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8. Income taxes

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

 

 

2017/18

 

2018/19

 

 

 

 

 

Current tax expense

 

227.5

 

153.8

Effective tax expense

 

234.4

 

168.6

Adjustments of taxes from previous periods

 

–8.7

 

–14.1

Recognition of tax losses from previous periods

 

1.8

 

–0.7

 

 

 

 

 

Deferred tax expense

 

–10.4

 

33.3

Origination/reversal of temporary differences

 

–20.6

 

29.9

Adjustments of taxes from previous periods

 

7.2

 

8.6

Impact of changes in tax rates

 

10.2

 

2.2

Recognition of tax losses from previous periods

 

–7.2

 

–7.4

 

 

 

 

 

 

 

217.1

 

187.1

 

 

 

 

 

In millions of euros

The effects of the changes in tax rates in the amount of EUR 2.2 million (2017/18: EUR 10.2 million) concern solely foreign taxes. The actual tax expense was reduced by the income tax effect of EUR –7.5 million from hybrid capital payments (2017/18: EUR –7.5 million).

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

 

 

2017/18

 

2018/19

 

 

 

 

 

 

 

 

 

Profit before tax

 

 

 

1,042.5

 

 

 

645.7

Income tax expense using the Austrian corporate tax rate

 

25.0%

 

260.6

 

25.0%

 

161.4

Difference to foreign tax rates

 

0.1%

 

1.4

 

–0.5%

 

–3.6

Non-taxable income and expenses

 

–1.8%

 

–19.2

 

–3.8%

 

–24.5

Non-taxable income from investments

 

–0.5%

 

–4.8

 

–0.7%

 

–4.4

Effects of depreciation of investments and utilization of previously unincluded loss carryforwards and non-recognition of loss carryforwards

 

–4.1%

 

–43.0

 

1.5%

 

9.6

Taxes from previous periods

 

–0.1%

 

–1.5

 

–0.9%

 

–5.5

Hybrid capital

 

–0.7%

 

–7.5

 

–1.2%

 

–7.5

Other differences

 

3.0%

 

31.1

 

9.6%

 

61.6

Effective Group tax rate (%)/income tax expense

 

20.8%

 

217.1

 

29.0%

 

187.1

 

 

 

 

 

 

 

 

 

In millions of euros


About voestalpine

In its business segments, voestalpine is a globally leading technology group with a unique combination of materials and processing expertise. With its top-quality products and system solutions using steel and other metals, it is a leading partner of the automotive and consumer goods industries as well as of the aerospace and oil & gas industries. voestalpine is also the world market leader in complete railway systems as well as in tool steel and special sections.

Facts

50 Countries on all 5 continents
500 Group companies and locations
52,000 Employees worldwide

Earnings FY 2018/19

€ 13.6 Billion

Revenue

€ 1.6 Billion

EBITDA

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