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Deferred Income Taxes | 12 Months Ended
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Dec. 31, 2024
Deferred Income Taxes |
Deferred Income Taxes | Note 21 Deferred Income Taxes Deferred tax charge Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes as per IAS12. Deferred tax is calculated at the income tax rates which are expected to apply in the period when the liability is settled or the asset is realized, based on the laws which have been enacted or substantially enacted at the balance sheet date. The deferred tax is charged through the income statement except when it relates to other comprehensive income items. Deferred tax assets and liabilities The Group has unrecognised deferred tax assets in Denmark and UK, amounting to EUR 12 million (EUR 13 million as of 31 December 2023 and 2022) and EUR 89 million (EUR 124 million as of 31 December 2023) respectively. The deferred tax assets result from taxable losses and shipping allowances. No deferred tax asset has been recognised as of 31 December 2024, as they are not expected to be utilised within the foreseeable future (3-5 years). A majority of the Group’s UK unrecognised deferred asset will be forfeited 1 January 2025 because of the group’s UK tonnage tax election. The Group has a deferred tax liability relating to the ownership of the Wind Zaratan vessel in Japan due to temporary timing differences between the carrying amount and tax base of the vessel (2024: EUR 17 million, 2023: EUR 14 million, 2022: nil) offset by the tax value of tax losses (2024: EUR 5 million, 2023: EUR 4 million, 2022: nil). As of 31 December 2024, deferred tax liabilities amounted to EUR 12 million. For accounting policies on deferred taxes, please refer to Note 10. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
EUR’000 |  | 2024 |  | 2023 |  | 2022
Reconciliation of deferred tax liabilities, net | ​ |  | ​ |  | ​ |
1 January |  | 10,191 |  | — |  | —
Acquisition of businesses |  | — |  | 10,321 |  | —
Movements during the year |  | 1,137 |  | — |  | —
Exchange differences |  | 644 |  | (130) |  | —
31 December |  | 11,972 |  | 10,191 |  | —
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- Definition The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
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