International Consolidated Airlines Group, S.A. – Annual report – 31 December 2022
Industry: airline
10 Tax (extract)
b Current tax asset/(liability)
c Deferred tax asset/(liability)
1 Fair value gains/losses include both the Cash flow hedge reserve and the Cost of hedging reserve, of which the movement in relation to Other comprehensive income recognised in the Cash flow hedge reserve for 2022 was €68 million (refer to note 28d).
2 Movements in Other comprehensive income relating to post-employment benefit obligations increase the Group’s tax losses by €3 million (tax value) at December 31, 2022 (2021: €20 million) and have therefore been disclosed as tax loss carried forward and tax credits in the above table.
The deferred tax assets mainly arise in Spain and the UK and are expected to reverse in full beyond one year. Recognition of the deferred tax assets is supported by the expected reversal of deferred tax liabilities in corresponding periods, and projections of operating performance laid out in the management approved business plans.
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