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Financial statements

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3 Participations

The movement in the group companies and participations that belong to the group recognised under financial fixed assets were as follows:

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8 Deferred tax liabilities

A deferred tax liability of € 1.2 million has been recognised for the difference between the fiscal and commercial valuation of the participations of € 5.6 million at year-end 2019 (2018: € 4.4 million).

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