2020 Financial Statements

2. Notes to the IFRS Consolidated Financial Statements / 2.4 Airbus Performance Deferred tax on net operating losses (“NOLs”), trade tax loss carry forwards and tax credit carry forwards are: (In € million) France Germany Spain UK Other countries 31 December 2020 31 December 2019 NOL 726 3,159 58 1,575 2,107 7,625 6,962 Trade tax loss carry forwards 0 3,263 0 0 0 3,263 2,544 Tax credit carry forwards 0 0 277 0 2 279 299 Tax effect 188 962 291 299 543 2,283 2,073 Valuation allowances (112) (878) (263) (170) (504) (1,927) (1,588) Deferred tax assets on NOLs and tax credit carry forwards 76 84 28 129 39 356 485 NOLs, capital losses and trade tax loss carry forwards are indefinitely usable under certain restrictions in France, Germany, the UK and Spain. They are usable for 20 years in Canada. In Spain, R&D tax credit carry forwards will expire after 18 years. Roll forward of deferred tax: (In € million) 2020 2019 Net deferred tax assets at 1 January 4,610 3,516 Deferred tax expense in income statement (266) 514 Deferred tax recognised directly in AOCI (893) 308 Deferred tax on remeasurement of the net defined benefit pension plans 358 442 Others (237) (170) Net deferred tax assets at 31 December 3,572 4,610 Details of deferred tax recognised cumulatively in equity are as follows: (In € million) 2020 2019 Financial assets at fair value through OCI (128) (151) Cash flow hedges (86) 830 Deferred tax on remeasurement of the net defined benefit pension plans 2,494 2,136 Total 2,280 2,815 32 Airbus / Financial Statements 2020