IBERSOL | Annual Report 2020

ANNUAL REPORT 2020 18.2.2 Deferred tax liabilities As at 31 December 2020 and 2019, Deferred tax liabilities, according to jurisdiction and the temporary differences that generated them, are broken down as follows: dec/2020 dec/2019 Deferred tax liabilities Angola Portugal Angola Total Homogenization of property, plant and equipment and intangible assets (1) -131.783 6.505.407 -128.393 6.377.014 Hyperinflationary Economies (IAS 29) 4.210.251 - 5.159.007 5.159.007 Tax credits carried forward - -2.346.447 - -2.346.447 IFRS16 -34.217 -468.045 -54.113 -522.158 Other temporary differences -148.087 215.878 -212.210 3.668 3.896.164 3.906.793 4.764.291 8.671.083 (1) deferred taxes corresponding to the difference of the net value as in the individual financial statements of the subsidiaries and the net amount that they contribute in the consolidated. Limit year of use 2032 unlimited Total Start year 2020 Reportable tax losses Portugal 6.565.880 6.564.880 Spain 36.305.900 36.305.900 42.870.780 Deferred tax assets Portugal 1.378.625 1.378.625 Spain 4.153.688 4.153.688 5.532.313 Regarding the reportable tax losses of Spain, detailed above, the Group did not recog- nize deferred tax assets on reportable tax losses generated in Spain in the amount of 19,691,122 Euros (corresponding to 4,922,781 Euros in deferred taxes). In analyzing the recoverability of deferred tax assets, the Group considered the best estimates of projections of future taxable profits against which tax losses, tax credits and deductible temporary differences can be used. Such estimates reflect conserva- tive scenarios, given the current context of greater uncertainty. Deferred tax assets relating to reportable tax losses are presented as follows: 377