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 |
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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 |
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