Boskalis Annual Report 2020

105

As a percentage of the loss before tax of EUR −70.5 million (2019: profit before tax of EUR 95.0 million) the relationship between the applicable tax rate in the Netherlands (25%) and the effective tax rate as can be derived from the income statement (2020: −37.2%; 2019: 21.2%) can be summarized as follows:

2019

2020

Income tax

Income tax amount

Income tax rate

amount Income tax rate

Effect on tax (rate): Nominal tax rate in the Netherlands

- 23,760

25.0%

17,616

25.0%

Tax exempted share in result of joint ventures and associates (excluding impairments) Exceptional items (mainly impairments resp. tax exempted share in result of joint ventures) Tonnage tax, withholding tax, other special tax regimes Different statutory tax rates for other jurisdictions Unrecognized income tax losses and temporary differences

6,398

- 6.7%

3,673

5.2%

14,093

-14.8%

-40,411

-57.3%

- 14,779

15.6% - 0.1%

- 12,530

- 17.8%

45

7,079

10.0%

- 13,449 12,125

14.1% - 12.8%

- 15,325 15,443 - 1,761 - 26,216

- 21.7% 21.9% -2.5% -37.2%

Prior year adjustments

Other

- 814

0.9%

- 20,141

21.2%

Effective tax (rate)

13. INCOME TAX RECEIVABLE AND PAYABLE The current income tax receivables and income tax payables relate to the tax positions of the respective Group companies and consist of financial years yet to be settled less withholding taxes and tax refunds.

14. DEFERRED INCOME TAX ASSETS AND LIABILITIES

BALANCE AS AT 1 JANUARY 2020

BALANCE AS AT 31 DECEMBER 2020

MOVEMENT IN TEMPORARY DIFFERENCES DURING THE YEAR

In / (out) consolidation and business combinations

Charged (-)/ added to net profit

Currency translation differences

Charged to equity

Asset

Liability

Asset

Liability

Intangible assets

206 152

- 1,852 - 6,590

39

- - - -

-

- 198

-

- 1,805 - 6,458

Property, plant and equipment

2,840 4,190

1,007

- 19

3,848 4,189

Unbilled revenue and deferred revenue

-

- - -

- - - - - - - - -

- 1

- - -

Trade and other receivables

57

128 - 29

-

185 316

Hedging reserve

400

- 103

48

Actuarial gains / losses (-) and asset limitation on defined benefit pension plans

6,608 3,974

-

- 700

1,330

67

7,305 4,570

-

Employee benefits

- 864

647 268

- - - - - - -

- 59

- 872 - 681

Provisions

25

- -

11

985

Interest-bearing borrowings Trade and other payables Other assets and liabilities

249 428 253 105

- 249 - 254 - 612

-

-

-

- 99

9

250 283 301

- 166 - 942 - 466

- 556

256

Leases

- 8

192

- 453

- 1

Foreign branch results

-

- 1,436

99

- -

-

-

- 1,337

Income tax losses carried forward

12,838 25,295

-

- 12,822 - 6,263

173

- 4

185

-

- 11,405

1,400

554

109

22,417

- 12,727

Offsetting of deferred income tax assets and liabilities

- 9,955

9,955

- 10,037

10,037

Net in the Consolidated Statement of Financial Position

15,340

- 1,450

12,380

- 2,690

ANNUAL REPORT 2020 – BOSKALIS ANNUAL REPORT 2020 -- BOSKALIS