10. Deferred tax assets and liabilities

10. Deferred tax assets and liabilities

in CHF thousand	Switzerland	France	Germany	Netherlands	Holding 1	Total
Financial year 2011/2012
Deferred tax assets arising from:
– Tax loss carry-forwards	4 926	0	9 380	0	0	14 306
– Negative valuations of investment properties	0	0	0	3 152	0	3 152
– Derivative financial instruments	0	0	2 140	0	0	2 140
– Other valuation differences	0	0	0	0	170	170
Total deferred tax assets as of 31.3.2012	4 926	0	11 520	3 152	170	19 768
Deferred tax liabilities arising from:
– Positive valuations of investment properties	24 706	0	8 214	3 152	0	36 072
– Derivative financial instruments	0	0	0	0	0	0
– Other valuation differences	833	0	75	0	0	908
Total deferred tax liabilities as of 31.3.2012	25 539	0	8 289	3 152	0	36 980
Net amounts as presented in balance sheet
Presented deferred tax assets	0	0	3 438	0	170	3 608
Presented deferred tax liabilities	20 613	0	207	0	0	20 820
Net deferred tax liabilities
Balance as of 31.3.2011	–19 325	0	3 814	0	132	–15 379
Deferred taxes recognized in Profit & Loss	–4 312	0	–997	0	38	–5 271
Deferred taxes recognized in equity	3 024	0	693	0	0	3 717
Currency translation adjustments	0	0	–278	0	0	–278
Balance as of 31.3.2012	–20 613	0	3 231	0	170	–17 211

¹Related to all non-property companies.

in CHF thousand	Switzerland	France	Germany	Netherlands	Holding 1	Total
Financial year 2010/2011
Deferred tax assets arising from:
– Tax loss carry-forwards	585	0	8 694	0	0	9 279
– Negative valuations of investment properties	0	0	540	4 922	0	5 462
– Derivative financial instruments	0	0	1 615	0	0	1 615
– Other valuation differences	0	0	0	0	132	132
Total deferred tax assets as of 31.3.2011	585	0	10 849	4 922	132	16 488
Deferred tax liabilities arising from:
– Positive valuations of investment properties	18 923	0	6 898	4 922	0	30 743
– Derivative financial instruments	334	0	0	0	0	334
– Other valuation differences	653	0	137	0	0	790
Total deferred tax liabilities as of 31.3.2011	19 910	0	7 035	4 922	0	31 867
Net amounts as presented in balance sheet
Presented deferred tax assets	585	0	4 132	0	132	4 849
Presented deferred tax liabilities	19 910	0	318	0	0	20 228
Net deferred tax liabilities
Balance as of 31.3.2010	–14 380	0	3 370	0	105	–10 905
Deferred taxes recognized in Profit & Loss	–4 611	0	2 166	0	27	–2 418
Deferred taxes recognized in equity	–334	0	–1 329	0	0	–1 663
Currency translation adjustments	0	0	–393	0	0	–393
Balance as of 31.3.2011	–19 325	0	3 814	0	132	–15 379

¹Related to all non-property companies.

in CHF thousand	Switzerland	France	Germany	Netherlands	Holding 1	Total
Tax loss carry-forwards
As of 31.3.2012	23 271	49 098	91 455	36 619	351 966	552 409
Maturity within
1 to 12 months	0	0	0	0	0	0
1 to 3 years	0	0	0	2 540	0	2 540
3 to 5 years	461	0	0	2 393	87 231	90 085
more than 5 years	22 810	0	0	31 686	264 735	319 231
without time limitation	0	49 098	91 455	0	0	140 553
Captialization:
not capitalized	0	49 098	59 017	36 619	351 966	496 700
capitalized	23 271	0	32 438	0	0	55 709
capitalized at reference tax rate	4 926	0	9 380	0	0	14 306
As of 31.3.2011	2 763	49 444	96 019	11 260	335 072	494 558
Maturity within
1 to 12 months	0	0	0	0	0	0
1 to 3 years	0	0	0	3 452	0	3 452
3 to 5 years	0	0	0	2 583	0	2 583
more than 5 years	2 763	0	0	5 225	335 072	343 060
without time limitation	0	49 444	96 019	0	0	145 463
Captialization:
not capitalized	0	49 444	61 587	11 260	335 072	457 363
capitalized	2 763	0	34 432	0	0	37 195
capitalized at reference tax rate	585	0	8 694	0	0	9 279

¹Related to all non-property companies.