85 5. Income taxes continued  Tax loss carryforwards, temporary differences and net deferred tax assets are summarised as follows:  [1] Including an estimated amount of US$2,806,000 (2011: US$2,910,000) for state tax loss carryforwards  [2] 2011 temporary differences and deferred tax liabilities for the NL have been retrospectively adjusted following adjustments to the purchase price allocation, please refer to note 4.  The amount of deductible temporary differences and unused tax loss carryforwards for which no deferred tax asset is recognised in the balance sheet is  US$95,179,000 (2011: US$95,382,000).  In assessing whether the deferred tax assets can be used, management considers the probability that some, or all, of the deferred tax assets will not be  realised. The utilisation of deferred tax assets depends upon generating taxable profit during the periods in which those temporary differences become  deductible or tax-loss carryforwards can be utilised. Management considers the reversal of deferred tax liabilities, projected future taxable income,  benefits that could be realised from available tax planning strategies and other positive and negative factors in making this assessment.  The utilisation of tax loss carryforwards and temporary differences for which currently no deferred tax asset is recognized is subject to the achievement  of positive income in periods which are beyond the Company’s current business plan and therefore this utilisation is uncertain. Consequently no deferred  tax assets were recognised for these losses and temporary differences. The tax loss carryforwards in the US will expire between 2013 and 2029 and in the Netherlands between 2017 and 2019; other tax loss carryforwards  have no expiration date.  The amount shown under “income tax receivables” in the statement of financial position includes a corporation tax refund claim of the Group’s German  subsidiary. The total amount the German subsidiary is entitled to receive amounts to €414,000 to be paid out in ten equal amounts during 2008 to  2017. The amount shown within the non-current assets represents the discounted part of the claim that is due after 2013. The amount that will be paid  in 2013 is shown within the current assets.  Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group.  Deposits designated as a hedging instrument are classified as cash flow hedges to cover firm commitments and forecast transactions in Euros, Pound  Sterling and Japanese Yen.  6. Cash and cash equivalents  31 December 2012  31 December 2011  Tax loss  carryforwards  US$000  Temporary  Differences US$000 Net deferred tax  assets (liabilities) US$000 Tax loss  carryforwards US$000 Temporary Differences $^{2)}$  US$000  Tax credits US$000 Net deferred tax assets  (liabilities)  2) US$000 Germany  629  (2,181) (440) 67,161 (4,673) – 13,726 UK  69,739  23,084 – 51,387 25,588  4,420 1,105 Netherlands $^{2)}$  19,384  (13,244) 945 17,184 (22,515) – (1,333) US$^{1)}$  4,029  928 2,132 4,290 –  – – Other  –  1,296 597 20 1,061  – 448 Total 93,781  9,883 3,234 140,042 (539) 4,420 13,946 At 31 December 2012 US$000 At 31 December 2011 US$000 Cash at bank  136,117 91,010 Short-term deposits  170,000 20,381 Deposits designated as a hedging instrument  6,318 2,199 Cash and cash equivalents  312,435 113,590