22. Deferred tax

Breakdown of deferred tax assets and liabilities

	2024	2023
Deferred tax liabilities	28.3	30.0
Deferred tax assets	-30.9	-30.6
As at 1 January	-2.6	-0.6
Tax charge in income statement	-5.9	-0.1
Translation differences foreign group companies	1.8	-0.9
Other movements	-7.7
Tax charge movements in other comprehensive income	-8.5	-1.0
As at 31 December	-22.9	-2.6

Deferred tax liabilities	16.6	28.3
Deferred tax assets	-39.5	-30.9
As at 31 December	-22.9	-2.6

Breakdown of deferred tax assets and liabilities by type

	As at 31-12-2024		As at 31-12-2023
	Deferred tax assets	Deferred tax liabilities	Deferred tax assets	Deferred tax liabilities
Property, plant, and equipment	-1.8	21.3	-2.2	27.0
Intangible fixed assets	-9.7	7.9	-6.6	13.0
Current assets/liabilities	-14.5	2.2	-17.8	1.0
Tax credits	-9.9
Tax loss carry forward	-17.3		-16.2
Provisions	-1.3	0.2	-1.0	0.2
	-54.5	31.6	-43.8	41.2
Netting	15.0	-15.0	12.9	-12.9
Total	-39.5	16.6	-30.9	28.3

Breakdown of deferred taxes due to tax loss carry forward

	As at 31-12-2024	As at 31-12-2023
Total tax loss carry forward	138.0	173.4
Tax loss carry forward not qualified as deferred tax asset	-80.5	-115.9
Tax loss carry forward qualified as deferred tax asset	57.5	57.5
Average tax rate	30.1%	28.2%
Deferred tax asset	17.3	16.2

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

	As at 31-12-2024	As at 31-12-2023
Less than 1 year
Within 5 years
Between 5 and 10 years
10 years or longer
No expiry date	80.5	115.9
Tax loss carry forward not qualified as deferred tax asset	80.5	115.9

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

	2024	2023
Property, plant, and equipment	-6.2	-3.5
Intangible fixed assets	-7.4	-2.6
Current assets/liabilities	4.8	4.3
Tax loss carry forward	-4.8	-0.3
Provisions	-0.4	1.1
Exchange rate differences loans	8.0	-3.1
Financial instruments	0.5	4.0
Rate changes	-0.4
Total	-5.9	-0.1