4. Other operating expenses

	2014/15	2015/16

Taxes other than income taxes	21.6	20.7
Losses on disposal of property, plant and equipment	6.9	6.3
Exchange losses	73.8	91.2
Expenses from the valuation of derivatives	1.2	0.6
Other operating expenses	218.3	305.7
	321.8	424.5

In millions of euros

Other operating expenses include EUR 0.9 million (2014/15: EUR 2.2 million) losses from deconsolidation.

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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.