15. Deferred tax assets and liabilities
Specification of deferred tax assets
1 Jan. 2017 Translation
difference
Recognised in
income statement
Recognised in
equity
31 Dec. 2017
Pension benefits 4.7 -0.1 0.3 0.9 5.7
Other timing differences 3.2 -0.0 4.7 -0.0 7.8
Adopted losses 12.9 -0.0 4.6 - 17.6
Arising from hedge accounting 3.1 -0.0 -0.2 -0.8 2.0
Total 23.8 -0.1 9.4 0.1 33.2
Specification of deferred tax liabilities
1 Jan. 2017 Translation
difference
Recognised in
income statement
Recognised in
equity
31 Dec. 2017
Depreciation difference 2.1 -0.0 0.3 - 2.4
Other timing differences 0.8 -0.0 1.0 - 1.7
Arising from consolidation 14.2 -0.4 -0.5 - 13.3
Arising from hedge accounting 0.0 - - - 0.0
Total 17.0 -0.4 0.8 - 17.4
Specification of deferred tax assets
1 Jan. 2016 Translation
difference
Recognised in
income statement
Recognised in
equity
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
Recognised in
income statement
Recognised in
equity
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
Deferred tax asset from adopted losses comes from Group’s operations in Finland. Utilisation of this deferred tax asset is based on the same assumptions that are used in goodwill impairment testing in note 11.
Deferred tax liability has not been recognised in respect of retained profits of subsidiaries, amounting to EUR 25.4 (23.5) million, as the assets have been used to safeguard the foreign companies’ own investment needs.
On 31 December 2017, the Group had EUR 38.0 (29.8) million of losses, on which no deferred tax receivable has been recognised.