AIRBUS - 2019 Financial Statements
2.4 Airbus Performance Notes to the IFRS Consolidated Financial Statements /
As of 31 December 2019, the aggregate amount of temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements, for which deferred tax liabilities have not been recognised, amounts to €152 million. Deferred tax on net operating losses (“NOLs”), trade tax loss carry forwards and tax credit carry forwards are:
31 December 2019
Other countries
31 December 2018
France Germany Spain
UK
(In € million)
NOL
600
2,432
110 1,520
2,300
6,962
6,307
2,544
2,020
Trade tax loss carry forwards
0
2,544
0
0
0
299
332
Tax credit carry forwards
0
0
287
10
2
2,073
1,868
Tax effect
155
745
314
269
590
(1,588)
(1,015)
Valuation allowances
(131)
(711)
(182)
(52)
(512)
Deferred tax assets on NOLs and tax credit carry forwards
24
34 132 217
78
485
853
NOLs, capital losses and trade tax loss carry forwards are indefinitely usable under certain restrictions in France, Germany, the UK and Spain. They are usable for 20 years in Canada. In Spain, R&D tax credit carry forwards still expire after 18 years. The first tranche of tax credit carry forwards (€1 million) will expire in 2020. No deferred tax has been recognised for this tranche. Roll forward of deferred tax:
2019
2018
(In € million)
Net deferred tax assets at 1 January
3,516
3,560
Deferred tax expense in income statement
514
(797)
308
754
Deferred tax recognised directly in AOCI
442
(28)
Deferred tax on remeasurement of the net defined benefit pension plans
(170)
27
Others
Net deferred tax assets at 31 December
4,610
3,516
Details of deferred tax recognised cumulatively in equity are as follows:
2019
2018
(In € million)
2
Financial assets at fair value through OCI
(151)
(75)
830
446
Cash flow hedges
2,136
1,694
Deferred tax on remeasurement of the net defined benefit pension plans
Total
2,815
2,065
33
Airbus / Financial Statements 2019
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