Income tax includes income taxes paid and owed as well as deferred taxes (+ income tax expense/ – income tax benefit).
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2011/12 |
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2012/13 |
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Current tax expense |
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106.4 |
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93.5 |
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Effective tax expense |
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108.7 |
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95.8 |
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Adjustments of taxes from previous periods |
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–1.8 |
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–2.1 |
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Recognition of tax losses from prior periods |
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–0.5 |
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–0.2 |
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Deferred tax expense |
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–15.3 |
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39.2 |
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Origination/reversal of temporary differences |
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–7.1 |
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37.3 |
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Adjustments of taxes from previous periods |
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–5.6 |
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2.1 |
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Impact of changes in tax rates |
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0.2 |
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–3.3 |
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Recognition of tax losses from prior periods |
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–2.8 |
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3.1 |
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91.1 |
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132.7 |
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In millions of euros | ||
The changes in tax rates apply solely to foreign taxes.
The following reconciliation shows the difference between the Austrian corporate tax rate of 25% and the effective Group tax rate:
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2011/12 |
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2012/13 | ||||
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Profit before tax |
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504.4 |
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654.7 |
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Income tax using the Austrian corporate tax rate |
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25.0% |
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126.1 |
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25.0% |
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163.7 |
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Difference to foreign tax rates |
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2.6% |
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13.1 |
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0.6% |
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3.7 |
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Non-taxable income and expenses |
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–3.4% |
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–17.0 |
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–3.1% |
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–20.5 |
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Non-taxable income from participations |
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–1.5% |
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–7.4 |
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–0.8% |
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–5.4 |
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Effects of depreciation of investments and utilization of previously unrecognized losses carried forward and non-recognition of losses carried forward, respectively |
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–4.5% |
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–22.8 |
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0.5% |
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3.5 |
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Taxes from previous periods |
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–1.5% |
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–7.5 |
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0.0% |
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0.1 |
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Own shares |
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0.2% |
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1.0 |
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0.1% |
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0.5 |
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Hybrid bond |
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–3.6% |
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–18.0 |
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–2.8% |
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–18.0 |
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Other differences |
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4.8% |
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23.6 |
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0.8% |
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5.1 |
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Effective Group tax rate (%)/income tax expense |
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18.1% |
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91.1 |
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20.3% |
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132.7 |
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In millions of euros | ||
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In Austria, dividends (interest) on hybrid capital represent a tax-deductible expense. The tax reduction is recognized through profit and loss and results in a decrease of the Group income tax expenses.
