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

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:

 

 

Deferred tax assets

 

Deferred tax liabilities

 

 

03/31/2017

 

03/31/2018

 

03/31/2017

 

03/31/2018

 

 

 

 

 

 

 

 

 

Non-current assets

 

40.6

 

37.4

 

319.8

 

250.3

Current assets

 

61.2

 

66.5

 

111.4

 

91.9

Non-current provisions and liabilities

 

219.1

 

205.2

 

29.9

 

48.8

Current provisions and liabilities

 

32.8

 

32.2

 

28.5

 

22.0

Losses carried forward

 

219.6

 

154.8

 

0.0

 

0.0

 

 

573.3

 

496.1

 

489.6

 

413.0

 

 

 

 

 

 

 

 

 

Intercompany profit elimination (netted)

 

23.7

 

28.1

 

0.0

 

0.0

Hidden reserves (netted)

 

0.0

 

0.0

 

104.9

 

97.3

Acquisition-related tax credit

 

72.3

 

54.2

 

0.0

 

0.0

Other

 

21.8

 

20.4

 

2.3

 

0.0

Netting of deferred taxes to the same tax authority

 

–477.4

 

–402.7

 

–477.4

 

–402.7

Net deferred taxes

 

213.7

 

196.1

 

119.4

 

107.6

 

 

 

 

 

 

 

 

 

In millions of euros

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: three years). This is offset by actual tax savings.

Deferred tax assets on losses carried forward in the amount of EUR 154.8 million (March 31, 2017: EUR 219.6 million) were recognized. As of March 31, 2018, there is a total of unused tax losses of approximately EUR 303.3 million (corporate income tax) (March 31, 2017: approximately EUR 313.6 million), for which no deferred tax asset has been recognized. Up to 2028, approximately EUR 27.5 million in 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 2,315.0 million (March 31, 2017: EUR 2,504.8 million) because the parent company is able to control the timing of the reversal of the temporary differences and no reversal of the temporary differences is expected in the foreseeable future.

The change in the difference between deferred tax assets and liabilities amounts to EUR –5.8 million (March 31, 2017: EUR –26.0 million). This essentially corresponds to the deferred tax income of EUR 10.4 million (March 31, 2017: deferred tax expense of EUR –30.1 million), the change in deferred tax assets recognized in other comprehensive income in the amount of EUR –10.9 million (March 31, 2017: EUR 2.6 million), the change in deferred taxes due to differences from foreign currency translation in the amount of EUR –5.3 million (March 31, 2017: EUR 3.2 million), and the change in deferred taxes from initial consolidation and deconsolidation in the amount of EUR 0.0 million (March 31, 2017: EUR –1.6 million).

Additional disclosures pursuant to IAS 12.81 (ab):

 

 

Change 2016/17

 

03/31/2017

 

Change 2017/18

 

03/31/2018

 

 

 

 

 

 

 

 

 

Deferred taxes on actuarial gains/losses

 

5.0

 

157.6

 

–8.7

 

148.9

Deferred taxes on cash flow hedges

 

–2.3

 

–0.6

 

–2.3

 

–2.9

Total of deferred taxes recognized in other comprehensive income

 

2.7

 

157.0

 

–11.0

 

146.0

 

 

 

 

 

 

 

 

 

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