- JSW GROUP
- Our surrounding
- Strategy
- Activities in 2018
- Innovations
- Management rules
- Risks
- Outlook
Deferred tax assets and liabilities are offset at the level of financial statements of individual Group companies and therefore the following amounts are shown in the consolidated financial statements:
31.12.2018
31.12.2017
Deferred tax assets
– to be realized after the period of 12 months
672.2
751.9
– to be realized within the period of 12 months
214.3
270.6
TOTAL
886.5
1,022.5
Deferred tax liabilities
– to be realized after the period of 12 months
224.7
214.4
– to be realized within the period of 12 months
7.9
6.2
TOTAL
232.6
220.6
DEFERRED TAX ASSETS
669.5
814.3
DEFERRED TAX LIABILITIES
15.6
12.4
Change in deferred tax is as follows:
– AS AT 1 JANUARY – AS AT 31 DECEMBER
2018
2017
Surplus of deferred tax assets over deferred tax liabilities
801.9
1,150.0
Impact of implementing IFRS 9 as of 1 January 2018
0.4
–
Recognized / (charged) to net profit
(158.4)
(346.1)
Increase/(decrease) of other comprehensive income
10.0
(2.0)
Surplus of deferred tax assets over deferred tax liabilities
653.9
801.9
Deferred tax assets
669.5
814.3
Deferred tax liabilities
15.6
12.4
Change in deferred tax asset and liabilities before offsetting
DEFERRED TAX ASSETS
Employee benefit liabilities
Provisions
Unpaid salaries
and other benefitsTax loss
Valuation of property, plant and equipment
Other
Total
BALANCE AS AT 1 JANUARY 2017
169.5
496.9
36.6
140.8
436.7
128.4
1,408.9
(Charged)/credited to net profit
(33.4)
(261.3)
(17.0)
(88.2)
11.4
4.1
(384.4)
Increase/(decrease) of other comprehensive income
1.8
–
–
–
–
(3.8)
(2.0)
BALANCE AS AT 31 DECEMBER 2017
137.9
235.6
19.6
52.6
448.1
128.7
1,022.5
Impact of implementing IFRS 9 as of 1 January 2018
–
–
–
–
–
0.4
0.4
(Charged)/credited to net profit
22.7
(87.7)
3.3
(49.8)
(11.2)
(23.7)
(146.4)
Increase/(decrease) of other comprehensive income
13.4
–
–
–
–
(3.4)
10.0
BALANCE AS AT 31 DECEMBER 2018
174.0
147.9
22.9
2.8
436.9
102.0
886.5
DEFERRED TAX LIABILITIES
Value of expensable mining pits
Valuation of other property,
plant and equipmentOther
Total
BALANCE AS AT 1 JANUARY 2017
146.4
14.9
97.6
258.9
Charged/(credited) to net profit
19.7
4.8
(62.8)
(38.3)
BALANCE AS AT 31 DECEMBER 2017
166.1
19.7
34.8
220.6
Charged/(credited) to net profit
(1.1)
1.9
11.2
12.0
BALANCE AS AT 31 DECEMBER 2018
165.0
21.6
46.0
232.6
The table below presents the final periods in which deferred tax assets on tax loss may be settled in accordance with the Corporate Income Tax Act.
Settlement period
Total
2019
2020
2021
2022
2023
Deferred tax assets on tax loss
2.0
0.2
0.2
0.2
0.2
2.8