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Tax matters (Tables) | 12 Months Ended
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Dec. 31, 2018
Tax matters |
Schedule of income taxes |
|  | 2018 |  | 2017 |  | 2016
|  | US$'000 |  | US$'000 |  | US$'000
Consolidated income statement |  |  |  |  |  |
Current income tax |  |  |  |  |  |
Current income tax charge/(credit) |  | 22,795 |  | 30,491 |  | (14,885)
Adjustments in current income tax in respect of prior years |  | (865) |  | 753 |  | 1,220
Total |  | 21,930 |  | 31,244 |  | (13,665)
Deferred tax |  |  |  |  |  |
Origination and reversal of temporary differences |  | 2,500 |  | (14,857) |  | (33,030)
Impact of tax rate changes |  | 98 |  | (31,688) |  | —
Adjustments in deferred tax in respect of prior years |  | (293) |  | 480 |  | —
Total |  | 2,305 |  | (46,065) |  | (33,030)
Income tax expense (benefit) |  | 24,235 |  | (14,821) |  | (46,695)
Schedule of statutory income tax rate |
|  | 2018 |  | 2017 |  | 2016
|  | US$'000 |  | US$'000 |  | US$'000
Accounting profit/(loss) before income tax |  | 48,808 |  | (20,643) |  | (405,308)
At weighted effective tax rate of 36% (2017: 31% and 2016: 31%) |  | 17,409 |  | (6,399) |  | (125,645)
Non-taxable income/(expenses) |  | (14,856) |  | 96 |  | —
Non-deductible expenses |  | 25,079 |  | 18,278 |  | 81,648
Movements in unprovided deferred tax |  | 7,620 |  | 7,138 |  | 15,326
US Tax Reform - federal tax rate change |  | — |  | (31,257) |  | —
Differing territorial tax rates |  | (2,262) |  | 2 |  | (22,949)
Adjustments in respect of prior periods |  | (1,038) |  | 1,233 |  | —
Other items |  | (4,936) |  | (845) |  | 890
Elimination of effect of interest in joint ventures |  | 1,079 |  | 1,458 |  | —
Other permanent differences |  | 1,242 |  | (1,685) |  | 5,196
Incentives and deductions |  | (6,944) |  | (3,188) |  | (1,161)
US State taxes |  | 1,235 |  | 348 |  | —
Taxable capital gains |  | 607 |  | — |  | —
Income tax (expense)/benefit |  | 24,235 |  | (14,821) |  | (46,695)
Schedule of current tax assets and liabilities |
|  | 2018 |  | 2017
|  | US$'000 |  | US$'000
Current tax assets |  |  |  |
Income tax receivable |  | 27,404 |  | 17,158
Current tax liabilities |  |  |  |
Income tax payable |  | 2,335 |  | 7,419
Net tax assets |  | 25,069 |  | 9,739
Schedule of changes in deferred tax assets and liabilities | Deferred tax assets and liabilities For the year ended December 31, 2018:
|  | Opening |  | Prior Year |  | Recognised in |  | Recognised in |  | Acquisitions/ |  | Exchange |  | Closing
|  | Balance |  | Charge |  | P&L |  | Equity/ OCI |  | Disposals |  | Differences |  | Balance
|  | US$'000 |  | US$'000 |  | US$'000 |  | US$'000 |  | US$'000 |  | US$'000 |  | US$'000
Intangible assets |  | (2,442) |  | 1,787 |  | 236 |  | — |  | — |  | — |  | (419)
Biological assets |  | (5,521) |  | — |  | 2,233 |  | — |  | — |  | 448 |  | (2,840)
Provisions |  | 25,534 |  | (3,388) |  | (1,353) |  | 93 |  | 210 |  | (1,146) |  | 19,950
Property, plant & equipment |  | (79,758) |  | (3,409) |  | 3,562 |  | — |  | (1,682) |  | 3,002 |  | (78,285)
Inventories |  | (243) |  | (3) |  | (2,673) |  | 256 |  | 42 |  | (12) |  | (2,633)
Hedging Instruments |  | 1,239 |  | 15 |  | 7 |  | (197) |  | — |  | (54) |  | 1,010
Tax losses, incentives & credits |  | 20,723 |  | 343 |  | (7,249) |  | (489) |  | 1,179 |  | (877) |  | 13,630
Partnership interest |  | (13,373) |  | (349) |  | 1,197 |  | — |  | — |  | — |  | (12,525)
Other |  | (6,028) |  | 4,514 |  | 770 |  | — |  | — |  | 66 |  | (678)
Total |  | (59,869) |  | (490) |  | (3,270) |  | (337) |  | (251) |  | 1,427 |  | (62,790)
Presented in the statement of financial position as follows:
|  | 2018 |  | 2017
|  | US$'000 |  | US$'000
Deferred tax assets |  | 14,589 |  | 5,273
Deferred tax liabilities |  | 77,379 |  | 65,142
Net Total Deferred Tax Asset / (Liability) |  | (62,790) |  | (59,869)
Schedule of unrecognised deductible temporary differences, unused tax losses and unused tax credits |
|  | 2018 |  | 2017
|  | US$'000 |  | US$'000
Unused tax losses |  | 396,119 |  | 391,997
Unused tax credits |  | 7,963 |  | 8,028
Unrecognised deductible temporary differences |  | 79,377 |  | 65,638
Total |  | 483,459 |  | 465,663

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References No definition available. + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References No definition available. + Details
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- Definition Tabular disclosure of the components of net current tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all current tax liabilities, the total of all current tax assets, the total valuation allowance recognized for current tax assets. + References No definition available. + Details
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- Definition The disclosure of types of temporary differences, unused tax losses and unused tax credits. [Refer: Unused tax credits [member]; Unused tax losses [member]; Temporary differences [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 12 -IssueDate 2018-01-01 -Paragraph 81 -Subparagraph g -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=12&date=2018-03-01&anchor=para_81_g&doctype=Standard -URIDate 2018-03-16 + Details
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