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Annual Report & Accounts 2007
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Reconciliation of effective tax rate In thousands of euro Year ended 31 December 2007 Year ended 31 December 2006 (Pro˘t)/loss before tax 16,631 (28,839) Income tax using the domestic corporation tax rate 4,936 ^ Effect of tax rates in foreign jurisdictions (Rates decreased) (4,936) ^ Capital allowances for period in excess of depreciation (11) ^ (11) ^ A deferred tax asset was recognised as the Group considers that it more probable than not that future taxable pro˘ts will be available against which the asset could be utilised. 5 Property, plant and equipment In thousands of euro Fixtures and Fittings Total Property Plant and Equipment Cost Balance at 1 January 2007 112 112 Disposal (112) (112) Acquisitions 562 562 Balance at 31 December 2007 562 562 Depreciation and impairment losses Balance at 1 January 2007 56 56 Disposal (72) (72) Depreciation charge for the year 57 57 Balance at 31 December 2007 41 41 Carrying amounts At 31 December 2006 56 56 At 31 December 2007 521 521 Capital expenditure related primarily to the setup of the Maltese of˘ce in the year. 19