X5 Group (Пятерочка). Годовой отчет за 2021 год - часть 30

FINANCIAL STATEMENTS

234

NoteS to the CoNSolidated FiNaNCial StatemeNtS

NoteS to the CoNSolidated 

FiNaNCial StatemeNtS

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

28

Staff costs 

Name

yeaR

BaSe 

SalaRy

 1

 

ShoRt-teRm  

iNCeNtiVe

 2

loNG-teRm 

iNCeNtiVe

 3

eXit 

PaymeNt

NoN-Com-

PetitioN 

RewaRd

 4

SoCial 

SeCURity 

CoSt

 5

total

Other key 
management 
personnel

2021

 314 

 236 

 416 

 − 

 − 

 150 

 1,116 

2020

296

218

446

70 

3 

153

1,186

1  Base salary remuneration reflects the increase in salary for some key management personnel, as well as fluctuation in base salary due to 

the number of days spent on vacation, in accordance with Russian labor law. 

2  Short-term incentive for performance in the year 2021 (2020) paid in cash in 2022 (2021). 

3  The expense recognised in 2021 for the long-term incentive award is based on the deferred payout under the 2018-2020 LTI programme 

and an accrual based on the probability of achieving the targets under the 2021-2023 LTI programme.

4  For other key management personnel the severance payment is structured as a non-competition reward payable in two equal 

installments after the expiry of the period of three months from the Termination Date and after the expiry of the period of six months 
from the Termination Date following contract termination, subject to compliance with non-competition conditions. The non-competition 
period for other key management personnel is six months.

5  For the year ended 31 December 2021 statutory pension contributions amounted to RUB 98 (2020: RUB 100).

RemUNeRatioN oF the eXeCUtiVe BoaRd 
(‘otheR Key maNaGemeNt PeRSoNNel’)

Other key management personnel comprises all 
members of the Executive Board excluding the CEO. 
In accordance with the remuneration policy for the 
Executive Board, the total direct compensation of other 
key management personnel consists of a base salary, a 
performance-related annual cash incentive (STI) and a 
performance-related long-term cash incentive (LTI). 

Expenses recognised for remuneration of the Executive 
Board members (excluding the CEO):

 

RemUNeRatioN oF the SUPeRViSoRy BoaRd

The table to the right specifies the remuneration of 
the members of the Supervisory Board. Details on 
Supervisory Board remuneration in 2021 are reflected in 
the Remuneration Report on pages 167-176.

In accordance with the remuneration policy for the 
Supervisory Board, as approved by the Annual General 
Meeting of Shareholders held on 12 May 2021, members 
of the Supervisory Board receive remuneration in cash 
and an annual award of Restricted Stock Units (RSUs).

Expenses recognised for remuneration of the members 
of the Supervisory Board:

BaSe 

RemUNeRatioN

 1

ShaRe-BaSed 

ComPeNSatioN

 2

2021

2020

2021

2020

P. Demchenkov 

 30 

22

 22 

13

G. King 

 22 

21

 21 

13

S. DuCharme 

 12 

21

 19 

20

N. Shouraboura 

 17 

 12

 11 

 6

M. Kuchment 

 10 

 10

 10 

 6

R. Brasher

 3

 7 

−

 2 

−

A. Tynkovan

 3

 8 

−

 2 

−

K.-H. Holland

 4

 3 

 8

 2 

5

A. Torbakhov

 4

− 

8

 − 

(3)

M. Fridman

 1

−

−

−

−

A. Elinson

 1

−

−

−

−

TOTAL

 109 

102

 89

60

1  The annual membership allowance for remunerated 

Supervisory Board members is determined and paid in Euro, 
as follows: chairman EUR 250,000; members EUR 100,000; 
additional fee for vice-chair EUR 50,000; members chairing 
a committee EUR 100,000 and committee members EUR 
16,000 per committee. Mikhail Fridman, Andrei Elinson and 
Marat Atnashev, in their role as representatives of CTF Holdings 
S.A., have waived any entitlement to Supervisory Board 
remuneration, whether in cash or restricted stock units.

2  Based on 100% of the board member’s fixed annual 

remuneration, divided by the average market value of a GDR 
on the relevant award date. RSU awards are subject to a three-
year vesting period and a further two-year lock-in period. RSU 
awards to members of the Supervisory Board are not subject 
to performance criteria, and determined by the General 
Meeting of Shareholders. The share-based compensation 
reflects the accrued amounts related to the Restricted Stock 
Unit Plan and includes benefits resulting from the reduction 
in the value of the cash settled share-based payment 
compensation. 

