent company financial statements and unrounded figures are available in Finnish at www.orion.fi.