Income Tax (Tables)

12 Months Ended

Dec. 31, 2017

Analysis of deferred tax assets and liabilities

As of December 31, 2017, and 2016, the analysis of deferred tax assets and deferred tax liabilities is as follows:

Deferred tax assets	Balance as of December 31,
Concept	2017		2016
Net tax credits for operating losses carryforwards		71,219		102,804
Temporary differences derivatives financial instruments		93,719		99,930
Other temporary differences		198		157
Total deferred tax assets		165,136		202,891

Deferred tax liabilities	Balance as of December 31,
Concept	2017		2016
Temporary differences tax/book amortization		113,432		28,810
Other temporary differences tax/book value of contracted concessional assets		66,247		61,818
Other temporary differences		6,904		4,409
Total deferred tax liabilities		186,583		95,037

Movements in deferred tax assets and liabilities

The movements in deferred tax assets and liabilities during the years ended December 31, 2017 and 2016 were as follows:

Deferred tax assets	Amount
As of January 1, 2016		191,314
Increase/decrease through the consolidated income statement		16,033
Increase/decrease through other consolidated comprehensive income (equity)		(5,701	)
Other movements		1,245
As of December 31, 2016		202,891

Increase/decrease through the consolidated income statement		(31,421	)
Increase/decrease through other consolidated comprehensive income (equity)		(13,312	)
Other movements		6,978
As of December 31, 2017		165,136

Deferred tax liabilities	Amount
As of January 1, 2016		79,654
Increase/decrease through the consolidated income statement		16,681
Increase/decrease through other consolidated comprehensive income (equity)		(62	)
Other movements		(1,236	)
As of December 31, 2016		95,037

Increase/decrease through the consolidated income statement		86,418
Increase/decrease through other consolidated comprehensive income (equity)		-
Other movements		5,128
As of December 31, 2017		186,583

Income tax benefit/(expense)

Details for income tax for the years ended December 31, 2017, 2016 and 2015 are as follows:

	For the twelve-month period ended December 31,
Item	2017			2016			2015
Current tax		(1,998	)		(1,018	)		(2,182	)
Deferred tax		(117,839	)		(648	)		(21,608	)
- relating to the origination and reversal of temporary differences		(98,508	)		(648	)		(22,492	⁾
- relating to changes in tax rates		(19,331	)		-			884
Total income tax benefit/(expense)		(119,837	)		(1,666	)		(23,790	)

Effective income tax rate reconciliation

The reconciliation between the theoretical income tax resulting from applying an average statutory tax rate to income/(loss) before income tax and the actual income tax expense recognized in the consolidated income statements for the years ended December 31, 2017, 2016 and 2015, are as follows:

	For the year ended December 31,
Concept	2017			2016			2015
Consolidated income / (loss) before taxes		14,950			3,333			(174,396	)
Average statutory tax rate		30	%		30	%		30	%
Corporate income tax at average statutory tax rate		(4,485	)		(1,000	)		52,319
Income tax of associates, net		1,765			2,110			2,341
Differences in foreign tax rates		3,304			(4,930	)		(2,389	)
Permanent differences		19,324			11,121			(19,456	)
Incentives, deductions, and unrecognized tax losses carryforwards		(20,994	)		(11,110	)		(58,039	)
Change in corporate income tax		(19,331	)		-			884
U.S. Internal Revenue Code Section 382		(96,328	)		-			-
Other non-taxable income/(expense)		(3,092	)		2,143			550
Corporate income tax		(119,837	)		(1,666	)		(23,790	)