Financial Statements 2023

2. Notes to the IFRS Consolidated Financial Statements 2.4 Airbus Performance

Deferred taxes on net operating losses (“NOLs”), trade tax loss carry forwards and tax credit carry forwards are:

31 December 2023

Other countries

31 December 2022

(In € million)

France Germany

Spain

UK

NOL

48

2,732

95

1,465

4,193

8,533

8,161

Trade tax loss carry forwards

0

3,108

0

0

0

3,108

3,719

Tax credit carry forwards

0

0

215

0

1

216

225

Tax effect

12

884

238

366

1,048

2,548

2,506

Valuation allowances

(8)

(421)

(100)

(104)

(984)

(1,617)

(1,670)

Deferred tax assets on NOLs and tax credit carry forwards

4

463

138

262

64

931

836

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 will expire after 18 years. Roll forward of deferred tax:

2023

(In € million)

2022

Net deferred tax assets at 1 January

4,519

4,207

Deferred tax expense in income statement

(264)

(403)

Deferred tax recognised directly in AOCI

(915)

935

Deferred tax on remeasurement of the net defined benefit pension plans

(240)

(320)

Others

(13)

100

Net deferred tax assets at 31 December

3,087

4,519

Details of deferred tax recognised cumulatively in equity are as follows:

2023

(In € million)

2022

2

Financial assets at fair value through OCI

(35)

(24)

Cash flow hedges

1,276

2,180

Deferred tax on remeasurement of the net defined benefit pension plans

1,566

1,806

Total

2,807

3,962

35

Airbus

Financial Statements 2023