21. Deferred tax
Breakdown of deferred tax assets and liabilities
2023 | 2022 | |
Deferred tax liabilities | 30.0 | 25.4 |
Deferred tax assets | -30.6 | -27.3 |
As at 1 January | -0.6 | -1.9 |
Tax charge in income statement | -0.1 | 6.2 |
Translation differences foreign group companies | -0.9 | 0.8 |
Tax charge movements in other comprehensive income | -1.0 | -5.7 |
As at 31 December | -2.6 | -0.6 |
Deferred tax liabilities | 28.3 | 30.0 |
Deferred tax assets | -30.9 | -30.6 |
As at 31 December | -2.6 | -0.6 |
Breakdown of deferred tax assets and liabilities by type
As at 31-12-2023 | As at 31-12-2022 | |||
Deferred tax assets | Deferred tax liabilities | Deferred tax assets | Deferred tax liabilities | |
Property, plant, and equipment | -2.2 | 27.0 | -2.0 | 30.7 |
Intangible fixed assets | -6.6 | 13.0 | -5.9 | 15.1 |
Current assets/liabilities | -17.8 | 1.0 | -23.6 | 2.0 |
Tax loss carry forward | -16.2 | -15.0 | ||
Provisions | -1.0 | 0.2 | -2.6 | 0.7 |
-43.8 | 41.2 | -49.1 | 48.5 | |
Netting | 12.9 | -12.9 | 18.5 | -18.5 |
Total | -30.9 | 28.3 | -30.6 | 30.0 |
The short-term part of deferred tax assets, after write-down and netting with the short-term part of deferred tax liabilities, amounts to € 4.8 million (2022: € 5.9 million).
Breakdown of deferred taxes due to tax loss carry forward
As at 31-12-2023 | As at 31-12-2022 | |
Total tax loss carry forward | 173.4 | 167.5 |
Tax loss carry forward not qualified as deferred tax asset | -115.9 | -113.3 |
Tax loss carry forward qualified as deferred tax asset | 57.5 | 54.2 |
Average tax rate | 28.2% | 27.7% |
Deferred tax asset | 16.2 | 15.0 |
Expiry dates of tax losses carry forward not qualified as deferred tax asset
As at 31-12-2023 | As at 31-12-2022 | |
Less than 1 year | ||
Within 5 years | ||
Between 5 and 10 years | ||
10 years or longer | ||
No expiry date | 115.9 | 113.3 |
Tax loss carry forward not qualified as deferred tax asset | 115.9 | 113.3 |
Breakdown of the tax charge arising from deferred tax assets and liabilities in the income statement by type
2023 | 2022 | |
Property, plant, and equipment | -3.5 | 1.7 |
Intangible fixed assets | -2.6 | 1.0 |
Current assets/liabilities | 4.3 | -3.8 |
Tax loss carry forward | -0.3 | 3.3 |
Provisions | 1.1 | 1.0 |
Exchange rate differences loans | -3.1 | 3.9 |
Financial instruments | 4.0 | -0.9 |
Total | -0.1 | 6.2 |