Deferred tax assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Deferred tax assets and liabilities at 31 December 2018 and 2017 are attributable to the following:


	Assets						Liabilities						Net
	2018			2017			2018			2017			2018			2017
Property, plant and equipment and intangible assets (*)		106,128			41,903			(936,167	)		(680,134	)		(830,039	)		(638,231	)
Investment		32,926			32,926			—			—			32,926			32,926
Derivative instruments		15,380			1,492			(429,162	)		(182,806	)		(413,782	)		(181,314	)
Reserve for employee termination benefits and provisions		155,132			202,112			(45,581	)		(64	)		109,551			202,048
Asset classified as held for sale		—			—			—			(92,327	)		—			(92,327	)
Tax losses carried forward		224,179			—			—			—			224,179			—
Tax allowances		20,554			10,775			—			—			20,554			10,775
Other assets and liabilities (**)		248,251			545,968			(101,268	)		(434,907	)		146,983			111,061

Deferred tax assets/(liabilities)		802,550			835,176			(1,512,178	)		(1,390,238	)		(709,628	)		(555,062	)

Offsetting		(649,818	)		(739,116	)		649,818			739,116			—			—

Net deferred tax assets/ (liabilities)		152,732			96,060			(862,360	)		(651,122	)		(709,628	)		(555,062	)

(*)	The impact of adoption of IFRS 15, “Revenue from contracts with customers” is accounted under Property, plant and equipment and intangible assets (Not 2)

(**)	Mainly comprises of loans and bonds’ deferred tax assets.

Movement in deferred tax assets/ (liabilities) for the years ended 31 December 2018 and 2017 were as follows:


	2018			2017
Opening balance		(555,062	)		(406,905	)
IFRS 9 and 15 effects		(141,213	)		—
Income statement charge		159,472			(133,791	)
Tax charge relating to components of other comprehensive income		(157,203	)		(6,449	)
Prior year corporate tax base differences		(8,608	)		(2,729	)
Exchange differences		(7,014	)		(5,188	)

Closing balance, net		(709,628	)		(555,062	)

Unused tax losses will expire at the following dates: