25 – Deferred tax
In EUR mn |
|
|
|
|
|
Deferred tax assets total |
Deferred tax assets not recognized |
Deferred tax assets recognized |
Deferred tax liabilities |
|---|---|---|---|---|
|
|
|
|
|
|
2020 |
|||
Intangible assets |
209 |
20 |
188 |
606 |
Property, plant and equipment |
137 |
89 |
48 |
2,322 |
Inventories |
37 |
— |
37 |
27 |
Derivatives |
539 |
— |
539 |
597 |
Receivables and other assets |
55 |
17 |
38 |
53 |
Deferred taxes reclassified to assets and liabilities associated with assets held for sale |
27 |
22 |
5 |
12 |
Provisions for pensions and similar obligations |
291 |
151 |
140 |
111 |
Provisions for decommissioning, restoration obligations and environmental costs |
1,318 |
14 |
1,305 |
— |
Other provisions |
121 |
— |
121 |
34 |
Liabilities |
305 |
60 |
245 |
23 |
Tax impairments according section 12 (3)/2 of the Austrian Corporate Income Tax Act (KStG) |
226 |
— |
226 |
— |
Tax loss carryforwards |
1,654 |
780 |
875 |
— |
Outside basis differences |
— |
— |
— |
40 |
Total |
4,919 |
1,153 |
3,765 |
3,823 |
Netting (same tax jurisdictions) |
|
|
(2,581) |
(2,581) |
Deferred taxes reclassified to assets and liabilities associated with assets held for sale |
|
|
(5) |
(12) |
Deferred taxes as per statement of financial position |
|
|
1,179 |
1,229 |
|
|
|
|
|
|
2019 |
|||
Intangible assets |
114 |
22 |
91 |
751 |
Property, plant and equipment |
124 |
68 |
56 |
1,699 |
Inventories |
32 |
0 |
32 |
28 |
Derivatives |
496 |
— |
496 |
588 |
Receivables and other assets |
51 |
16 |
34 |
80 |
Provisions for pensions and similar obligations |
215 |
144 |
70 |
48 |
Provisions for decommissioning, restoration obligations and environmental costs |
1,362 |
39 |
1,323 |
— |
Other provisions |
130 |
0 |
130 |
32 |
Liabilities |
265 |
61 |
204 |
3 |
Tax impairments according section 12 (3)/2 of the Austrian Corporate Income Tax Act (KStG) |
275 |
— |
275 |
— |
Tax loss carryforwards |
1,091 |
1,011 |
80 |
— |
Outside basis differences |
— |
— |
— |
7 |
Total |
4,153 |
1,361 |
2,791 |
3,236 |
Netting (same tax jurisdictions) |
|
|
(2,105) |
(2,105) |
Deferred taxes as per statement of financial position |
|
|
686 |
1,132 |
Deferred taxes were mainly related to different valuation methods, differences in impairments, write-offs, depreciation and amortization as well as different definition of costs.
Overall deferred taxes in 2020 were significantly impacted by the acquisition of additional shares in Borealis AG (see Note 3 – Changes in group structure). Deferred taxes of Borealis Group were mainly related to intangible assets and property, plant and equipment.
The overall net deferred tax asset position of tax jurisdictions which suffered a tax loss either in current or preceding year amounted to EUR 720 mn, thereof EUR 640 mn is attributable to the Austrian tax group (2019: EUR 268 mn, thereof Austrian tax group EUR 260 mn).
In 2020 as well as in the previous year, a valuation allowance for deferred tax assets for the Austrian tax group was recognized.
As of December 31, 2020, OMV recognized tax losses carryforward of EUR 6,302 mn before allowances (2019: EUR 4,179 mn), thereof EUR 3,331 mn (2019: EUR 351 mn) are considered recoverable for calculation of deferred taxes.
Due to tax synergies from the acquisition of additional shares in Borealis AG, deferred tax assets of the Austrian tax group increased in 2020 by approximately EUR 500 mn, taking into consideration the expected five-year positive taxable result of Borealis tax group members.
Eligibility of losses for carryforward expires as follows:
In EUR mn |
|
|
|
|
|
2020 |
2019 |
||
|---|---|---|---|---|
|
Base amount (before allowances) |
thereof not recognized |
Base amount (before allowances) |
thereof not recognized |
2020 |
— |
— |
5 |
5 |
2021 |
5 |
5 |
0 |
0 |
2022 |
0 |
0 |
1 |
1 |
2023 |
2 |
2 |
1 |
1 |
2024 |
4 |
4 |
112 |
111 |
2025 |
48 |
17 |
|
|
After 2025/2024 |
47 |
24 |
61 |
14 |
Unlimited |
6,196 |
2,919 |
3,998 |
3,694 |
Tax losses carryforward |
6,302 |
2,971 |
4,179 |
3,827 |
The majority of tax losses carryforward not recognized referred to the Austrian tax group.
As of December 31, 2020, the aggregate amount of temporary differences associated with fully consolidated and equity-accounted investments for which deferred tax liabilities have not been recognized amounted to EUR 4,657 mn (2019: EUR 4,485 mn). Capital gains on disposals of investments may be realized on various levels of the Group depending on the structuring of potential divestments. Due to the complexity of the group and the associated tax implications simplifying assumptions for the calculation have been made that aim to diminish cascade effects.