22. Deferred tax
Breakdown of deferred tax assets and liabilities
2021 | 2020 | |
Deferred tax liabilities | 15.3 | 13.4 |
Deferred tax assets | -13.1 | -10.7 |
As at 1 January | 2.2 | 2.7 |
Tax charge in income statement | -1.8 | -2.0 |
Translation differences foreign group companies | 1.3 | -1.1 |
Tax charge movements in equity | -3.6 | 2.6 |
As at 31 December | -1.9 | 2.2 |
Deferred tax liabilities | 25.4 | 15.3 |
Deferred tax assets | -27.3 | -13.1 |
As at 31 December | -1.9 | 2.2 |
Breakdown of deferred tax assets and liabilities by type
As at 31-12-2021 | As at 31-12-2020 | |||
Deferred tax assets | Deferred tax liabilities | Deferred tax assets | Deferred tax liabilities | |
Property, plant, and equipment | -1.3 | 26.6 | -6.4 | 21.7 |
Intangible fixed assets | -5.8 | 13.4 | -1.3 | 11.7 |
Current assets/liabilities | -19.2 | 2.2 | -17.9 | 0.5 |
Tax loss carry forward | -17.7 | -4.4 | ||
Provisions | -2.8 | -2.8 | ||
Financial instruments | 2.7 | 1.1 | ||
-46.8 | 44.9 | -32.8 | 35.0 | |
Netting | 19.5 | -19.5 | 19.7 | -19.7 |
Total | -27.3 | 25.4 | -13.1 | 15.3 |
The short-term part of deferred tax assets, after write-down and netting with the short-term part of deferred tax liabilities, amounts to € 5.3 million (2020: € 8.3 million).
Breakdown of deferred taxes due to tax loss carry forward
As at 31-12-2021 | As at 31-12-2020 | |
Total tax loss carry forward | 168.2 | 120.3 |
Tax loss carry forward not qualified as deferred tax asset | -103.0 | -105.6 |
Tax loss carry forward qualified as deferred tax asset | 65.2 | 14.7 |
Average tax rate | 27.1% | 29.6% |
Deferred tax asset | 17.7 | 4.4 |
Expiry dates of tax losses carry forward not qualified as deferred tax asset
As at 31-12-2021 | As at 31-12-2020 | |
Less than 1 year | 0.2 | |
Within 5 years | ||
Between 5 and 10 years | ||
10 years or longer | ||
No expiry date | 103.0 | 105.4 |
Tax loss carry forward not qualified as deferred tax asset | 103.0 | 105.6 |
Breakdown of the tax charge arising from deferred tax assets and liabilities in the income statement by type
2021 | 2020 | |
Property, plant, and equipment | 8.0 | -1.3 |
Intangible fixed assets | -3.2 | 1.7 |
Current assets/liabilities | 1.7 | 0.1 |
Tax loss carry forward | -13.0 | 0.3 |
Provisions | 0.1 | -1.1 |
Exchange rate differences loans | 4.5 | -1.3 |
Financial instruments | 0.6 | -0.7 |
Rate changes | -0.5 | 0.3 |
Total | -1.8 | -2.0 |