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:

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 a deferred tax expense over a period of 14 years with an amount of EUR 18.1 million per year (remaining term four years). This is offset by actual tax savings.

Deferred tax assets on losses carried forward in the amount of EUR 219.6 million (March 31, 2016: EUR 49.2 million) were recognized. As of March 31, 2017, there is a total of unused tax losses of approximately EUR 313.6 million (corporate income tax) (March 31, 2016: total of approximately EUR 251.9 million), for which no deferred tax asset has been recognized. Up to 2027, approximately EUR 62.2 million of tax loss carryforwards (corporate income tax) will expire.

No deferred tax liabilities are shown for the taxable temporary differences due on investments in subsidiaries, joint ventures, and associates of EUR 2,504.8 million (March 31, 2016: EUR 2,529.5 million) because the parent company is able to control the timing of the reversal of the temporary differ- ences and no reversal of the temporary differences is expected in the foreseeable future.

The change in the balance between deferred tax assets and liabilities amounts to EUR –26.0 million (March 31, 2016: EUR –55.2 million). This essentially corresponds to the deferred tax expense of EUR 30.1 million (March 31, 2016: EUR 4.0 million) less the deferred tax assets recognized in the other comprehensive income in the amount of EUR 2.6 million (March 31, 2016: EUR –4.4 million) and less the deferred taxes of initial consolidation and deconsolidation in the amount of EUR –1.6 million (March 31, 2016: EUR –43.6 million).

Additional disclosures pursuant to IAS 12.81 (ab):