22. Deferred tax
Breakdown of deferred tax assets and liabilities
2022 | 2021 | |
Deferred tax liabilities | 25.4 | 15.3 |
Deferred tax assets | -27.3 | -13.1 |
As at 1 January | -1.9 | 2.2 |
Tax charge in income statement | 6.2 | -1.8 |
Translation differences foreign group companies | 0.8 | 1.3 |
Tax charge movements in equity | -5.7 | -3.6 |
As at 31 December | -0.6 | -1.9 |
Deferred tax liabilities | 30.0 | 25.4 |
Deferred tax assets | -30.6 | -27.3 |
As at 31 December | -0.6 | -1.9 |
Breakdown of deferred tax assets and liabilities by type
As at 31-12-2022 | As at 31-12-2021 | |||
Deferred tax assets | Deferred tax liabilities | Deferred tax assets | Deferred tax liabilities | |
Property, plant, and equipment | -2.0 | 30.7 | -1.3 | 26.6 |
Intangible fixed assets | -5.9 | 15.1 | -5.8 | 13.4 |
Current assets/liabilities | -23.6 | 2.0 | -19.2 | 2.2 |
Tax loss carry forward | -15.0 | -17.7 | ||
Provisions | -2.6 | 0.7 | -2.8 | |
Financial instruments | 2.7 | |||
-49.1 | 48.5 | -46.8 | 44.9 | |
Netting | 18.5 | -18.5 | 19.5 | -19.5 |
Total | -30.6 | 30.0 | -27.3 | 25.4 |
The short-term part of deferred tax assets, after write-down and netting with the short-term part of deferred tax liabilities, amounts to € 5.9 million (2021: € 5.3 million).
Breakdown of deferred taxes due to tax loss carry forward
As at 31-12-2022 | As at 31-12-2021 | |
Total tax loss carry forward | 167.5 | 168.2 |
Tax loss carry forward not qualified as deferred tax asset | -113.3 | -103.0 |
Tax loss carry forward qualified as deferred tax asset | 54.2 | 65.2 |
Average tax rate | 27.7% | 27.1% |
Deferred tax asset | 15.0 | 17.7 |
Expiry dates of tax losses carry forward not qualified as deferred tax asset
As at 31-12-2022 | As at 31-12-2021 | |
Less than 1 year | ||
Within 5 years | ||
Between 5 and 10 years | ||
10 years or longer | ||
No expiry date | 113.3 | 103.0 |
Tax loss carry forward not qualified as deferred tax asset | 113.3 | 103.0 |
Breakdown of the tax charge arising from deferred tax assets and liabilities in the income statement by type
2022 | 2021 | |
Property, plant, and equipment | 1.7 | 8.0 |
Intangible fixed assets | 1.0 | -3.2 |
Current assets/liabilities | -3.8 | 1.7 |
Tax loss carry forward | 3.3 | -13.0 |
Provisions | 1.0 | 0.1 |
Exchange rate differences loans | 3.9 | 4.5 |
Financial instruments | -0.9 | 0.6 |
Rate changes | -0.5 | |
Total | 6.2 | -1.8 |