Group Management Report Corporate Governance Environment, Safety, and Corporate Social Responsibility Consolidated Financial Statements 101 Deferred tax assets and liabilities related to the following items in the statement of financial position: Dec. 31, 2014 Dec. 31, 2015 Assets Liabilities and provisions Assets Liabilities and provisions Intangible assets 1,551 (96,987) 2,798 (96,033) Property, plant and equipment 3,293 (46,148) 5,865 (51,669) Long-term investments 564 (2,609) 607 (2,725) Inventories 13,716 (1,639) 17,011 (1,394) Receivables and other assets 1,009 (5,625) 431 (2,540) Marketable securities 0 0 0 (6) Employee benefit obligations 39,705 (618) 34,860 (901) Other provisions 7,404 (1,007) 6,197 (1,115) Liabilities 4,765 (13) 4,907 (67) Tax loss carry-forwards 4,517 0 3,301 0 Allowance for deferred tax assets (2,257) 0 (4,595) 0 Outside bases differences 0 (1,989) 0 (1,402) Netting (55,530) 55,530 (50,347) 50,347 Deferred taxes, net 18,737 (101,105) 21,035 (107,505) The periods in which the tax loss carry-forwards may be used are as follows: 2014 2015 Tax loss carry-forwards 57,786 40,270 unlimited 20,187 19,432 will expire through 2020 (prior year: 2019) 28,165 12,364 will expire after 2020 (prior year: 2019) 9,434 8,474 Deferred tax assets on tax loss carry-forwards of € 30.1 million and € 44.2 million were not recognized as of December 31, 2015 and 2014, respectively, due to the fact that the future utilization against taxable income is not probable. Tax loss carry-forwards for which no deferred tax assets were recognized amounting to € 10.5 million have unlimited carry-forward periods, € 11.4 million will expire through 2020, and € 8.2 million will expire after 2020. As of December 31, 2015 and 2014, a deferred tax liability was not recorded for the amounts of € 48.3 million and € 52.5 million, respectively, which represent the temporary differences between the undistributed earnings of certain investments in subsidiaries and the tax bases of these investments in subsidiaries, as the timing of their reversal can be con- trolled and is not probable in the foreseeable future.
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