38. Deferred tax assets

Changes in deferred tax assets in the year ended 31 December 2014Opening balanceChanges recognized in the financial profit/lossChange in group compositionExchange differenceOther changes 1)Closing balance
Financial instruments 528 1,824 -2,891 -223 - -762
Receivables 342 477 494 44 - 1,357
Property 2,689 -303 -357 -4 - 2,025
Provisions for employee benefits 129 -64 1,081 -7 - 1,139
Provision for bonuses and appropriation to the bonus fund 396 299 1,164 27 - 1,886
Other provisions and liabilities 3,506 1,809 2,790 -417 - 7,688
Tax losses to be used in future periods 685 3,303 4,080 102 -1,567 6,603
Provision for PTE’s reimbursement of undue handling fees to the Social Insurance Institution 1,406 -32 - - - 1,374
Tax allowance regarding operations in the special economic zone 7,268 -1,621 - - - 5,647
Total deferred tax assets 16,949 5,692 6,361 -478 -1,567 26,957

1) this item presents the transfer of PZU Lietuva's assets to assets held for sale due to the transaction described in 59.9.1. The decrease of assets was converted at average rate described in Note 5.3.

Changes in deferred tax assets in the year ended 31 December 2013Opening balanceChanges recognized in the financial profit/lossChange in group compositionExchange differenceOther changesClosing balance
Financial instruments -3,216 400 334 -23 3,033 528
Receivables 459 -186 65 4 - 342
Property - 2,689 - - - 2,689
Provisions for employee benefits 138 -9 2 -2 - 129
Provision for bonuses and deductions for the bonus fund 288 108 - - - 396
Other provisions and liabilities 3,564 -82 62 -38 - 3,506
Tax losses to be used in future periods 4,508 -3,845 15 - 7 685
Provision for PTE’s reimbursement of undue handling fees to the Social Insurance Institution 1,679 -273 - - - 1,406
Tax allowance regarding operations in the special economic zone 6,543 725 - - - 7,268
Total deferred tax assets 13,963 -473 478 -59 3,040 16,949

For all consolidated entities participating in the Tax Capital Group (the "TCG"), deferred tax assets and provisions are offset.

As at 31 December 2014 undisclosed deferred tax assets related to tax losses which, were as follows:

  • in Link4: PLN 16,846 thousand;
  • in PZU Lietuva: PLN 10,429 thousand (as at 31 December 2013: PLN 11,321 thousand);
  • in PZU Lietuva Gyvybes Draudimas PLN 12,292 thousand (as at 31 December 2013: PLN 12,109 thousand).

Losses in Lithuanian companies can be realised at a time that is not prescribed by the provisions of law. Tax loss on Link4 can be realised during one year (PLN 4,441 thousand) and up to 5 years (PLN 12,405 thousand). These periods will be counted from the moment in which Link4 ceases to be part of the TCG (not earlier than the end of 2017).