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149
Notes to the financial statements,
Renewable Energy Corporation ASA
REC Annual Report 2011
Specification of temporary differences, deferred tax assets and liabilities
(NOK INMILLION)
2011
2010
Fixed assets
-62
1
Up-front fees
43
132
Hedging NOK bonds
-62
-17
Pension liability
-9
-17
Derivatives
218
497
Net unrealized gains on non-current foreign exchange receivables and liabilities
477
396
Tax loss carried forward
-5 187
0
Total temporary differences and tax loss carried forward
-4 581
991
28 percent deferred tax assets (-) / liabilities (+)
-1 283
277
Deferred tax assets not recognized
1 283
0
Deferred tax assets (-) / liabilities (+) in the balance sheet
0
277
Change in deferred tax assets (-) / liabilities (+) in the balance sheet
-277
277
Of which tax on actuarial gains recognized to equity
4
0
Total deferred tax benefit (-) / expense (+) for the year
-282
277
PROVISIONS
(NOK INMILLION)
EMPLOYEE
TERMINATION
BENEFITS
ONEROUS
CONTRACTS
ASSET
RETIREMENT
OBLIGATIONS
PROFIT SHARING
AND BONUSES
FINANCIAL
GUARANTEE *
TOTAL
At January 1, 2010
0
0
1
1
90
92
Additional provision
0
1
0
0
0
1
Used during the year
0
0
0
-1
-90
-91
At December 31, 2010
0
1
1
0
0
2
Additional provision
6
5
0
0
0
11
Unused amout reversed
0
-1
0
0
0
-1
Used during the year
-2
-3
-1
0
0
-6
At December 31, 2011
4
2
0
0
0
6
* In 2010, REC ASA paid NOK 90million in relation to guarantees and undertakings related to Sovello.
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