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152
Rothschild & Co | Annual Report 2017
Note 14 – Provisions
In thousands of euro
01/04/2017
Charge/
(release)
Utilised
Exchange
movement
Other
movements
31/12/2017
Provisions for counterparty risk
1,071
–
(61)
(1)
(14)
995
Provisions for claims and litigation
27,230
6,152
(2,070)
(442)
26
30,896
Provisions for property
366
16
–
(33)
(25)
324
Provisions for staff costs
929
736
–
(22)
1,140
2,783
Subtotal
29,596
6,904
(2,131)
(498)
1,127
34,998
Retirement benefit liabilities (note 19)
83,948
n/a
n/a
n/a
(30,676)
53,272
TOTAL
113,544
6,904
(2,131)
(498)
(29,549)
88,270
From time to time the Group is involved in legal proceedings or receives claims arising from the conduct of its business. Based upon available information
and, where appropriate, legal advice, provisions are made where it is probable that an outflow of resources will be required and the amount can be
reliably estimated.
Also within provisions for claims and litigation are amounts set aside to cover estimated costs of other legal proceedings and claims arising from the
conduct of business.
Management believes that the level of provisions made in these financial statements continues to be sufficient for any potential or actual proceedings
or claims which are likely to have an impact on the Group’s financial statements, based on information available at the reporting date.
Note 15 – Impairments
In thousands of euro
01/04/2017
Income
statement
charge
Income
statement
reversal
Written off
Exchange rate
and other
movements
31/12/2017
Loans and advances to customers
(79,021)
(12,644)
9,847
3,718
1,177
(76,923)
Available-for-sale financial assets
(143,078)
(2,113)
1,120
9,570
339
(134,162)
Other assets
(20,773)
(3,897)
1,042
4,664
692
(18,272)
TOTAL
(242,872)
(18,654)
12,009
17,952
2,208
(229,357)
Note 16 – Deferred tax
The movement on the deferred tax account is as follows:
In thousands of euro
31/12/2017 31/03/2017
Net asset as at beginning of period
1,637
28,909
of which deferred tax assets
67,966
72,278
of which deferred tax liabilities
(66,329)
(43,369)
Recognised in income statement
Income statement credit/(charge)
1,513
(6,548)
Recognised in equity
Defined benefit pension arrangements
(2,853)
(3,321)
Available-for-sale financial assets
830
(186)
Tax losses carried forward
–
23
Reclassification to current tax
246
4,164
Exchange differences
(2,032)
(3,486)
Purchase/sale of a subsidiary
413
(19,913)
Other
(128)
1,995
NET ASSET AS AT END OF PERIOD
(374)
1,637
of which deferred tax assets
60,561
67,966
of which deferred tax liabilities
(60,935)
(66,329)
Notes to the consolidated financial statements