3  Richard Brasher and Alexander Tynkovan were appointed as 

members of the Supervisory Board on 12 May 2021.

4  Andrei Elinson stepped down as member of the Supervisory 

Board on 12 May 2020, Alexander Torbakhov stepped down on 
3 July 2020, Karl-Heinz Holland stepped down on 12 May 2021.

FINANCIAL STATEMENTS

235

NoteS to the CoNSolidated FiNaNCial StatemeNtS

NoteS to the CoNSolidated 

FiNaNCial StatemeNtS

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

28

Staff costs 

tRaNChe

RSUs  

awaRded 

iN 2017

RSUs  

awaRded  

iN 2018

 3

RSUs  

awaRded  

iN 2019

 4

RSUs  

awaRded 

iN 2020

RSUs  

awaRded 

iN 2021

yeaR oF 
VeStiNG

RSUs 

VeSted

ValUe oN 

VeStiNG 

date

 1

VeSted 

GdRs 

aFteR taX

GdRs 

loCKed-UP 

aS PeR 

31 

deCemBeR 

2021

 2

eNd oF 

loCK-UP 

PeRiod

RSUs oUt-

StaNdiNG 

aS PeR 

31 

deCemBeR 

2021

RSUs oUt-

StaNdiNG 

aS PeR 

31 

deCemBeR 

2020

S. DuCharme

8

9,631

 −

 −

 −

 −

2020

9,631

 21

9,631

9,631

2022

 −

 — 

9

−

9,977

−

−

−

2021

9,977

 23 

9,977

9,977

2023

−

9,977

10

−

−

9,722

−

−

2022

−

−

−

−

2024

9,722

9,722

11

−

−

−

9,335

−

2023

−

−

−

−

2025

9,335

9,335

12

−

−

−

−

5,133

2024

−

−

−

−

2026

5,133

 −

G. King

8

8,026

 −

−

−

−

2020

8,026

 18

5,433

5,433

2022

 −

 −

9

−

9,977

−

−

−

2021

9,977

 23 

5,300

5,300

2023

−

9,977

10

−

−

9,373

−

−

2022

−

−

−

−

2024

9,373

9,373

11

−

−

−

9,211

−

2023

−

−

−

−

2025

9,211

9211

12

−

−

−

−

9,747

2024

−

−

−

−

2026

9,747

 −

ReStRiCted StoCK UNitS

Furthermore, in 2021 the Annual General Meeting of 
Shareholders approved the RSU awards under tranche 
12, meaning that the Supervisory Board members 
Stephan DuCharme, Petr Demchenkov, Geoff King, 
Mikhail Kuchment, Nadia Shouraboura, Richard Brasher 

and Alexander Tynkovan were awarded a number of 
RSUs with award date 19 May 2021, equal to 100% of the 
gross annual remuneration of the relevant Supervisory 
Director in 2021, divided by USD 31.36 , the volume 
weighted average closing market price of one GDR over 
the thirty immediately preceding calendar days of 19 May 
2021. The RSUs awarded under tranche 12 will vest on 19 

May 2024, followed by a lock-in period ending on 19 May 
2026. 

The number of RSUs awarded and outstanding to the 
members of the Supervisory Board is shown below. For 
the calculation of the intrinsic value and further details 
please refer to Note 29. 

Restricted Stock Units awarded and outstanding to members of the Supervisory Board:

1  Vesting date is 19 May of each respective year of vesting. If 

19 May falls in a weekend, vesting date is the immediately 
following business day. 

2  Number of GDRs held during lock-up period equal the number 

of vested RSUs minus GDRs sold to cover taxes, if any. 

3  2018 RSUs for Karl-Heinz Holland and Nadia Shouraboura 

were effectively awarded on in 2019, as both were appointed 
as Supervisory Board member after the award date in 2018. 
The awards were based on a 6 / 12 pro rata factor.

