Table 1
Export to Excel| Year ended 31 December 2020 |
Year ended 31 December 2019 (restated figures) |
|
|---|---|---|
| Loss before tax on continuing operations | (1,655,668) | (112,744) |
| Profit (loss) before tax on discontinued operations | (718,455) | 97,376 |
| Loss before taxation | (2,374,123) | (15,368) |
| Tax at Poland’s statutory tax rate of 19% | 451,083 | 2,920 |
| Adjustments to income tax from previous years | (10,858) | 6,314 |
| Tax effects of the following items: | (200,970) | (18,664) |
| Impairment losses due to revaluation to fair value less costs of sale of assets held for sale | (156,885) | – |
| Surplus of (recognition)/reversal of non-deductible provisions and write-downs/allowances | (38,747) | (29,607) |
| National Disabled Persons Rehabilitation Fund (PFRON) | (5,911) | (5,673) |
| Permanent differences on costs related to tangible assets | (7,535) | (3,643) |
| Other tax non-deductible costs | (18,569) | (31,634) |
| Share in profit/loss of joint ventures | 2,995 | 9,110 |
| Changes in deferred tax estimates caused by revenue and cost with a different tax point |
3,042 | 27,511 |
| Other income not included in taxable base | 20,640 | 15,272 |
| Impairment of deferred tax assets | (292,865) | – |
| Other | (60,144) | (9,593) |
| Bargain purchase | – | 22,708 |
| Tax at the effective rate of -4.8% (2019: 24.0%) | (113,754) | 3,685 |
| Income tax (expense) in the financial result on continuing operations | (77,882) | 18,547 |
| Income tax (expense) attributable to discontinued activity | (35,872) | (14,862) |
In the year ended 31 December 2020, the Group recognized an impairment loss on deferred tax assets relating to the assets and liabilities of the company from the Mining segment, in the amount of PLN 292,865 thousand. The recognition of the above write-down results from the analysis of recoverability of the deferred tax asset of the Tax Capital Group for the years 2021-2023, which does not include TAURON Wydobycie S.A.