Deferred income tax

12 Months Ended

Dec. 31, 2024

Deferred income tax

Deferred income tax

Note 17     Deferred income tax

The gross movement on the deferred income tax account is as follows:

Amounts in US$ ‘000	2024	2023
Deferred income tax as of January 1	(48,143)	(51,180)
Currency translation differences	(519)	107
Income tax expense relating to cash flow hedges recognized in OCI	932	(1,369)
Income statement benefit (charge)	(37,752)	4,299
Deferred income tax as of December 31	(85,482)	(48,143)

The breakdown and movement of deferred income tax assets and liabilities as of December 31, 2024, and 2023, are as follows:

	At the		Currency
	beginning	Charged to	translation		At the end
Amounts in US$ ‘000	of year	net profit	differences	Reclassification	of year
Deferred income tax assets
Difference in depreciation rates and other	13,006	(14,851)	117	—	(1,728)
Tax losses	2,914	782	(636)	—	3,060
Total 2024	15,920	(14,069)	(519)	—	1,332
Total 2023	18,943	(2,574)	107	(556)	15,920

			Income tax expense
	At the beginning	Charged to	relating to		At the end
Amounts in US$ ‘000	of year	net profit	cash flow hedges	Reclassification	of year
Deferred income tax liabilities
Difference in depreciation rates and other	(64,063)	(23,683)	932	—	(86,814)
Total 2024	(64,063)	(23,683)	932	—	(86,814)
Total 2023	(70,123)	6,873	(1,369)	556	(64,063)