In accordance with IAS 12.39, deferred taxes on differences resulting from investments in subsidiaries, associates, and joint ventures were not recognized.
The tax effects of temporary differences, tax losses carried forward, and tax credits that result in a recognition of deferred tax assets and liabilities include the following items1:
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Deferred tax assets |
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Deferred tax liabilities | ||||
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03/31/2010 |
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03/31/2011 |
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03/31/2010 |
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03/31/2011 |
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Non-current assets |
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54.5 |
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42.8 |
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105.7 |
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100.7 |
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Current assets |
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48.8 |
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33.2 |
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55.7 |
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62.8 |
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Non-current provisions and liabilities |
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101.2 |
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110.8 |
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30.0 |
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25.7 |
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Current provisions and liabilities |
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47.6 |
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42.2 |
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31.9 |
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32.5 |
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Losses carried forward |
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57.6 |
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71.3 |
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0.0 |
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2.8 |
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Netting of deferred taxes |
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–146.6 |
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–132.3 |
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–146.6 |
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–132.3 |
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163.1 |
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168.0 |
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76.7 |
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92.2 |
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Intercompany profit elimination (netted) |
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21.2 |
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22.1 |
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0.0 |
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0.0 |
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Revalued assets (netted) |
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0.0 |
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0.0 |
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143.6 |
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125.5 |
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Acquisition-related tax credit |
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198.7 |
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180.6 |
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0.0 |
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0.0 |
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Other |
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28.7 |
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12.5 |
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25.7 |
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19.3 |
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Net deferred taxes |
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411.7 |
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383.2 |
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246.0 |
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237.0 |
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1 In the previous year, the allocation of temporary differences, tax losses carried forward, and tax credits as well as the reconciliation for reported deferred taxes based on the Group tax rate were shown in this table. Deferred taxes on losses carried forward were allocated to non-current assets in the previous year. |
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In millions of euros | ||||||
Pursuant to IAS 12.34, the tax benefit from the acquisition of BÖHLER-UDDEHOLM Aktiengesellschaft is reported as unused tax credit and will be released over a period of 14 years with an amount of EUR 18.1 million per year. This is offset by actual tax savings.
Deferred tax assets on losses carried forward in the amount of EUR 71.3 million (March 31, 2010: EUR 57.6 million) were recognized. As of March 31, 2011, there is a total of unused tax losses of approximately EUR 53.5 million (corporate income tax) (March 31, 2010: total of approximately EUR 38.6 million), for which no deferred tax asset has been recognized. Up to 2021, approximately EUR 26.0 million of tax loss carryforwards (corporate income tax) will expire.
Deferred tax assets and liabilities in the amount of EUR 5.5 million (March 31, 2010: EUR 8.2 million) for items recognized directly in equity were also recognized in equity with no effect on profit or loss during the reporting period.
Additional disclosures pursuant to IAS 12.81 (a) and IAS 12.81 (ab):
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Change |
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03/31/2010 |
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Change |
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03/31/2011 |
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Deferred taxes |
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2.5 |
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44.4 |
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7.2 |
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51.6 |
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Deferred taxes |
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5.7 |
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8.4 |
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–1.7 |
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6.7 |
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Total of deferred taxes recognized in equity |
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8.2 |
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52.8 |
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5.5 |
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58.3 |
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In millions of euros | ||