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Tax matters (Tables)

12 Months Ended

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.

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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.

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The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets]

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