4  Karl Heinz Holland stepped down from the Supervisory Board 

on 12 May 2021. As per the RSU Plan rules all of the RSUs 
awarded in 2019 under tranche 9 (i.e. 1995 RSUs), two third of 
the RSUs awarded in 2019 under tranche 10 (i.e. 2,499 RSUs), 
one third of the RSUs awarded in 2020 under tranche 11 (i.e. 
1,228 RSUs) vested on 12 May 2021. The lock-up on vested 
GDRs (i.e. 5,722 RSUs) under tranches 9,10 and 11 has been 
lifted as per 12 May 2021. After tax, Mr. Holland was entitled 
to immediate release of 3,739 GDRs relating to awards under 
tranches 9-11. 

5  The awards made under tranche 12 are based on a 9 / 12 pro 

rata factor, as both Richard Brasher and Alexander Tynkovan 
were appointed as Supervisory Board member during 2021.

FINANCIAL STATEMENTS

236

NoteS to the CoNSolidated FiNaNCial StatemeNtS

NoteS to the CoNSolidated 

FiNaNCial StatemeNtS

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

28

Staff costs 

RemUNeRatioN oF the SUPeRViSoRy BoaRd 
ReStRiCted StoCK UNitS

tRaNChe

RSUs  

awaRded 

iN 2017

RSUs  

awaRded  

iN 2018

 3

RSUs  

awaRded  

iN 2019

 4

RSUs  

awaRded 

iN 2020

RSUs  

awaRded 

iN 2021

yeaR oF 
VeStiNG

RSUs 

VeSted

ValUe oN 

VeStiNG 

date

 1

VeSted 

GdRs 

aFteR taX

GdRs 

loCKed-UP 

aS PeR 

31 

deCemBeR 

2021

 2

eNd oF 

loCK-UP 

PeRiod

RSUs oUt-

StaNdiNG 

aS PeR 

31 

deCemBeR 

2021

RSUs oUt-

StaNdiNG 

aS PeR 

31 

deCemBeR 

2020

P. Demchenkov

8

5,618

 −

 −

−

−

2020

5,618

 12

3,803

3,803

2022

 −

 −

9

−

7,982

−

−

−

2021

7,982

 18 

4,240

4,240

2023

−

7,982

10

−

−

8,942

−

−

2022

−

−

−

−

2024

8,942

8,942

11

−

−

−

9,800

−

2023

−

−

−

−

2025

9,800

9,800

12

−

−

−

−

13,448

2024

−

−

−

−

2026

13,448

 −

M. Kuchment

8

3,210

 

−

−

−

−

2020

3,210

 7

2,173

2,173

2022

 −

 −

9

−

3,991

−

−

−

2021

3,991

 9 

3,991

3,991

2023

−

3,991

10

−

−

4,099

−

−

2022

−

−

−

−

2024

4,099

4,099

11

−

−

−

4,274

−

2023

−

−

−

−

2025

4,274

4,274

12

−

−

−

−

4,523

2024

−

−

−

−

2026

4,523

 −

K.-H. Holland 

4

9

−

1,995

 −

 −

−

2021

1,995

 5 

1,304

−

2023

−

1,995

10

−

−

3,749

−

−

2022

2,498

−

1,633

−

2024

−

3,749

11

−

−

−

3,684

−

2023

1,228

−

802

−

2025

−

3,684

1  Vesting date is 19 May of each respective year of vesting. If 

19 May falls in a weekend, vesting date is the immediately 
following business day. 

2  Number of GDRs held during lock-up period equal the number 

of vested RSUs minus GDRs sold to cover taxes, if any. 

3  2018 RSUs for Karl-Heinz Holland and Nadia Shouraboura 

were effectively awarded on in 2019, as both were appointed 
as Supervisory Board member after the award date in 2018. 
The awards were based on a 6 / 12 pro rata factor.

4  Karl Heinz Holland stepped down from the Supervisory Board 

on 12 May 2021. As per the RSU Plan rules all of the RSUs 
awarded in 2019 under tranche 9 (i.e. 1995 RSUs), two third of 
the RSUs awarded in 2019 under tranche 10 (i.e. 2,499 RSUs), 
one third of the RSUs awarded in 2020 under tranche 11 (i.e. 
1,228 RSUs) vested on 12 May 2021. The lock-up on vested 
GDRs (i.e. 5,722 RSUs) under tranches 9,10 and 11 has been 
lifted as per 12 May 2021. After tax, Mr. Holland was entitled 
to immediate release of 3,739 GDRs relating to awards under 
tranches 9-11. 

5  The awards made under tranche 12 are based on a 9 / 12 pro 

rata factor, as both Richard Brasher and Alexander Tynkovan 
were appointed as Supervisory Board member during 2021.

