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 |
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Deferred tax liabilities |
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03/31/2013 |
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03/31/2014 |
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03/31/2013 |
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03/31/2014 |
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Non-current assets |
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29.4 |
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27.4 |
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131.9 |
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140.6 |
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Current assets |
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68.6 |
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66.8 |
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81.0 |
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71.8 |
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Non-current provisions and liabilities |
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155.9 |
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155.1 |
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28.3 |
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31.7 |
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Current provisions and liabilities |
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32.3 |
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24.6 |
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14.8 |
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18.0 |
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Losses carried forward |
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56.4 |
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52.4 |
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0.0 |
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0.0 |
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Netting of deferred taxes to the same tax authority |
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–169.6 |
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–178.5 |
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–169.6 |
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–178.5 |
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173.0 |
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147.8 |
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86.4 |
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83.6 |
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Intercompany profit elimination (netted) |
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19.2 |
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18.7 |
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0.0 |
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0.0 |
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Hidden reserves (netted) |
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0.0 |
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0.0 |
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102.4 |
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93.4 |
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Acquisition-related tax credit |
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144.5 |
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126.5 |
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0.0 |
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0.0 |
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Other |
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6.9 |
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20.6 |
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0.8 |
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10.4 |
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Net deferred taxes |
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343.6 |
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313.6 |
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189.6 |
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187.4 |
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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 as deferred tax expense over a period of 14 years with an amount of EUR 18.1 million per year (remaining term 7 years). This is offset by actual tax savings.
With its decision of January 30, 2014, the Higher Administrative Court (Verwaltungsgerichtshof) directed a request for a preliminary ruling to the ECJ (Higher Administrative Court 30/1/2014, EU 2014/0001-1 (2013/15/0186)). Among other issues, this request contained the question of whether, when acquiring a domestic equity interest, goodwill amortization constitutes State aid within the framework of group taxation in Austria as defined by Art. 107 (1) of the Treaty on the Functioning of the European Union (TFEU). The result of the ECJ preliminary ruling proceeding is still open. If goodwill amortization qualifies as “State aid,” a reversal could become necessary for a period of up to ten years from the date of granting of State aid. A reversal of the prior tax abatement effect amounting to EUR 169.5 million and a reversal of deferred tax assets amounting to EUR 126.5 million depend on the result of the preliminary ruling proceeding. At this time, the risk of a reversal is viewed as unlikely.
Deferred tax assets on losses carried forward in the amount of EUR 52.4 million (March 31, 2013: EUR 56.4 million) were recognized. As of March 31, 2014, there is a total of unused tax losses of approximately EUR 165.1 million (corporate income tax) (March 31, 2013: total of approximately EUR 158.0 million), for which no deferred tax asset has been recognized. Up to 2024, approximately EUR 44.4 million of tax loss carryforwards (corporate income tax) will expire.
The change in the balance between deferred tax assets and liabilities amounts to EUR 27.9 million. This essentially corresponds to the deferred tax expense of EUR 36.4 million less the deferred tax assets recognized directly in equity in the amount of EUR 9.7 million (March 31, 2013: EUR 39.8 million).
Additional disclosures pursuant to IAS 12.81 (a) and (ab):
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Change 2012/13 |
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03/31/2013 |
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Change 2013/14 |
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03/31/2014 |
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Deferred taxes on actuarial gains/losses |
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42.9 |
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103.8 |
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9.3 |
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113.1 |
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Deferred taxes on hedge accounting |
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–3.1 |
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2.2 |
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0.4 |
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2.6 |
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Total of deferred taxes recognized in equity (Other comprehensive income) |
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39.8 |
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106.0 |
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9.7 |
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115.7 |
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In millions of euros |
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