11. Deferred income tax

As at 31 December 2014, the group had a deferred tax liability of €167 million (2013: €172 million) and a deferred tax asset of €18 million (2013: €10 million). The deferred tax asset and liability result from timing differences between the tax and accounting treatment of the amortisation of intangible assets, tax loss carry forwards, cash-settled share-based payments and certain provisions.

Excel

(€ in thousands)

2014

2013

DEFERRED TAX:

To be recovered after more than 12 months

–147,016

–160,141

To be recovered within 12 months

–1,097

–1,905

TOTAL

–148,113

–162,046

The movement of deferred tax is as follows:

Excel

(€ in thousands)

Stock compensation expense

Other

Intangible assets

Provisions

Assessed losses

Total

BALANCE AS AT 31 DECEMBER 2012

964

–330

–207,129

9,115

40,081

–157,299

Acquisitions through business combination

0

0

–5,279

0

685

–4,594

(Charged)/released to income

362

–265

15,794

–2,662

–14,841

–1,612

Currency translation differences

0

0

1,527

–215

147

1,459

BALANCE AS AT 31 DECEMBER 2013

1,326

–595

–195,087

6,238

26,072

–162,046

Acquisitions through business combination

0

0

–3,705

0

0

–3,705

(Charged)/released to income

668

437

12,899

497

–2,415

12,086

(Charged)/released to equity

0

0

0

436

6,430

6,866

Currency translation differences

0

–200

–4,386

–460

3,732

–1,314

BALANCE AS AT 31 DECEMBER 2014

1,994

–358

–190,279

6,711

33,819

–148,113

Deferred tax balances are presented in the balance sheet as follows:

Excel

(€ in thousands)

2014

2013

Deferred tax assets

18,438

9,681

Deferred tax liabilities

–166,551

–171,727

TOTAL

–148,113

–162,046

The group has in some jurisdictions tax loss carry forwards that have not been recognised as deferred tax assets, as the amounts as well as possible future recovery of these losses against future taxable income are uncertain. As at 31 December 2014, these losses amounted to approximately €90 million (2013: €100 million).

Accounting policy

Deferred taxes are calculated using the liability method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using the tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled, using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date. The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the group expects, at the balance sheet date, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets are recognised when it is probable that sufficient taxable profits will be available against which the deferred tax assets can be utilised. The carrying amounts of deferred tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Significant estimates

The determination of the group's provision for income tax as well as deferred tax assets and liabilities involves significant judgements and estimates on certain matters and transactions, for which the ultimate outcome may be uncertain. If the final outcome differs from the group's estimates, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made.