FINANCIAL STATEMENTS

237

NoteS to the CoNSolidated FiNaNCial StatemeNtS

NoteS to the CoNSolidated 

FiNaNCial StatemeNtS

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

28

Staff costs 

RemUNeRatioN oF the SUPeRViSoRy BoaRd 
ReStRiCted StoCK UNitS

tRaNChe

RSUs  

awaRded 

iN 2017

RSUs  

awaRded  

iN 2018

 3

RSUs  

awaRded  

iN 2019

 4

RSUs  

awaRded 

iN 2020

RSUs  

awaRded 

iN 2021

yeaR oF 
VeStiNG

RSUs 

VeSted

ValUe oN 

VeStiNG 

date

 1

VeSted 

GdRs 

aFteR taX

GdRs 

loCKed-UP 

aS PeR 

31 

deCemBeR 

2021

 2

eNd oF 

loCK-UP 

PeRiod

RSUs oUt-

StaNdiNG 

aS PeR 

31 

deCemBeR 

2021

RSUs oUt-

StaNdiNG 

aS PeR 

31 

deCemBeR 

2020

N. Shouraboura

9

−

1,995

− 

−

−

2021

1,995

 5 

1,502

1,502

2023

 −

1,995

10

−

−

4,099

−

−

2022

−

−

−

−

2024

4,099

4,099

11

−

−

−

4,274

−

2023

−

−

−

−

2025

4,274

4,274

12

−

−

−

−

7,798

2024

−

−

−

−

2026

7,798

−

R. Brasher 

5

12

−

−

−

−

3.245

2024

 −

 −

 −

 −

2026

3,245

 −

A. Tynkovan 

5

12

−

−

−

−

3,425

2024

 −

 −

 −

 −

2026

3,425

 −

1  Vesting date is 19 May of each respective year of vesting. If 

19 May falls in a weekend, vesting date is the immediately 
following business day. 

2  Number of GDRs held during lock-up period equal the number 

of vested RSUs minus GDRs sold to cover taxes, if any. 

3  2018 RSUs for Karl-Heinz Holland and Nadia Shouraboura 

were effectively awarded on in 2019, as both were appointed 
as Supervisory Board member after the award date in 2018. 
The awards were based on a 6 / 12 pro rata factor.

4  Karl Heinz Holland stepped down from the Supervisory Board 

on 12 May 2021. As per the RSU Plan rules all of the RSUs 
awarded in 2019 under tranche 9 (i.e. 1995 RSUs), two third of 
the RSUs awarded in 2019 under tranche 10 (i.e. 2,499 RSUs), 
one third of the RSUs awarded in 2020 under tranche 11 (i.e. 
1,228 RSUs) vested on 12 May 2021. The lock-up on vested 
GDRs (i.e. 5,722 RSUs) under tranches 9,10 and 11 has been 
lifted as per 12 May 2021. After tax, Mr. Holland was entitled 
to immediate release of 3,739 GDRs relating to awards under 
tranches 9-11. 

5  The awards made under tranche 12 are based on a 9 / 12 pro 

rata factor, as both Richard Brasher and Alexander Tynkovan 
were appointed as Supervisory Board member during 2021.

FINANCIAL STATEMENTS

238

NoteS to the CoNSolidated FiNaNCial StatemeNtS

NoteS to the CoNSolidated 

FiNaNCial StatemeNtS

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

29

Share-based  

payments

ReStRiCted StoCK UNit PlaN

Members of the Supervisory Board are entitled to 
annual awards of restricted stock units (RSUs) under 
the Group’s Restricted Stock Unit Plan (RSU Plan) 
approved at the AGM in 2010. RSU awards to members 
of the Supervisory Board are not subject to performance 
criteria, and determined by the General Meeting of 
Shareholders. 

During the year ended 31 December 2021, a total 
number of 47,319 RSUs were awarded under tranche 
12 of the RSU Plan and will vest in 2024. In 2021 39,643 
RSUs vested. Upon vesting these RSUs were converted 
into GDRs registered in the participant’s name. The 
GDRs are kept in custody during a two-year lock-
in period during which the GDRs cannot be traded. 
In accordance with the RSU Plan rules the lock-in 
restrictions do not apply in case of accelerated release 
of GDRs, if and when a Supervisory Board member 
ceases to be a member of the Supervisory Board.

