D. Deferred taxation

As at 31 December 2014, the company had a deferred tax liability of €0.3 million (2013: €0.4 million). The deferred tax liability results from a temporary difference between the tax treatment and the accounting treatment of the borrowing cost. The movement of the deferred tax positions during the year was the result of changes/reversals of temporary differences and has been charged/released to the income statement.