38. Deferred tax assets

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Changes in deferred tax assets in the year ended 31 December 2014	Opening balance	Changes recognized in the financial profit/loss	Change in group composition	Exchange difference	Other 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.

38._deferred_tax_assets-2014_pzu_2014.xlsx

Changes in deferred tax assets in the year ended 31 December 2013	Opening balance	Changes recognized in the financial profit/loss	Change in group composition	Exchange difference	Other changes	Closing 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

38._deferred_tax_assets-2013_pzu_2014.xlsx

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).