Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

Analysis of deferred tax assets and liabilities

As of December 31, 2023, and 2022, the analysis of deferred tax assets and deferred tax liabilities is as follows:

Deferred tax assets	Balance as of December 31,
From	2023		2022
Net operating loss carryforwards (“NOL´s”)		478,179		442,415
Temporary tax non-deductible expenses		158,201		134,328
Derivatives financial instruments		6,855		3,461
Other		20,800		5,895
Total deferred tax assets		664,035		586,099

Deferred tax liabilities	Balance as of December 31,
From	2023		2022
Accelerated tax amortization		589,111		524,363
Other difference between tax and book value of assets		154,875		186,536
Derivatives financial instruments		12,989		19,034
Other		17,353		2,991
Total deferred tax liabilities		774,328		732,924

Consolidated balance sheets classifications

After offsetting deferred tax assets and deferred tax liabilities, where applicable, the resulting net amounts presented on the consolidated balance sheet are as follows:

Consolidated balance sheets classifications	Balance as of December 31,
	2023		2022
Deferred tax assets		160,995		149,656
Deferred tax liabilities		271,288		296,481
Net deferred tax liabilities		110,293		146,825

Movements in deferred tax assets and liabilities

The movements in deferred tax assets and liabilities during the years ended December 31, 2023 and 2022 were as follows:

Deferred tax assets	Amount
As of December 31, 2021		172,268
Increase/(decrease) through the consolidated profit and loss statement		29,197
Increase/(decrease) through other consolidated comprehensive income (equity)		(46,344	)
Currency translation differences and other		(5,465	)
As of December 31, 2022		149,656
Increase/(decrease) through the consolidated profit and loss statement		7,327
Increase/(decrease) through other consolidated comprehensive income (equity)		2,207
Currency translation differences and other		1,805
As of December 31, 2023		160,995

Deferred tax liabilities	Amount
As of December 31, 2021		308,859
Increase/(decrease) through the consolidated profit and loss statement		(19,864	)
Increase/(decrease) through other consolidated comprehensive income (equity)		17,608
Currency translation differences and other		(10,122	)
As of December 31, 2022		296,481
Increase/(decrease) through the consolidated profit and loss statement		(27,055	)
Increase/(decrease) through other consolidated comprehensive income (equity)		(5,830	)
Currency translation differences and other		7,692
As of December 31, 2023		271,288

Income tax expense

Details of income tax for the years ended December 31, 2023, 2022 and 2021 are as follows:

	For the year ended December 31,
	2023			2022			2021
Current tax		(35,172	)		(39,372	)		(51,016	)
Deferred tax		34,382			49,061			14,796
- relating to the origination and reversal of temporary differences		34,382			49,061			14,796
Total income tax (expense)/income		(790	)		9,689			(36,220	)

Effective income tax rate reconciliation

The reconciliation between the theoretical income tax resulting from applying an average statutory tax rate to profit/(loss) before income tax and the actual income tax (expense)/income recognized in the consolidated profit and loss statements for the years ended December 31, 2023, 2022, and 2021, is as follows:

	For the year ended December 31,
	2023			2022			2021
Consolidated profit/(loss) before taxes		37,238			(11,776	)		25,302
Average statutory tax rate		25	%		25	%		25	%
Corporate income tax at average statutory tax rate		(9,310	)		2,944			(6,326	)
Income tax of associates, net		3,302			5,366			3,076
Differences in statutory tax rates		(4,270	)		(4,296	)		(3,359	)
Unrecognized NOLs and deferred tax assets		(11,070	)		(10,944	)		(11,232	)
Permanent differences		17,493			3,957			(4,052	)
Other adjustments to taxable income and expense		3,065			12,662			(14,327	)
Corporate income tax		(790	)		9,689			(36,220	)