Deferred tax assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Deferred tax assets and liabilities at 31 December 2019 and 2018 are attributable to the following:


	Assets						Liabilities						Net
	2019			2018			2019			2018			2019			2018
Property, plant and equipment and intangible assets		145,242			106,128			(1,915,567	)		(936,167	)		(1,770,325	)		(830,039	)
Investment		32,926			32,926			—			—			32,926			32,926
Derivative instruments		24,303			15,380			(349,797	)		(429,162	)		(325,494	)		(413,782	)
Reserve for employee termination benefits and provisions		167,589			155,132			(36,289	)		(45,581	)		131,300			109,551
Tax losses carried forward		258,040			224,179			—			—			258,040			224,179
Tax allowances		59,176			20,554			—			—			59,176			20,554
Other assets and liabilities (*)		668,327			248,251			(30,238	)		(101,268	)		638,089			146,983

Deferred tax assets/(liabilities)		1,355,603			802,550			(2,331,891	)		(1,512,178	)		(976,288	)		(709,628	)

Offsetting		(1,166,261	)		(649,818	)		1,166,261			649,818			—			—

Net deferred tax assets/(liabilities)		189,342			152,732			(1,165,630	)		(862,360	)		(976,288	)		(709,628	)

(*)

Mainly comprises of loans, bonds, prepaid expenses and lease liabilities deferred tax assets.

Movement in deferred tax assets/ (liabilities) for the years ended 31 December 2019 and 2018 were as follows:


	2019			2018
Opening balance		(709,628	)		(555,062	)
IFRS 9 and 15 effects		—			(141,213	)
Income statement charge		(215,121	)		159,472
Tax charge relating to components of other comprehensive income		(48,723	)		(157,203	)
Prior year corporate tax base differences		—			(8,608	)
Exchange differences		(2,816	)		(7,014	)

Closing balance, net		(976,288	)		(709,628	)

Unused tax losses will expire at the following dates: