‘Deferred tax assets’ considers the impact in tax terms of valuation differences between the values stated on the consolidated balance sheet and the corresponding values applicable under fiscal law.

‘Non-interest-bearing receivables’ includes among other things the non-current portion of the remaining receivable from Canton Zurich for the sale of the former production site in Uetikon am See (Switzerland) which the canton has retained as security in respect of the portion of the costs of cleaning up the adjacent bed of Lake Zurich to be borne by CPH Group. This remaining receivable is reduced by the expenditure on the lake bed clean-up to be borne by CPH Group, charged to the established provisions and paid by Canton Zurich (see also Note 12, Other receivables, and Note 20, Provisions).