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Financial statements

21. Deferred tax

Breakdown of deferred tax assets and liabilities

 

2019

2018

Deferred tax liabilities

17.0

12.1

Deferred tax assets

-22.6

-22.7

As at 1 January

-5.6

-10.6

Tax charge in income statement

6.6

4.2

Translation differences foreign group companies

1.1

0.6

Tax charge movements in equity

0.6

0.2

As at 31 December

2.7

-5.6

   

Deferred tax liabilities

13.4

17.0

Deferred tax assets

-10.7

-22.6

As at 31 December

2.7

-5.6

Breakdown of deferred tax assets and liabilities by type

 

As at 31-12-2019

As at 31-12-2018

 

Deferred tax assets

Deferred tax liabilities

Deferred tax assets

Deferred tax liabilities

Property, plant, and equipment

-6.2

25.8

-5.7

11.6

Intangible fixed assets

-2.2

10.7

-2.8

11.1

Current assets/liabilities

-19.3

0.6

-4.4

2.9

Tax loss carry forward

-4.7

 

-15.3

 

Provisions

-2.5

 

-3.0

 

Financial instruments

 

0.5

  
 

-34.9

37.6

-31.2

25.6

Netting

24.2

-24.2

8.6

-8.6

Total

-10.7

13.4

-22.6

17.0

The short-term part of deferred tax assets, after write-down and netting with the short-term part of deferred tax liabilities, amounts to € 2.6 million (2018: € 6.3 million).

Breakdown of deferred taxes due to tax loss carry forward

 

As at 31-12-2019

As at 31-12-2018

Total tax loss carry forward

155.3

206.0

Tax loss carry forward not qualified as deferred tax asset

-139.0

-146.5

Tax loss carry forward qualified as deferred tax asset

16.3

59.5

Average tax rate

28.8%

25.7%

Deferred tax asset

4.7

15.3

Expiry dates of tax losses carry forward not qualified as deferred tax asset

 

As at 31-12-2019

As at 31-12-2018

Less than 1 year

0.1

 

Within 5 years

0.2

0.3

Between 5 and 10 years

1.7

1.7

10 years or longer

  

No expiry date

137.0

144.5

Tax loss carry forward not qualified as deferred tax asset

139.0

146.5

Breakdown of the tax charge arising from deferred tax assets and liabilities in the income statement by type

 

2019

2018

Property, plant, and equipment

12.9

1.5

Intangible fixed assets

0.7

1.3

Current assets/liabilities

-17.2

-1.7

Tax loss carry forward

9.8

3.0

Provisions

0.5

0.4

Exchange rate differences loans

0.7

-0.6

Financial instruments

-0.8

0.4

Rate changes

 

-0.1

Total

6.6

4.2