3.7 Deferred income tax assets and liabilities

Accounting policies

Deferred tax assets and liabilities arising from temporary differences between the carrying amounts of assets and liabilities and the tax base of assets and liabilities are calculated using the substantively enacted tax rates expected to apply when they are realised or settled. Deferred tax assets are recognised if it is probable that they will be realised. At the end of each reporting period the amounts of deferred tax assets and the amounts of unrecognised deferred tax assets are reassessed. Deferred tax assets and liabilities within the same tax group, where a legally enforceable right to offset exists, are presented net in the balance sheet.

PostNL has applied a temporary mandatory exception from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred.

The following table shows the movements in deferred taxes in 2024:

PostNL Statement of changes deferred taxes in million
2024

Net balance 1 January 2024Changes via income statementChanges via OCIOther changesNet balance 31 December 2024AssetsLiabilities
Provisions84 13130
Intangible assets(50)(3) (54)155
Property, plant and equipment(42)4 (39)241
Leases7(1) 66963
Losses carried forward53 880
Other39(0)(2)(0)36360
Deferred tax assets/liabilities(34)7(2)(0)(30)130160
Offsetting (121)(121)
Net deferred taxes(34)7(2)(0)(30)939

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Of the deferred tax assets at 31 December 2024, before offsetting, €58 million (2023: €58 million) is to be recovered within 12 months and €72 million (2023: €72 million) after 12 months. Of the deferred tax liabilities at 31 December 2024, before offsetting, an amount of €39 million (2023: €34 million) is to be settled within 12 months and an amount of €121 million (2023: €129 million) after 12 months.

The changes via other comprehensive income (OCI) of €(2) million mainly relate to taxes on OCI from cash flow hedges.

The other changes of €(0) million (2023: €(1) million) represent an adjustment of the Dutch deferred tax asset position in connection with the anticipated liquidation of the former Nexive entities.

The total accumulated losses available for carry forward at 31 December 2024 amounted to €95 million (2023: €107 million). With these losses carried forward, future tax benefits of €25 million could be recognised (2023: €28 million). Tax deductible losses give rise to deferred tax assets at the statutory tax rate in the relevant country. Deferred tax assets are recognised if it is probable that they will be realised. The probability of the realisation is impacted by uncertainties regarding the realisation of such benefits, for example as a result of the expiration of tax losses carried forward and projected future taxable income.

As a result, PostNL has not recognised €17 million (2023: €23 million) of the potential future tax benefits and has recorded deferred tax assets of €8 million at 31 December 2024 (2023: €5 million).

The expiration of total accumulated losses is as follows:

  • 2025: €2 million
  • 2026: €2 million
  • 2027: €0 million
  • 2028: €0 million
  • 2029 and thereafter: €4 million, and
  • Indefinite: €87 million.

The following table shows the accumulated losses and tax credits per jurisdiction as well as the corresponding gross deferred tax assets.

PostNL Statement of deferred tax assets per jurisdiction in million
2024

CountryLosses carry forwardTax credits and otherLosses carry forward
Gross DTA
Tax credits and other
Gross DTA
Netherlands21050
Belgium30080
France14030
Germany20060
Italy0000
Great Britain1000
Switzerland2000
Spain1000
Hungary0000
Czech Republic1000
Poland0000
United States0000
Canada4010
Hong Kong0000
Singapore0000
Total950250

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The table below shows the movements in deferred taxes in 2023:

PostNL Statement of changes deferred taxes in million
2023

Net balance 1 January 2023Changes via income statementChanges via OCIOther changesNet balance 31 December 2023AssetsLiabilities
Provisions72 890
Intangible assets(45)(6) (50)353
Property, plant and equipment(46)3 (42)144
Leases8(1) 77466
Losses carried forward7(2) 550
Other3602(1)39390
Deferred tax assets/liabilities(32)(4)2(1)(34)130163
Offsetting (124)(124)
Net deferred taxes(32)(4)2(1)(34)640

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