If you use this site, you agree to our use of cookies. More information I accept cookies

8. Income taxes

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

 

 

2016/17

 

2017/18

 

 

 

 

 

Current tax expense

 

142.8

 

235.0

Effective tax expense

 

141.4

 

241.9

Adjustments of taxes from previous periods

 

1.7

 

–8.7

Recognition of tax losses from prior periods

 

–0.3

 

1.8

 

 

 

 

 

Deferred tax expense

 

30.1

 

–10.4

Origination/reversal of temporary differences

 

47.5

 

–20.6

Adjustments of taxes from previous periods

 

–6.5

 

7.2

Impact of changes in tax rates

 

0.0

 

10.2

Recognition of tax losses from prior periods

 

–10.9

 

–7.2

 

 

 

 

 

 

 

172.9

 

224.6

 

 

 

 

 

In millions of euros

The result of the changes in tax rates (EUR 10.2 million) applies solely to foreign taxes. The enactment of the US tax reform (“Tax Cuts and Jobs Act”) on December 22, 2017, requires recognizing a non-recurring effect from the remeasurement of all deferred tax assets and liabilities in the United States in order to reflect the reduction in the US corporate income tax rate from 35% to 21%. On the whole, the US tax reform will have a negative tax effect in the amount of EUR 11.4 million.

The following reconciliation shows the difference between the Austrian corporate tax rate of 25% and the effective Group tax rate:

 

 

2016/17

 

2017/18

 

 

 

 

 

 

 

 

 

Profit before tax

 

 

 

699.9

 

 

 

1,042.5

Income tax using the Austrian corporate tax rate

 

25.0%

 

175.0

 

25.0%

 

260.6

Difference to foreign tax rates

 

–0.6%

 

–4.1

 

0.1%

 

1.4

Non-taxable income and expenses

 

–2.5%

 

–17.5

 

–1.8%

 

–19.2

Non-taxable income from investments

 

–0.7%

 

–4.9

 

–0.5%

 

–4.8

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

 

0.2%

 

1.4

 

–4.1%

 

–43.0

Taxes from previous periods

 

–0.7%

 

–4.8

 

–0.1%

 

–1.5

Other differences

 

4.0%

 

27.8

 

3.0%

 

31.1

Effective Group tax rate (%)/income tax expense

 

24.7%

 

172.9

 

21.5%

 

224.6

 

 

 

 

 

 

 

 

 

In millions of euros


About voestalpine

In its business segments, voestalpine is a globally leading technology and capital goods group with a unique combination of material and processing expertise. With its top-quality products and system solutions using steel and other metals, it is a leading partner to the automotive and consumer goods industries in Europe and to the aerospace, oil and gas industries worldwide. The voestalpine Group is also the world market leader in turnout technology, special rails, tool steel, and special sections.

Facts

50 Countries on all 5 continents
500 Group companies and locations
51,600 Employees worldwide

Earnings FY 2017/18

€ 13 Billion

Revenue

€ 2 Billion

EBITDA

To the Top
Close