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Deferred income tax assets and liabilities, net (Tables)

12 Months Ended

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	)