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8. Income tax

Income tax includes income taxes paid and owed as well as deferred taxes (+ income tax expense/– income tax benefit).

 

 

2012/13

 

2013/14

 

 

 

 

 

Current tax expense

 

93.5

 

96.7

Effective tax expense

 

95.8

 

97.0

Adjustments of taxes from previous periods

 

–2.1

 

0.4

Recognition of tax losses from prior periods

 

–0.2

 

–0.7

 

 

 

 

 

Deferred tax expense

 

39.2

 

36.4

Origination/reversal of temporary differences

 

37.3

 

37.6

Adjustments of taxes from previous periods

 

2.1

 

–3.2

Impact of changes in tax rates

 

–3.3

 

1.0

Recognition of tax losses from prior periods

 

3.1

 

1.0

 

 

 

 

 

 

 

132.7

 

133.1

 

 

 

 

 

 

 

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:

 

 

2012/13

 

2013/14

 

 

 

 

 

 

 

 

 

Profit before tax

 

 

 

654.7

 

 

 

656.0

Income tax using the Austrian corporate tax rate

 

25.0%

 

163.7

 

25.0%

 

164.0

Difference to foreign tax rates

 

0.6%

 

3.7

 

1.6%

 

10.8

Non-taxable income and expenses

 

–3.1%

 

–20.5

 

–2.6%

 

–17.0

Non-taxable income from participations

 

–0.8%

 

–5.4

 

–0.6%

 

–4.2

Effects of depreciation of investments and utilization of previously unrecognized losses carried forward and non-recognition of losses carried forward, respectively

 

0.5%

 

3.5

 

–1.2%

 

–7.8

Taxes from previous periods

 

0.0%

 

0.1

 

–0.4%

 

–2.8

Own shares

 

0.1%

 

0.5

 

0.0%

 

0.2

Hybrid bond

 

–2.8%

 

–18.0

 

–2.7%

 

–18.0

Other differences

 

0.8%

 

5.1

 

1.2%

 

7.9

Effective Group tax rate (%)/income tax expense

 

20.3%

 

132.7

 

20.3%

 

133.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In millions of euros

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.

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About voestalpine

The voestalpine Group is a steel-based technology and capital goods group that operates worldwide. With its top-quality products, the Group is one of the leading partners to the automotive and consumer goods industries in Europe and to the oil and gas industries worldwide.

Facts

50 Countries on all 5 continents
500 Group companies and locations
48,113 Employees worldwide

Earnings FY 2013/14

€ 11.2 Billion

Revenue

€ 1.4 Billion

EBITDA

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