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Deferred income tax assets and liabilities, net (Tables) | 12 Months Ended
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Dec. 31, 2017
Deferred Income Tax Assets And Liabilities Net Details 2 |
Schedule of deferred income tax assets and liabilities | This caption is made up as follows:
|  | As of January 01, 2016 |  |  | Effect on profit or loss |  |  | Effect on OCI |  |  | Discontinued operations |  |  | As of December 31, 2016 |  |  | Effect on profit or loss |  |  | Effect on OCI |  |  | Discontinued operations |  |  | As of December 31, 2017 |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Movement of deferred income tax assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for vacations |  | 355 |  |  | (116 | ) |  | — |  |  | (167 | ) |  | 72 |  |  | 16 |  |  | — |  |  | — |  |  | 88 |
Effect of differences between book and tax bases of fixed assets and in the depreciation rates used for book purposes |  | (467 | ) |  | 14 |  |  | — |  |  | 455 |  |  | 2 |  |  | 34 |  |  | — |  |  | — |  |  | 36 |
Other |  | 62 |  |  | 10 |  |  | — |  |  | (36 | ) |  | 36 |  |  | (18 | ) |  | — |  |  | — |  |  | 18 |
Tax-loss carry forward |  | 21,127 |  |  | 301 |  |  | — |  |  | (16,475 | ) |  | 4,953 |  |  | (4,953 | ) |  | — |  |  | — |  |  | — |
Pre-operating costs |  | — |  |  | 1,287 |  |  | — |  |  | — |  |  | 1,287 |  |  | (1,287 | ) |  | — |  |  | — |  |  | — |
Total deferred income tax assets |  | 21,077 |  |  | 1,496 |  |  | — |  |  | (16,223 | ) |  | 6,350 |  |  | (6,208 | ) |  | — |  |  | — |  |  | 142 |
Movement of deferred income tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairment of zinc mining assets |  | 24,986 |  |  | 3,332 |  |  | — |  |  | — |  |  | 28,318 |  |  | — |  |  | — |  |  | — |  |  | 28,318 |
Impairment on brine project assets, note 1.2 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,087 |  |  | — |  |  | — |  |  | 17,087 |
Long-term incentive plan |  | 10,334 |  |  | (196 | ) |  | — |  |  | — |  |  | 10,138 |  |  | (1,194 | ) |  | — |  |  | — |  |  | 8,944 |
Provision for vacations |  | 4,051 |  |  | (382 | ) |  | — |  |  | — |  |  | 3,669 |  |  | 157 |  |  | — |  |  | — |  |  | 3,826 |
Available-for-sale financial investment from spin-off, note 1.1 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,253 |  |  | 2,253 |
Discounts on trade receivables |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,093 |  |  | — |  |  | — |  |  | 1,093 |
Other |  | 5,795 |  |  | (2,016 | ) |  | — |  |  | — |  |  | 3,779 |  |  | 1,849 |  |  | — |  |  | — |  |  | 5,628 |
|  | 45,166 |  |  | 738 |  |  | — |  |  | — |  |  | 45,904 |  |  | 18,992 |  |  | — |  |  | 2,253 |  |  | 67,149 |
Deferred income tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of differences between book and tax bases of fixed assets and in the depreciation rates used for book purposes |  | (124,157 | ) |  | (33,479 | ) |  | — |  |  | — |  |  | (157,636 | ) |  | (11,332 | ) |  | — |  |  | — |  |  | (168,968 | )
Effect of costs of issuance of senior notes |  | (3,218 | ) |  | 312 |  |  | — |  |  | — |  |  | (2,906 | ) |  | 484 |  |  | — |  |  | — |  |  | (2,422 | )
Net gain on cash flow hedge |  | (32,439 | ) |  | 711 |  |  | 11,104 |  |  | — |  |  | (20,624 | ) |  | 9,203 |  |  | 11,277 |  |  | — |  |  | (144 | )
Effect of available-for-sale investments disposed, note 9 |  | 3 |  |  | — |  |  | (65 | ) |  | — |  |  | (62 | ) |  | — |  |  | 62 |  |  | — |  |  | — |