In total, during the year ended 31 December 2021 the 
Group recognised expense related to the RSU Plan in 
the amount of RUB 89 (expense during the year ended 
31 December 2020: RUB 60). At 31 December 2021 the 
equity component was RUB  118 (31 December 2020: 
RUB 104). The fair value of services received in return for 
the conditional RSUs granted to employees is measured 
by reference to the market price of the GDRs which is 
determined at grant date.

Details of the conditional rights outstanding were as follows:

2021

2020

NUmBeR

oF CoNditioNal 

RiGhtS

weiGhted 

aVeRaGe FaiR  

ValUe, RUB

NUmBeR

oF CoNditioNal 

RiGhtS

weiGhted 

aVeRaGe FaiR  

ValUe, RUB

Outstanding at the beginning  
of the period

 116,479 

 2,025.96 

 109,751 

1,987.74

Awarded during the period

 47,319 

 2,243.40 

 48,536 

2,185.02

Vested during the period

 (39,643)

 1,878.34 

 (28,940)

2,105.86

Forfeited during the period

 (3,707)

 2,127.76 

 (12,868)

2,120.24

Outstanding at the end 

of the period

 120,448 

 2,156.84 

 116,479 

 2,025.96 

FINANCIAL STATEMENTS

239

NoteS to the CoNSolidated FiNaNCial StatemeNtS

NoteS to the CoNSolidated 

FiNaNCial StatemeNtS

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

30

income tax

2021

2020

Current income tax charge

 22,190 

 23,463 

Deferred income tax benefit

 (4,186) 

 (6,137) 

Income tax charge for the year

 18,004 

 17,326 

The theoretical and effective tax rates are reconciled as follows:

2021

2020

Profit before taxation

 60,742 

 45,670

Theoretical tax at the effective statutory rate

 *

 12,148 

 9,134

Tax effect of items which are not deductible or assessable for taxation purposes

Current tax on dividends distributed by the Group’s subsidiaries

 5,305 

 5,087 

Change in deferred tax liability associated with investments in subsidiaries

 (1,580)

 (2,451)

Expenses on inventory shortage

 337 

 215 

Unrecognised tax loss carry forwards for the year

 153 

 338 

Effect of income taxable at rates different from standard statutory rates 

 14 

 (138)

Other non-deductible expense

 1,627 

 5,141 

Income tax charge for the year

 18,004 

 17,326 

*  Profit before taxation on Russian operations is assessed based on the statutory rate of 20%. 

As at 31 December 2021 37 Russian subsidiaries of the 
Group were the members of the CGT (consolidated 
group of taxpayers) with X5 Corporate Center LLC acting 
as a responsible CGT member. 

FINANCIAL STATEMENTS

240

NoteS to the CoNSolidated FiNaNCial StatemeNtS

NoteS to the CoNSolidated 

FiNaNCial StatemeNtS

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

30

income tax

Deferred tax assets and liabilities and the deferred tax charge in the consolidated 
statement of profit or loss were attributable to the following items for the year ended 
31 December 2021:

 

1 JaNUaRy 

2021 

CRedited / 

(deBited) 

to PRoFit 

aNd loSS

deFeRRed taX 

oN BUSiNeSS 

ComBiNatioNS 

(Note 7)

31 deCemBeR 

2021

Tax effects of deductible temporary differences and tax loss carry forwards

Tax losses available for carry forward

 5,487 

 (118)

−

 5,369 

Right-of-use assets and lease liabilities

 18,506 

 1,365 

 244 

 20,115

Property, plant and equipment and 
Investment property

 276 

 57 

−

 333 

Other intangible assets

 52 

 1 

−

 53 

Inventories

 2,293 

 133 

−

 2,426 

Accounts receivable 

 27 

 4 

−

 31 

Accounts payable

 7,997 

 2,490 

−

 10,487 

Other

 396 

 41 

−

 437 

Gross deferred tax assets

 35,034 

 3,973 

 244 

 39,251 

Less offsetting with deferred tax liabilities

 (14,576)

 (1,628)

−

 (16,204)

Recognised deferred tax assets

 20,458 

 2,345 

 244 

 23,047 

1 JaNUaRy 

2021 

CRedited / 

(deBited) 

to PRoFit 

aNd loSS

deFeRRed taX 

oN BUSiNeSS 

ComBiNatioNS 

(Note 7)

