Tax matters (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Tax matters |
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| Schedule of income taxes |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$'000 | | US$'000 | | US$'000 | Consolidated income statement | | | | | | | Current income tax | | | | | | | Current income tax charge | | 3,670 | | 28,004 | | 62,110 | Adjustments in current income tax in respect of prior years | | (300) | | (1,183) | | (1,533) | Total | | 3,370 | | 26,821 | | 60,577 | | | | | | | | | | | | | | | Deferred tax | | | | | | | Origination and reversal of temporary differences | | (9,162) | | (7,758) | | (3,216) | Impact of tax rate changes | | — | | (48) | | (555) | Write-down of deferred tax assets | | 7,292 | | — | | — | Adjustments in deferred tax in respect of prior years | | 968 | | (2,763) | | 734 | Total | | (902) | | (10,569) | | (3,037) | Income tax expense | | 2,468 | | 16,252 | | 57,540 |
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| Schedule of statutory income tax rate |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$'000 | | US$'000 | | US$'000 | Accounting (loss) profit before income tax | | (174,644) | | 37,052 | | 160,667 | Tax (benefit) expense at weighted statutory national tax rate of 25% (2024: 27% and 2023: 31%) | | (41,609) | | 9,988 | | 50,557 | (Non-taxable income)/ non-deductible expenses | | 3,173 | | (2,478) | | 1,429 | Change in tax rates | | — | | (48) | | (555) | U.S state taxes | | (28) | | (52) | | (121) | Adjustments in respect of prior periods | | 668 | | (3,946) | | (799) | Write-down of deferred tax assets | | 7,292 | | — | | — | Unrecognized temporary differences | | 11,667 | | 2,903 | | (2,992) | Elimination of effect of interest in partnerships | | (7) | | 27 | | (1,356) | Unrecognized loss carryforwards | | 18,135 | | 9,523 | | 12,434 | Other taxes | | 4,445 | | — | | — | Other items | | (1,268) | | 335 | | (1,057) | Income tax expense | | 2,468 | | 16,252 | | 57,540 |
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| Schedule of changes in deferred tax assets and liabilities |
For the year ended December 31, 2025: | | | | | | | | | | | | | | | Opening | | Recognized in | | | | Exchange | | Closing | | | Balance | | P&L | | OCI | | Reclassifications | | Differences | | Balance | | | US$'000 | | US$'000 | | US$'000 | | US$'000 | | US$'000 | | US$'000 | Intangible assets | | (10,146) | | (3,447) | | — | | 125 | | (1,308) | | (14,776) | Provisions | | 28,885 | | (3,749) | | (668) | | (3,832) | | 2,852 | | 23,488 | Property, plant & equipment | | (36,402) | | (2,809) | | — | | 3,707 | | (1,437) | | (36,941) | Inventories | | 1,705 | | (173) | | — | | — | | 2 | | 1,534 | Hedging Instruments | | 320 | | (1,902) | | 1,446 | | — | | 134 | | (2) | Tax losses | | 5,677 | | 10,135 | | — | | — | | — | | 15,812 | Incentives & credits | | 432 | | 2,381 | | — | | — | | — | | 2,813 | Other | | (3,520) | | 466 | | — | | — | | 121 | | (2,933) | Total | | (13,049) | | 902 | | 778 | | — | | 364 | | (11,005) |
For the year ended December 31, 2024: | | | | | | | | | | | | | | | Opening | | Recognized in | | | | Exchange | | Closing | | | Balance | | P&L | | OCI | | Reclassifications | | Differences | | Balance | | | US$'000 | | US$'000 | | US$'000 | | US$'000 | | US$'000 | | US$'000 | Intangible assets | | (13,582) | | 4,311 | | — | | (1,484) | | 609 | | (10,146) | Provisions | | 34,102 | | (3,726) | | (757) | | 765 | | (1,499) | | 28,885 | Property, plant & equipment | | (45,405) | | 6,497 | | — | | 1,598 | | 908 | | (36,402) | Inventories | | 1,416 | | 290 | | — | | — | | (1) | | 1,705 | Hedging Instruments | | (567) | | — | | 865 | | — | | 22 | | 320 | Tax losses | | 1,731 | | 3,946 | | — | | — | | — | | 5,677 | Incentives & credits | | — | | 432 | | — | | — | | — | | 432 | Other | | (1,517) | | (1,181) | | — | | (879) | | 57 | | (3,520) | Total | | (23,822) | | 10,569 | | 108 | | — | | 96 | | (13,049) |
Presented in the statement of financial position as follows: | | | | | | | 2025 | | 2024 | | | US$'000 | | US$'000 | Deferred tax assets | | 45,600 | | 38,550 | Deferred tax liabilities | | (56,605) | | (51,599) | Offset between deferred tax assets and deferred tax liabilities | | 45,600 | | 31,970 | Total deferred tax assets due to temporary differences recognized in the statement of financial position | | — | | 6,580 | Total deferred tax liabilities due to temporary differences recognized in the statement of financial position | | (11,005) | | (19,629) |
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| Schedule of unrecognized deductible temporary differences, unused tax losses and unused tax credits |
| | | | | | | | | | | | | 2025 | | 2024 | | Spain | USA | UK | Other | Total | | Spain | USA | UK | Other | Total | Unused tax losses | 216,787 | 236,955 | 185,920 | 71,322 | 710,984 | | 200,087 | 236,589 | 153,622 | 82,948 | 673,246 | Unrecognized deductible temporary differences | 65,049 | — | 52,882 | (9,753) | 108,178 | | 70,071 | — | 44,837 | 9,166 | 124,074 | Total | 281,836 | 236,955 | 238,802 | 61,569 | 819,162 | | 270,158 | 236,589 | 198,459 | 92,114 | 797,320 |
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