12. Deferred taxes

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

 

Deferred tax liabilities

 

 

03/31/2010

 

03/31/2011

 

03/31/2010

 

03/31/2011

 

 

 

 

 

 

 

 

 

Non-current assets

 

54.5

 

42.8

 

105.7

 

100.7

Current assets

 

48.8

 

33.2

 

55.7

 

62.8

Non-current provisions and liabilities

 

101.2

 

110.8

 

30.0

 

25.7

Current provisions and liabilities

 

47.6

 

42.2

 

31.9

 

32.5

Losses carried forward

 

57.6

 

71.3

 

0.0

 

2.8

Netting of deferred taxes
to the same tax authority

 

–146.6

 

–132.3

 

–146.6

 

–132.3

 

 

163.1

 

168.0

 

76.7

 

92.2

 

 

 

 

 

 

 

 

 

Intercompany profit elimination (netted)

 

21.2

 

22.1

 

0.0

 

0.0

Revalued assets (netted)

 

0.0

 

0.0

 

143.6

 

125.5

Acquisition-related tax credit

 

198.7

 

180.6

 

0.0

 

0.0

Other

 

28.7

 

12.5

 

25.7

 

19.3

Net deferred taxes

 

411.7

 

383.2

 

246.0

 

237.0

 

 

 

 

 

 

 

 

 

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.

 

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
2009/10

 

03/31/2010

 

Change
2010/11

 

03/31/2011

 

 

 

 

 

 

 

 

 

Deferred taxes
on actuarial gains/losses

 

2.5

 

44.4

 

7.2

 

51.6

Deferred taxes
on hedge accounting

 

5.7

 

8.4

 

–1.7

 

6.7

Total of deferred taxes recognized in equity
(Other comprehensive income)

 

8.2

 

52.8

 

5.5

 

58.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In millions of euros

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