| Changes | |||||
|---|---|---|---|---|---|
| (in € millions) | 31/12/2021 | Income | Equity | Other (*) | 31/12/2020 (**) |
| Deferred tax assets | |||||
| Losses carried forward | 710 | 107 | 19 | 18 | 565 |
| Temporary differences on retirement benefit obligations | 329 | (4) | (23) | 7 | 349 |
| Temporary differences on provisions | 904 | 122 | 6 | 90 | 685 |
| Temporary differences on financial instruments | 94 | (4) | (46) | 4 | 141 |
| Temporary differences related to leases | 374 | (1) | 5 | 5 | 365 |
| Other | 965 | 122 | 24 | 136 | 684 |
| Netting of deferred tax assets and liabilities by tax group | (2,166) | - | - | (324) | (1,842) |
| Total deferred tax assets before impairment | 1,211 | 342 | (14) | (64) | 947 |
| Impairment | (502) | (40) | (9) | - | (454) |
| Total deferred tax assets after impairment | 708 | 302 | (23) | (64) | 493 |
| Deferred tax liabilities | |||||
| Remeasurement of assets (***) | (4,148) | (460) | (136) | - | (3,552) |
| Temporary differences related to leases | (337) | 8 | (3) | (4) | (338) |
| Temporary differences on financial instruments | (30) | (3) | (5) | - | (22) |
| Other | (630) | 37 | (28) | (55) | (585) |
| Netting of deferred tax assets and liabilities by tax group | 2,166 | - | - | 324 | 1,842 |
| Total deferred tax liabilities | (2,979) | (418) | (172) | 266 | (2,655) |
| Net deferred tax | (2,270) | (116) | (195) | 202 | (2,162) |
(*) Including the deferred tax assets and liabilities of Cobra IS.
(**) Adjusted as at 1 January 2020 following the IFRS IC’s agenda decision of May 2021 clarifying how to calculate retirement benefit obligations (see Note A.2.1, “Basis for preparing the financial statements”).
(***) Including measurement at fair value of the assets and liabilities of London Gatwick airport, ASF, Lima Expresa, Aéroports de Lyon and ANA upon their consolidation, i.e. €1,645 million, €777 million, €160 million, €136 million and €107 million respectively at 31 December 2021.
In the context of the continuing Covid-19 crisis, the Group paid particular attention in 2021 to its ability to use its tax loss carryforwards, depending on specific local circumstances.
Impairment of deferred tax assets as a whole amounted to €502 million at 31 December 2021 (€454 million at 31 December 2020), including €465 million outside France (€428 million at 31 December 2020).
Deferred tax assets arising from tax loss carryforwards totalled €710 million at 31 December 2021, with impairment losses recognised in the amount of €300 million. The net balance of deferred tax assets arising from tax loss carryforwards thus comes to €410 million, mainly related to countries in which tax losses can generally be carried forward indefinitely, such as the United Kingdom, the United States and Germany.
Basic earnings per share is the net income for the period after non-controlling interests, divided by the weighted average number of shares outstanding during the period less the weighted average number of treasury shares.
In calculating diluted earnings per share, the weighted average number of existing shares is adjusted for the potentially dilutive effect of all equity instruments issued by the company, in particular Group savings plans and unvested performance shares. Dilution is determined in accordance with the rules laid down by IAS 33. In accordance with this standard, plans of which the stock market price is greater than the average price during the period are excluded from the diluted earnings per share calculation.
In calculating basic and diluted earnings per share, earnings are also adjusted as necessary for changes in income and expenses taken directly to equity resulting from the conversion into shares of all potentially dilutive instruments.
The table below shows the reconciliation between basic and diluted earnings per share:
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Average number of shares | Net income (in € millions) |
Earnings per share (in €) | Average number of shares | Net income (in € millions) |
Earnings per share (in €) | |
| Total shares | 594,984,755 | 608,321,456 | ||||
| Treasury shares | (25,474,453) | (50,769,442) | ||||
| Basic earnings per share | 569,510,302 | 2,597 | 4.56 | 557,552,014 | 1,242 | 2.23 |
| Group savings plan | 504,297 | 164,835 | ||||
| Performance shares | 5,835,884 | 5 402 691 | ||||
| Diluted earnings per share | 575 850 483 | 2,597 | 4.51 | 563,119,540 | 1,242 | 2.20 |
