2021 in millions of Swiss francs Property, plant & equipment Intangible assets Pension plans Ta x los s carry forward Other differences Tot al Net deferred tax asset (liability) as at 1 January (105) (249) 105 24 133 (92) Acquisition – (Credited) debited to consolidated income statement 6 30 (6) 7 6 43 (Credited) debited to other comprehensive income (40) (4) (44) (Credited) debited to own equity instruments Currency translation effects (2) 2 1 – (6) (5) Net deferred tax asset (liability) as at 31 December (101) (217) 60 31 129 (98) Deferred tax assets 182 Deferred tax liabilities (280) Net deferred tax asset (liability) as at 31 December (98) 2020 in millions of Swiss francs Property, plant & equipment Intangible assets Pension plans Ta x los s carry forward Other differences Tot al Net deferred tax asset (liability) as at 1 January (128) (207) 113 29 124 (69) Acquisition (2) (68) 1 5 (64) (Credited) debited to consolidated income statement 19 18 1 (5) 4 37 (Credited) debited to other comprehensive income (5) 6 1 (Credited) debited to own equity instruments Currency translation effects 6 8 (4) (1) (6) 3 Net deferred tax asset (liability) as at 31 December (105) (249) 105 24 133 (92) Deferred tax assets 218 Deferred tax liabilities (310) Net deferred tax asset (liability) as at 31 December (92) Amounts recognised in the statement of financial position for deferred taxes are reported as non-current assets and non-current liabilities. The current portion will be charged or credited to the consolidated income statement during 2022. Deferred tax assets on loss carry forwards of CHF 31 million (2020: CHF 24 million) have been recognised principally in the subsidiaries in France and China, the majority of which expires after 2022. The management considers that there will be future taxable profit available against which these tax losses can be recovered. Deferred tax assets on unused tax losses of CHF  19  million (2020: CHF 16 million) which have not been recognised are mainly located in subsidiaries in Spain. Deferred tax assets on tax credits of CHF 75 million (2020: CHF 92 million) have been recognised. A deferred tax liability of CHF 26 million has been recognised in 2021 (2020: CHF 24 million) for certain foreign subsidiaries which have undistributed earnings subject to withholding tax when paid out as dividend as the parent entity is in a position to forecast the timing of distributions expected in the foreseeable future, whereas no deferred tax liability could be recognised for undistributed earnings of CHF 674 million (2020: CHF 627 million). 17. Earnings per Share Basic earnings per share Basic earnings per share is calculated by dividing the income for the period attributable to shareholders by the weighted average number of shares outstanding: 2021 2020 Income attributable to equity holder of the parent (in millions of Swiss francs) 821 743 Weighted average number of shares outstanding Ordinary shares 9,233,586 9,233,586 Treasury shares (11,979) (14,369) Net weighted average number of shares outstanding 9,221,607 9,219,217 Basic earnings per share (CHF) 89.03 80.59 Governance Report Compensation Report Consolidated Financial Report Statutory Financial Report Appendix 80 Givaudan — 2021 Governance, Compensation and Financial Report Notes to the consolidated financial statements