NOTES TO THE BALANCE SHEET

17. Deferred tax assets and liabilities
Specification of deferred tax assets
1 Jan. 2016 Translation
difference
Recognized in
income statement
Recognized in
equity
Business
acquisition/
disposal
31 Dec. 2016
Pension benefits 3.6 -0.1 -0.0 1.2 - 4.7
Other timing differences 2.4 -0.0 0.8 -0.0 - 3.2
Adopted losses 19.6 -0.0 -6.2 -0.4 - 12.9
Arising from hedge accounting 4.1 -0.0 -0.4 -0.6 - 3.1
Total 29.7 -0.2 -5.8 0.2 - 23.8
Specification of deferred tax liabilities
1 Jan. 2016 Translation
difference
Recognized in
income statement
Recognized in
equity
Business
acquisition/
disposal
31 Dec. 2016
Depreciation difference 4.3 -0.0 -2.2 -0.0 - 2.1
Other timing differences 0.8 -0.0 -0.0 - - 0.8
Arising from consolidation 14.8 -0.5 -0.1 - - 14.2
Arising from hedge accounting 0.3 - -0.3 - - 0.0
Total 20.2 -0.5 -2.7 -0.0 - 17.0
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
Deferred tax liability has not been recognized in respect of retained profits of subsidiaries, amounting to EUR 23.5 (20.6) million, as the assets have been used to safeguard the foreign companies’ own investment needs.
On 31 December 2016, the Group had EUR 29.8 million of losses, on which no deferred tax receivable has been recognized.