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210
CONSOLIDATED FINANCIAL STATEMENTS
As a measure of prudence, the group did not recognise deferred tax assets in the amount of
697.804 euros referring to fiscal losses of 2.808.748 which may be deducted from future taxable
income.
18. PROVISIONS FOR RISKS AND CHARGES
On 31 December 2011 and 2010, provisions for risks and charges were broken down as follows:
Dec/11
Dec/10
Legal processes
5,257
5,257
Other
28,000
28,000
Provisions for risk and charges
33,257
33,257
Balance of fiscal reports per year and utilisation limit (after utilisation on 31-12-2011) (*)
2012
2013
2014
2015 2019-2021
TOTAL
591,538
826,147 1,536,846 3,236,894
469,103 6,660,529
(*) Portuguese subsidiaries:
Angolan subsidiaries: 3 years
Spanish subsidiaries: 15 years
untill 2009 - 6 years
from 2010 to 2011 - 4 years
In the year 2011 movements in deferred tax were as follows:
Assets Liabilities Income and loss account (Note 26)
Starting balance
606,486 10,647,703
Temporary differences in the year
448,429
173,057
-275,372
Closing balance
1,054,915 10,820,760