6.3.16Deferred Tax Assets and Liabilities

The deferred tax assets and liabilities and associated offsets are summarized as follows:

Deferred tax positions (summary)

31 December 2015

31 December 2014

Assets

Liabilities

Net

Assets

Liabilities

Net

Property, plant and equipment

0

(3)

(3)

2

0

1

Tax losses

23

-

23

23

-

23

Construction contracts

0

-

0

0

(1)

(1)

R&D credits

4

-

4

4

-

4

Other

32

0

33

34

(9)

25

Book value at 31 December

59

(3)

56

63

(11)

52

Movements in net deferred tax positions

2015

2014

Note

Net

Net

Deferred tax at the beginning period

52

14

Deferred tax recognised in the income statement

6.3.9

6

24

Deferred tax recognised in other comprehensive income

(1)

16

Exchange variances

(1)

(1)

Movements of the period

4

39

Deferred tax at the end of the period

56

52

Expected realization and settlement of deferred tax positions is within 5 years. The current portion at less than one year of the net deferred tax position as of 31 December 2015 amounts to US$ 21 million. The deferred tax losses are expected to be recovered, based on the anticipated profit in the order book in the applicable jurisdiction. The Company has US$ 23 million in deferred tax assets unrecognized in 2015 due to current tax losses not valued.
The non-current portion of deferred tax assets amounts to US$ 35 million (2014: US$ 38 million).

Deferred tax assets per location are as follows:

Deferred tax positions per location

31 December 2015

31 December 2014

Assets

Liabilities

Net

Assets

Liabilities

Net

Switzerland

22

-

22

27

-

27

USA

13

0

13

16

(11)

5

Netherlands

7

-

7

3

-

3

Angola

-

-

0

-

-

-

Canada

14

(3)

11

13

-

13

Luxembourg

3

-

3

4

-

4

Other

0

0

-

0

-

0

Book value at 31 December

59

(3)

56

63

(11)

52