Other |  | (4,424 | ) |  | (4 | ) |  | — |  |  | — |  |  | (4,428 | ) |  | (10 | ) |  | — |  |  | — |  |  | (4,438 | )
|  | (164,235 | ) |  | (32,460 | ) |  | 11,039 |  |  | — |  |  | (185,656 | ) |  | (1,655 | ) |  | 11,339 |  |  | — |  |  | (175,972 | )
Total deferred income tax liabilities, net |  | (119,069 | ) |  | (31,722 | ) |  | 11,039 |  |  | — |  |  | (139,752 | ) |  | 17,337 |  |  | 11,339 |  |  | 2,253 |  |  | (108,823 | )
|  |  |  |  | (30,226 | ) |  | 11,039 |  |  | (16,223 | ) |  |  |  |  | 11,129 |  |  | 11,339 |  |  | 2,253 |  |  |  |
Schedule of reconciliation between tax expenses and the product | A reconciliation between tax expenses and the product of the accounting profit multiplied by Peruvian tax rate for the years 2017, 2016 and 2015 is as follows:
|  | 2017 |  |  | 2016 |  |  | 2015 |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Profit before income tax from continuing operations |  |  | 128,417 |  |  |  | 198,110 |  |  |  | 306,770 |
Loss before income tax from discontinued operations |  |  | (1,305 | ) |  |  | (12,988 | ) |  |  | (8,861 | )
Accounting profit before income tax |  |  | 127,112 |  |  |  | 185,122 |  |  |  | 297,909 |
At statutory income tax rate of 29.5% (2016: 28%, 2015:28%) |  |  | (37,498 | ) |  |  | (51,834 | ) |  |  | (83,415 | )
Differences |  |  |  |  |  |  |  |  |  |  |  |
Non-deductible expenses, net |  |  | (8,776 | ) |  |  | (5,592 | ) |  |  | (5,274 | )
Effect of tax-loss carry forward non-recognized |  |  | (246 | ) |  |  | (171 | ) |  |  | (233 | )
Dividends obtained from available-for-sale investments |  |  | 39 |  |  |  | 8 |  |  |  | 34 |
Effect of the change in income tax-rate |  |  | — |  |  |  | (14,639 | ) |  |  | 2,646 |
At the effective income tax rate of 37% in 2017 (2016: 39% and 2015: 29%) |  |  | (46,481 | ) |  |  | (72,228 | ) |  |  | (86,242 | )
Income tax from continuing operations |  |  | (47,032 | ) |  |  | (78,627 | ) |  |  | (89,383 | )
Income tax from discontinued operations |  |  | 551 |  |  |  | 6,399 |  |  |  | 3,141 |
|  |  | (46,481 | ) |  |  | (72,228 | ) |  |  | (86,242 | )
Schedule of income tax expenses | The income tax expenses shown for the years ended December 31, 2017, 2016 and 2015 are:
|  | 2017 |  |  | 2016 |  |  | 2015 |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Consolidated statements of profit or loss |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | (58,161 | ) |  |  | (48,401 | ) |  |  | (61,007 | )
Deferred |  |  | 11,129 |  |  |  | (30,226 | ) |  |  | (28,376 | )
|  |  | (47,032 | ) |  |  | (78,627 | ) |  |  | (89,383 | )
Schedule of composition of deferred tax | Following is the composition of deferred income tax related to items recognized in OCI and equity during the year:
|  | 2017 |  |  | 2016 |  |  | 2015 |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Tax effect on unrealized gain (loss) on available-for-sale financial asset |  |  | 61 |  |  |  | (57 | ) |  |  | 79 |
Tax effect on unrealized gain (loss) on derivative financial asset |  |  | 11,278 |  |  |  | 10,272 |  |  |  | (4,098 | )
Effect of the change in income tax-rate |  |  | — |  |  |  | 824 |  |  |  | — |
Total deferred income tax in OCI |  |  | 11,339 |  |  |  | 11,039 |  |  |  | (4,019 | )
Temporary difference on purchase of treasury shares |  |  | — |  |  |  | — |  |  |  | (30 | )
Temporary difference on available for sale financial investments from spin-off, note 1.1 |  |  | 2,253 |  |  |  | — |  |  |  | — |
Total deferred income tax in equity |  |  | 2,253 |  |  |  | — |  |  |  | (30 | )

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