31 deCemBeR 

2021

Tax effects of taxable temporary differences

Right-of-use assets and lease liabilities

 (11)

 (42)

−

 (53)

Property, plant and equipment and 
Investment property

 (9,559)

 1,155 

−

 (8,404)

Investments into subsidiary

 (1,580)

 1,580 

−

−

Other intangible assets

 (4,880)

 (1,926)

−

 (6,806)

Accounts receivable

 (1,149)

 (549)

−

 (1,698)

Accounts payable

 (4)

 2 

−

 (2)

Other

 (162)

 (7)

−

 (169)

Gross deferred tax liabilities

 (17,345)

 213 

−

 (17,132)

Less offsetting with deferred tax assets

 14,576 

 1,628 

−

 16,204 

Recognised deferred tax liabilities

 (2,769)

 1,841 

−

 (928)

deFeRRed iNCome taX

At 31 December 2021 unrecognised deferred tax liability 
on unremitted earnings of certain subsidiaries amounted 
to RUB Nil for which the deferred tax liability was not 
recognised (2020: RUB 3,834).

Management believes that the future taxable profits 
in tax jurisdictions that suffered a loss in the current or 
preceding years will be available to utilise the deferred 
tax asset of RUB 5,369 recognised at 31 December 2021 
for the carry forward of unused tax losses (31 December 
2020: RUB 5,487). 

The Group estimated unrecognised potential deferred 
tax assets in respect of unused tax loss carry forwards 
at 31 December 2021 of RUB 3,206 (31 December 2020: 
RUB 2,949). At 31 December 2021 these unused tax 
losses have no time restrictions for carry forward. At 
31 December 2020 unused tax losses in the amount 
of 905 were available for carry forward for a period not 
less than two years, unused tax losses in the amount of 
2,044 had no time restrictions for carry forward.

FINANCIAL STATEMENTS

241

NoteS to the CoNSolidated FiNaNCial StatemeNtS

NoteS to the CoNSolidated 

FiNaNCial StatemeNtS

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

30

income tax

Deferred tax assets and liabilities and the deferred tax charge in the consolidated 
statement of profit or loss were attributable to the following items for the year ended 
31 December 2020:

 

1 JaNUaRy 

2020 

CRedited / 

(deBited) 

to PRoFit 

aNd loSS

deFeRRed taX 

oN BUSiNeSS 

ComBiNatioNS 

(Note 7)

31 deCemBeR 

2020

Tax effects of deductible temporary differences and tax loss carry forwards

Tax losses available for carry forward

 5,537 

 (50)

−

 5,487 

Right-of-use assets and lease liabilities

15,442 

 2,489 

 575 

 18,506 

Property, plant and equipment and 
Investment property

 402 

 (126)

−

 276 

Other intangible assets

 121 

 (69)

−

 52 

Inventories

 2,107 

 186 

−

 2,293 

Accounts receivable 

 11 

 16 

−

 27 

Accounts payable

 6,621 

 1,376 

−

 7,997 

Other

375

 21 

−

 396 

Gross deferred tax assets

 30,616 

 3,843 

 575 

 35,034 

Less offsetting with deferred tax liabilities

 (14,138)

 (438)

−

 (14,576)

Recognised deferred tax assets

 16,478 

 3,405 

 575 

 20,458 

1 JaNUaRy 

2020 

CRedited / 

(deBited) 

to PRoFit 

aNd loSS

deFeRRed taX 

oN BUSiNeSS 

ComBiNatioNS 

(Note 7)

31 deCemBeR 

2020

Tax effects of taxable temporary differences

Right-of-use assets and lease liabilities

 (40)

 29 

−

 (11)

Property, plant and equipment and 
Investment property

 (11,125)

 1,566 

−

 (9,559)

Investments into subsidiary

 (4,031)

 2,451 

−

 (1,580)

Other intangible assets

 (3,293)

 (1,587)

−

 (4,880)

Accounts receivable

 (849)

 (300)

−

 (1,149)

Accounts payable

 (3)

 (1)

−

 (4)

Other

 (298)

 136 

−

 (162)

Gross deferred tax liabilities

 (19,639)

 2,294 

−

 (17,345)

Less offsetting with deferred tax assets

 14,138 

 438 

−

 14,576 

Recognised deferred tax liabilities

 (5,501)

 2,732 

−

 (2,769)