13.13.2. DEFERRED TAX
Deferredtax
|
|
31/12/2019 |
Deferred tax recognised in profit or loss |
Deferred tax recognised in other comprehensive income |
Exchange differences on translating foreign operations |
Acquisition of subsidiaries |
31/12/2020 |
|
Deferred tax assets |
||||||
|
Impairment allowances |
189 |
17 |
- |
6 |
160 |
372 |
|
Provisions and accruals |
332 |
14 |
13 |
8 |
279 |
646 |
|
Tax losses |
325 |
390 |
- |
15 |
26 |
756 |
|
Valuation of derivative financial instruments |
10 |
(15) |
20 |
(2) |
35 |
48 |
|
Lease liabilities |
785 |
51 |
- |
25 |
130 |
991 |
|
Other |
275 |
86 |
- |
(9) |
167 |
519 |
|
|
1,916 |
543 |
33 |
43 |
797 |
3,332 |
|
Deferred tax liabilities |
||||||
|
Temporary differences related to non-current assets |
2,975 |
44 |
- |
48 |
1,041 |
4,108 |
|
Unrealized foreign exchange differences |
149 |
(73) |
- |
17 |
154 |
247 |
|
Valuation of derivative financial instruments |
107 |
50 |
(56) |
3 |
1 |
105 |
|
Other |
108 |
14 |
(1) |
(2) |
65 |
184 |
|
|
3,339 |
35 |
(57) |
66 |
1,261 |
4,344 |
|
|
(1,423) |
508 |
90 |
(23) |
(464) |
(1,312) |
|
|
31/12/2018 |
Impact of IFRS 16 adoption |
Deferred tax recognised in profit or loss |
Deferred tax recognised in other comprehensive income |
31/12/2019 |
|
Deferred tax assets |
|||||
|
Impairment allowances |
123 |
- |
66 |
- |
189 |
|
Provisions and accruals |
378 |
- |
(50) |
4 |
332 |
|
Tax losses |
354 |
- |
(29) |
- |
325 |
|
Valuation of derivative financial instruments |
26 |
- |
(16) |
- |
10 |
|
Lease liabilities |
- |
732 |
53 |
- |
785 |
|
Other |
109 |
(39) |
203 |
2 |
275 |
|
|
990 |
693 |
227 |
6 |
1,916 |
|
Deferred tax liabilities |
|||||
|
Temporary differences related to non-current assets |
2,092 |
693 |
190 |
- |
2,975 |
|
Unrealized foreign exchange differences |
70 |
- |
79 |
- |
149 |
|
Valuation of derivative financial instruments |
97 |
- |
10 |
- |
107 |
|
Other |
106 |
- |
2 |
- |
108 |
|
|
2,365 |
693 |
281 |
- |
3,339 |
|
|
(1,375) |
- |
(54) |
6 |
(1,423) |
As at 31 December 2020 deferred tax assets and liabilities amounted to PLN 687 million and PLN 1,999 million, respectively.
The line Acquisition of subsidiaries relates mainly to the acquisition of the ENERGA Group: as at the acquisition date, deferred tax assets and liabilities amounted to PLN 786 million and PLN 1,259 million, respectively.
After compensation of the assets and liabilities at the level of individual financial statements of the ENERGA Group companies, deferred tax assets and liabilities as at the acquisition date amounted to PLN 388 million and PLN 861 million, respectively.
ENERGA Tax Group
On 25 September 2017, ENERGA together with its related parties: Energa-Operator SA, Energa-Obrót SA, Energa OZE SA, Energa Informatyka i Technologie Sp. z o.o., Energa Centrum Usług Wspólnych Sp. z o.o., Energa Logistyka Sp. z o.o., Energa Oświetlenie Sp. z o.o., Enspirion Sp. z o.o. and five other companies executed an agreement establishing a tax group under the name of PGK Energa 2018. The agreement was registered by the Head of the Pomorski Tax Authority on 26 October 2017. Energa SA was selected as the company representing the 2018 ENERGA Tax Group in respect to the duties arising from the Corporate Income Tax Act and the Tax Ordinance Act.
2018 ENERGA Tax Group launched its activity on 1 January 2018. The agreement was concluded for 3 fiscal years, that is until 31 December 2020. ENERGA Tax Group charged income tax on the total income generated from two sources of revenue, namely income on capital gains and income on other revenue. The surplus of total income generated by all companies making up ENERGA Tax Group from a given source of revenue over their total losses incurred on this source of revenue constitutes the income on the source of revenue.
On 9 November 2020, a new agreement under the name of PGK ENERGA 2021 was executed. The agreement was signed for a term of three years from 1 January 2021 until 31 December 2023. The following companies make up the new PGK tax group: ENERGA, Energa-Operator SA, Energa-Obrót SA, Energa OZE SA, Energa Informatyka i Technologie Sp. z o.o., Energa Logistyka Sp. z o.o. and Energa Oświetlenie Sp. z o.o.
