PERNOD RICARD - Universal Registration Document 2019-2020
6. CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements
Deferred taxes are broken down by nature as follows:
30.06.2019
30.06.2020
€ million
Margins in inventories
99
119
Fair value adjustments on assets and liabilities
21
28
Provisions for pensions and other long-term employee benefits
94
100
Deferred tax assets related to losses eligible for carryforward
908
933
Provisions (other than provisions for pensions benefits) and other items
468
498
TOTAL DEFERRED TAX ASSETS
1,590
1,678
Accelerated tax depreciation
124
136
Fair value adjustments on assets and liabilities
2,339
2,313
Pension and other hedging assets
294
147
TOTAL DEFERRED TAX LIABILITIES
2,756
2,596
Tax loss carryforwards (recognised and unrecognised) represent potential tax savings of €1,232 million and €1,202 million at 30 June 2020 and 30 June 2019 respectively. The potential tax savings at 30 June 2020 and 30 June 2019 relate to tax loss carryforwards with the following expiry dates:
FY19
Tax effect of loss carryforwards € million Losses recognised Losses not recognised
Year
2019
0
1
2020
0
1
2021
1
1
2022
2
1
2023 and after
737
196
No expiry date
167
93
TOTAL
908
294
FY20
Tax effect of loss carryforwards € million Losses recognised Losses not recognised
Year
2020
0
1
2021
0
1
2022
1
4
2023
1
3
2024 and after
790
192
No expiry date
140
97
TOTAL
933
299
Following the application of IFRIC 23, described in Note 1.1.2.1.2, the Group’s current tax liabilities are as follows:
30/06/2019 Restated
30/06/2020
€ million
Other current tax liabilities
157
108
Uncertain tax positions
150
125
TOTAL CURRENT TAX LIABILITIES
307
232
Pernod Ricard Universal Registration Document 2019-2020 180
Made with FlippingBook flipbook maker