17. Deferred income tax

The movement in deferred income tax assets and liabilities during the year was as follows:

The analysis of deferred income tax assets and deferred income tax liabilities without taking into consideration the offsetting of balances within the same tax jurisdiction is as follows:

Deferred income tax assets are recognized for all deductible temporary differences between the carrying amounts of assets and liabilities in the Consolidated Statement of Financial Position and their tax bases to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences can be utilized. Both in the current fiscal year and in the previous year, it was possible to recognize a deferred income tax asset for all deductible temporary differences because of the probability that future taxable profit will be available against which the deductible temporary differences can be utilized.

The Group incurred tax losses in some subsidiaries in 2021 or in previous years. In total, the recognized deferred income tax assets on temporary differences for subsidiaries that have incurred tax losses in the current or previous fiscal year amount to EUR 2,842 thousand (2020: EUR 2,203 thousand).

The decrease in deferred income tax assets in the position ‘Other assets’ compared to the previous year mainly results from the exchange rate development of a foreign currency receivable at the level of NORMA Group Holding GmbH. The decrease in deferred income tax assets in the position ‘Provisions’ compared to the previous year results from the partial utilization of a provision for severance payments recognized in the previous year at the level of NORMA Germany GmbH.

The decrease in deferred income tax liabilities in the item ‘Borrowings’ compared to the previous year is mainly due to the exchange rate development of a foreign currency liability at the level of NORMA Group Holding GmbH.

Deferred tax assets are recognized for tax loss carryforwards to the extent that it is probable that the tax assets will be realized in the foreseeable future. Deferred tax assets for unused tax losses and unused tax credits developed as follows during the fiscal year:

The Group did not recognize deferred income tax assets in respect of tax loss carry forwards amounting to EUR 6,434 thousand on December 31, 2021 (Dec 31, 2020: EUR 7,168 thousand).

The expiration of tax loss carry forwards not recognized for tax purposes is as follows:

Regarding to the taxable temporary differences, amounting to EUR 527,524 thousand (Dec 31, 2020: EUR 414,177 thousand), associated with investments in subsidiaries, no deferred tax liabilities are recognized as of December 31, 2021, as the temporary differences are unlikely to reverse in the foreseeable future.