| (in millions of euros) | 2021 | 2020 |
|---|---|---|
| Deferred tax assets | Deferred tax assets 2021 1,150 |
Deferred tax assets 2020 557 |
| Deferred tax liabilities | Deferred tax liabilities 2021 (3,115) |
Deferred tax liabilities 2020 (2,295) |
| Net deferred taxes at 1 January | Net deferred taxes at 1 January 2021 (1,965) |
Net deferred taxes at 1 January 2020 (1,738) |
| Change in net income | Change in net income 2021 616 |
Change in net income 2020 (198) |
| Change in equity | Change in equity 2021 694 |
Change in equity 2020 (215) |
| Translation adjustments | Translation adjustments 2021 (93) |
Translation adjustments 2020 72 |
| Changes in scope of consolidation* | Changes in scope of consolidation* 2021 28 |
Changes in scope of consolidation* 2020 69 |
| Other movements | Other movements 2021 (14) |
Other movements 2020 45 |
| NET DEFERRED TAXES AT 31 DECEMBER | NET DEFERRED TAXES AT 31 DECEMBER 2021 (734) |
NET DEFERRED TAXES AT 31 DECEMBER 2020 (1,965) |
| Deferred tax assets | Deferred tax assets 2021 1,667 |
Deferred tax assets 2020 1,150 |
| Deferred tax liabilities | Deferred tax liabilities 2021 (2,401) |
Deferred tax liabilities 2020 (3,115) |
*Changes in the scope of consolidation essentially concern the sale of West Burton.
In 2021, the change in deferred taxes included in equity includes €(510) million of actuarial gains and losses on post-employment benefits (€(238) million in 2020) and €1,223 million of changes in the fair value of hedges €(50) million in 2020).
| (in millions of euros) | 31/12/2021 | 31/12/2020 |
|---|---|---|
| Deferred taxes: | Deferred taxes:31/12/2021
|
Deferred taxes:31/12/2020
|
| Fixed assets | Fixed assets 31/12/2021(6,201) |
Fixed assets 31/12/2020(6,194) |
| Provisions for employee benefits | Provisions for employee benefits 31/12/20214,706 |
Provisions for employee benefits 31/12/20205,222 |
| Other provisions and impairment | Other provisions and impairment 31/12/2021346 |
Other provisions and impairment 31/12/2020321 |
| Financial instruments | Financial instruments 31/12/20211,408 |
Financial instruments 31/12/2020290 |
| Tax loss carryforwards and unused tax credits | Tax loss carryforwards and unused tax credits 31/12/20212,004 |
Tax loss carryforwards and unused tax credits 31/12/20201,172 |
| Other | Other 31/12/20211,080 |
Other 31/12/2020711 |
| Total deferred tax assets and liabilities | Total deferred tax assets and liabilities31/12/20213,343 | Total deferred tax assets and liabilities31/12/20201,523 |
| Unrecognised deferred tax assets | Unrecognised deferred tax assets 31/12/2021(4,077) |
Unrecognised deferred tax assets 31/12/2020(3,489) |
| NET DEFERRED TAXES | NET DEFERRED TAXES31/12/2021(734) | NET DEFERRED TAXES31/12/2020(1,965) |
At 31 December 2021, unrecognised deferred tax assets represent a potential tax saving of €4,077 million (€3,489 million at 31 December 2020), mainly relating to Italy, France and the United States.
In Italy, the potential tax saving of €310 million relates to the tax value of goodwill, which was restated in 2021 and can be amortised over 50 years for tax purposes. Some of the corresponding deferred taxes are unrecognised due to the Group’s prudent policy concerning recognition of deferred taxes beyond a 10-year horizon.
In France, this potential tax saving, which amounts to €2,913 million (€2,900 million at 31 December 2020), essentially concerns deferred tax assets on employee benefits. These deferred tax assets have no expiry date.
In the United States, this potential tax saving amounts to €730 million (€428 million in 2020) and relates mainly to losses which can be carried forward until dates between 2030 and 2037 if generated before 31 December 2017, and for an unlimited period otherwise.
Recognised deferred tax assets on tax loss carryforwards and unused tax credits amount to €1,140 million (€584 million in 2020) and principally concern the United States (€286 million in 2021, €151 million in 2020), United Kingdom (€548 million in 2021, €173 million in 2020), France (€51 million in 2021, €52 million in 2020) and in Germany (€65 million in 2021, €47 million in 2020). They have been recognised due to the existence of deferred tax liabilities on the same tax entities that will reverse over the same time horizon, or because there are prospects of taxable profits.
