7.h. DEFERRED TAXES

The amounts refer to taxes resulting from deductible temporary differences and from losses carried forward, which are deemed to be recoverable.

The breakdown of "Deferred tax assets and liabilities" by type of temporary difference, is as follows:

The deferred taxes credited directly to shareholders' equity during the period amounted to € 701 thousand.

Earlier losses not utilized for the calculation of deferred taxes refer to the Espresso group for € 11.1 million, the company CIR International for € 314.1 million, and the Sogefi group for € 13.6 million. It should be pointed out that no deferred tax assets were calculated for these losses because at present conditions are such that there is no certainty that they can be recovered.