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ANNUAL
REPORT
2018

5.2. Deferred tax

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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:

2018 2017
Surplus of deferred tax assets over deferred tax liabilities

– AS AT 1 JANUARY

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

– AS AT 31 DECEMBER

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 benefits
Tax 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 equipment
Other 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

Ability to recover deferred tax assets

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

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