| Thousands of U.S. dollars |
| For the years ended December 31, |
| 2015 (*) | | 2016 | | 2017 |
| Profit/(loss) before income tax | 75,380 | | 8,564 | | (1,035) |
| Income tax applying the statutory tax rate | 21,296 | | 2,484 | | (310) |
| Permanent differences | 12,845 | | 13,655 | | 12,635 |
| Adjustments due to international tax rates | (12,541) | | (11,526) | | 445 |
| Tax credits | (497) | | (791) | | (1,112) |
| Branches income tax | 688 | | 1,385 | | 875 |
| Change in federal statutory rate in Spain (a) | 1,359 | | - | | - |
| Total income tax expense | 23,150 | | 5,207 | | 12,533 |
| | | | | |
| (*) Exclude discontinued operations - Morroco. |
| (a) This item is related to the amendment of the tax legislation in Spain that reduced the income tax rate from 28% for the calendar year of 2015 to 25% for the calendar year of 2016 and for subsequent years. |
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