Assets under construction related to future plant and machinery.
Capital commitments at 31 December 2011 relating to this amounted
to EUR1.5 million.
Impairment
On 31 December 2012 the Group had invested approximately EUR100
million in its polysilicon plant at Bitterfeld and had received
grants in respect of this investment of EUR23 million. Over
investment (mainly in China) in the photovoltaic industry has led
to huge overcapacity. This overcapacity has caused large falls in
the pricing across the PV value-chain in all areas including
polysilicon. Taking into account the current pricing of Tier 1
polysilicon and the inability of the Bitterfeld plant to compete at
anything close to these prices, executive management has made the
decision to discontinue the plant. Therefore, an impairment test on
the investment at Bitterfeld has been carried out. The recoverable
value of the Bitterfeld plant on a discontinued basis has been
derived from an estimate of the scrap/resale value of the
constituent parts of the plant. Accordingly, the remaining value of
the plant has been written-off in the year and the investment in
the Bitterfeld is now fully impaired.
17. Other long--term assets
As at 31 December
-------------------
2012 2011
EUR'000 EUR'000
--------
Polysilicon feedstock deposits 23,098 30,148
Silicon tetrachloride deposits (for Bitterfeld) - 2,291
Prepaid expenses 76 66
Other assets 258 292
------------------------------------------------ --------- --------
23,432 32,797
------------------------------------------------ --------- --------
18. Deferred taxes
Deferred taxes are calculated at the local rates in accordance
with IAS12 'Income Taxes'.
Analysis of deferred tax assets and liabilities:
2012 2011
EUR'000 EUR'000
--------
Tax loss carried forward 190 10,950
Impairment losses - 8,118
Other - 252
----------------------------------------------------- --------- --------
Deferred tax asset 190 19,320
----------------------------------------------------- --------- --------
Elimination of intra-company losses - (7,986)
Other - (197)
----------------------------------------------------- --------- --------
Deferred tax liability - (8,183)
----------------------------------------------------- --------- --------
Total deferred taxes 190 11,137
----------------------------------------------------- --------- --------
Deferred tax assets arising as a result of losses are recognised
where, based on the Group's budget, they are expected to be
realised in the foreseeable future.
As at 31 December 2012 there were unrecognised potential
deferred tax assets in respect of losses of EUR50.6 m (2011:
EUR11.4m).
The gross movement on the deferred income tax account is as
follows:
2012 2011
EUR'000 EUR'000
------------------------------------- -------- -------
At 1 January 11,137 11,255
Exchange differences 335 362
Derecognition of deferred tax assets (11,284) (9,090)
Income statement charge 2 8,610
At 31 December 190 11,137
------------------------------------- -------- -------
The movement in deferred tax assets and liabilities during the
year, without taking into consideration the offsetting of balances
within the same tax jurisdiction, is as follows:
Elimination
of intra-
company
Deferred tax liabilities losses Other Total
---------------------------------- ------------------ ----------- ------------ ------ ---------
At 1 January 2011 - 825 825
Charged/(credited) to the income
statement 7,713 (628) 7,085
Exchange differences 273 - 273
---------------------------------- ------------------ ----------- ------------ ------ ---------
At 31 December 2011 7,986 197 8,183
---------------------------------- ------------------ ----------- ------------ ------ ---------
Credited to the income statement (8,251) (197) (8,448)
Exchange differences 265 - 265
---------------------------------- ------------------ ----------- ------------ ------ ---------
At 31 December 2012 - - -
---------------------------------- ------------------ ----------- ------------ ------ ---------
Elimination
of intra-company Impairment
Deferred tax assets gains Tax losses Losses Other Total
---------------------------------- ------------------ ----------- ------------ ------ ---------
At 1 January 2011 2,610 9,090 - 380 12,080
Charged/(credited) to the income
statement (2,610) 1,498 7,845 (128) 6,605
Exchange differences - 362 273 - 635
---------------------------------- ------------------ ----------- ------------ ------ ---------
At 31 December 2011 - 10,950 8,118 252 19,320
---------------------------------- ------------------ ----------- ------------ ------ ---------
(Credited)/charged to the income
statement - (11,094) (8,384) (252) (19,730)
Exchange differences - 334 266 - 600
---------------------------------- ------------------ ----------- ------------ ------ ---------
At 31 December 2012 - 190 - - 190
---------------------------------- ------------------ ----------- ------------ ------ ---------
No provision has been made for taxation that would arise in the
event of foreign subsidiaries distributing their reserves as
management are able to control the timing of such distributions.
The aggregate unrecognised deferred tax liability in respect of
such unremitted earnings is EUR943,156 (2011: EUR2,565,495).
19. Loans payable
As at 31 December
-------------------
2012 2011 Interest
Underwriter EUR'000 EUR'000 Maturity rate
------------------------------------ --------- -------- -------- --------
Sumitomo Mitsui Banking Corporation
("SMBC") 5,284 21,945 01/13 0.78%
Mizuho Bank - 9,975 02-03/12 0.78%
Barclays Bank - 14,133 02/12 1.34%
Bank of Tokyo Mitsubishi UFJ - 2,993 01/12 0.67%
------------------------------------ --------- -------- -------- --------
5,284 49,046
------------------------------------ --------- -------- -------- --------
All current loans are in Japanese Yen.
Security for the loan with Barclays Bank was provided by
Sterling cash cover. This facility is no longer required and was
not renewed.
The loans from Mizuho Bank and Bank of Tokyo Mitsubishi UFJ are
no longer required and were not renewed.
Security/comfort for the SMBC loans is provided by the Japanese
accounts receivable, details of which can be found in note 11. This
facilitiy has been reduced upon renewal in line with the lower
receivables.
20. Trade accounts payable
As at 31 December
-------------------
2012 2011
EUR'000 EUR'000
--------------- --------- --------
Japan 2,141 3,850
United Kingdom 3,527 2,887
Germany 1,033 2,066
--------------- --------- --------
6,701 8,803
--------------- --------- --------
The book value of these payables is materially the same as the
fair value.
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