NOTES TO THE BALANCE SHEET

16. Deferred tax assets and liabilities
Specification of deferred tax assets
1 Jan. 2015 Translation
difference
Recognized in
income statement
Recognized in
equity
Business
acquisition/
disposal
31 Dec. 2015
Pension benefits 3.1 0.0 -0.0 0.4 - 3.6
Other timing differences 3.1 0.0 -0.4 -0.4 - 2.4
Adopted losses 23.2 0.1 -0.8 -2.9 - 19.6
Arising from hedge accounting 4.1 - 0.0 -0.1 - 4.1
Total 33.6 0.1 -1.2 -2.9 - 29.7
Specification of deferred tax liabilities
1 Jan. 2015 Translation
difference
Recognized in
income statement
Recognized in
equity
Business
acquisition/
disposal
31 Dec. 2015
Depreciation difference 10.0 -0.0 -2.2 -3.5 0.0 4.3
Other timing differences 0.9 0.0 -0.1 - - 0.8
Arising from consolidation 13.7 0.3 -0.2 - 0.9 14.8
Arising from hedge accounting 0.3 - - - - 0.3
Total 24.9 0.3 -2.4 -3.5 1.0 20.2
Specification of deferred tax assets
1 Jan. 2014 Translation
difference
Recognized in
income statement
Recognized in
equity
Business
acquisition/
disposal
31 Dec. 2014
Pension benefits 1.8 -0.1 0.0 1.4 - 3.1
Other timing differences 2.6 -0.2 0.8 - - 3.1
Adopted losses 19.0 -0.3 4.5 - - 23.2
Arising from hedge accounting 3.9 - -0.1 0.3 - 4.1
Total 27.3 -0.6 5.2 1.7 - 33.6
Specification of deferred tax liabilities
1 Jan. 2014 Translation
difference
Recognized in
income statement
Recognized in
equity
Business
acquisition/
disposal
31 Dec. 2014
Depreciation difference 11.2 0.2 -1.4 - - 10.0
Other timing differences 0.9 -0.0 0.0 - - 0.9
Arising from consolidation 14.6 -0.8 -0.1 - - 13.7
Arising from hedge accounting 0.3 - - 0.0 - 0.3
Total 26.9 -0.6 -1.5 0.0 - 24.9
Utilisation of deferred tax assets related to losses in taxation is based on the same assumptions that are used in goodwill impairment testing in note 11.
Deferred tax liability has not been recognized in respect of retained profits of subsidiaries, amounting to EUR 20.6 (21.3) million, as the assets have been used to safeguard the foreign companies’ own investment needs.
On 31 December 2015, the Group had EUR 2.3 million of losses, on which no deferred tax receivable has been recognized because the Group is unlikely to accumulate taxable income against which the losses could be utilised before the losses expire.