In accordance with IAS 12.39, deferred taxes on differences resulting from investments in subsidiaries were not recognized.
Timing differences between items in the consolidated financial statements and the tax statement are as follows:
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Assets |
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Equity and liabilities |
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03/31/2009 |
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03/31/2010 |
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03/31/2009 |
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03/31/2010 |
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Non-current assets |
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140.8 |
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448.4 |
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346.8 |
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422.8 |
Current assets |
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105.6 |
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195.2 |
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216.0 |
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222.7 |
Non-current provisions and liabilities |
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376.4 |
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404.8 |
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69.6 |
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120.2 |
Current provisions and liabilities |
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119.2 |
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190.4 |
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86.4 |
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127.5 |
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742.0 |
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1,238.8 |
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718.8 |
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893.2 |
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Consolidation |
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Intercompany profit elimination |
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109.8 |
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85.0 |
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0.0 |
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0.0 |
Revalued assets |
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0.0 |
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0.0 |
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614.7 |
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481.5 |
Other |
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31.5 |
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114.6 |
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29.3 |
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195.7 |
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883.3 |
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1,438.4 |
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1,362.8 |
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1,570.4 |
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Corporate tax rate |
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25.0 % |
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25.0 % |
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25.0 % |
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25.0 % |
Deferred taxes |
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220.8 |
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359.6 |
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340.7 |
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392.6 |
Acquisition-related tax credit |
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216.8 |
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198.7 |
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0.0 |
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0.0 |
Netting of deferred taxes to the same tax authority |
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–28.6 |
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–146.6 |
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–28.6 |
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–146.6 |
Net deferred taxes |
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409.0 |
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411.7 |
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312.1 |
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246.0 |
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In millions of euros |
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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 and liabilities of EUR 8.2 million (March 31, 2009: EUR 6.0 million) for items recognized directly in equity were also recognized in equity with no effect on profit or loss during the reporting period.
Deferred tax assets on losses carried forward in the amount of EUR 57.6 million were recognized. As of March 31, 2010, there is a total of unused tax losses of approximately EUR 38.6 million (corporate income tax) (March 31, 2009: total of approximately EUR 64.0 million), for which no deferred tax asset has been recognized. Up to 2016, approximately EUR 29,0 million of tax loss carryforwards (corporate income tax) will expire.
