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13. Deferred taxes

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 items:

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Deferred tax assets

 

Deferred tax liabilities

 

 

03/31/2012

 

03/31/2013

 

03/31/2012

 

03/31/2013

 

 

 

 

 

 

 

 

 

Non-current assets

 

28.3

 

29.4

 

122.4

 

131.9

Current assets

 

83.1

 

68.6

 

52.2

 

81.0

Non-current provisions and liabilities

 

109.5

 

155.9

 

29.8

 

28.3

Current provisions and liabilities

 

43.4

 

32.3

 

33.3

 

14.8

Losses carried forward

 

62.9

 

56.4

 

0.0

 

0.0

Netting of deferred taxes to the same tax authority

 

–155.6

 

–169.6

 

–155.6

 

–169.6

 

 

171.6

 

173.0

 

82.1

 

86.4

 

 

 

 

 

 

 

 

 

Intercompany profit elimination (netted)

 

19.6

 

19.2

 

0.0

 

0.0

Hidden reserves (netted)

 

0.0

 

0.0

 

106.1

 

102.4

Acquisition-related tax credit

 

162.5

 

144.5

 

0.0

 

0.0

Other

 

16.1

 

6.9

 

15.8

 

0.8

Net deferred taxes

 

369.8

 

343.6

 

204.0

 

189.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 56.4 million (March 31, 2012: EUR 62.9 million) were recognized. As of March 31, 2013, there is a total of unused tax losses of approximately EUR 158.0 million (corporate income tax) (March 31, 2012: total of approximately EUR 172.0 million), for which no deferred tax asset has been recognized. Up to 2023, approximately EUR 36.3 million of tax loss carryforwards (corporate income tax) will expire.

The change in the balance between deferred tax assets and liabilities of EUR –11.8 million does not correspond to the deferred tax expense of EUR 39.2 million. The main reasons for this are the deferred tax assets recognized directly in equity in the amount of EUR 39.8 million (March 31, 2012: EUR 7.9 million) and EUR –10.3 million in deferred tax liabilities from the initial consolidation.

Additional disclosures pursuant to IAS 12.81 (a) and (ab):

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Change
2011/12

 

03/31/2012

 

Change
2012/13

 

03/31/2013

 

 

 

 

 

 

 

 

 

Deferred taxes on actuarial gains/losses

 

9.3

 

60.9

 

42.9

 

103.8

Deferred taxes on hedge accounting

 

–1.4

 

5.3

 

–3.1

 

2.2

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

 

7.9

 

66.2

 

39.8

 

106.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In millions of euros

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