8. Income taxes

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

 

 

2018/19

 

2019/20

 

 

 

 

 

Current tax expense

 

153.8

 

74.2

Effective tax expense

 

168.6

 

82.0

Adjustments of taxes from previous periods

 

–14.1

 

–6.3

Recognition of tax losses from previous periods

 

–0.7

 

–1.5

 

 

 

 

 

Deferred tax expense

 

33.3

 

–88.0

Origination/reversal of temporary differences

 

29.9

 

–92.1

Adjustments of taxes from previous periods

 

8.6

 

4.4

Impact of changes in tax rates

 

2.2

 

1.9

Recognition of tax losses from previous periods

 

–7.4

 

–2.2

 

 

 

 

 

 

 

187.1

 

–13.8

 

 

 

 

 

In millions of euros

The effects of the changes in tax rates in the amount of EUR 1.9 million (2018/19: EUR 2.2 million) concern solely foreign taxes. The actual tax expense was reduced by the income tax effect of EUR –6.4 million from hybrid capital payments (2018/19: EUR –7.5 million).

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

 

 

2018/19

 

2019/20

 

 

 

 

 

 

 

 

 

Profit before tax

 

 

 

645.7

 

 

 

–230.3

Income tax expense (+)/benefit (–) using the Austrian corporate tax rate

 

25.0 %

 

161.4

 

25.0 %

 

–57.6

Difference to foreign tax rates

 

–0.5 %

 

–3.6

 

–2.6 %

 

6.1

Non-taxable income

 

–3.8 %

 

–24.5

 

13.1 %

 

–30.3

Non-taxable income from equity investments

 

–0.7 %

 

–4.4

 

1.6 %

 

–3.7

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

 

1.5 %

 

9.6

 

–11.7 %

 

26.9

Taxes from previous periods

 

–0.9 %

 

–5.5

 

0.8 %

 

–1.9

Hybrid capital

 

–1.2 %

 

–7.5

 

2.8 %

 

–6.4

Non-tax-effective impairment on goodwill

 

0.0 %

 

0.0

 

–7.3 %

 

16.9

Non-deductible expenses and other differences

 

9.6 %

 

61.6

 

–15.7 %

 

36.2

Effective Group tax rate (%)/ income tax expense (+)/income tax benefit (–)

 

29.0 %

 

187.1

 

6.0 %

 

–13.8

 

 

 

 

 

 

 

 

 

In millions of euros


About voestalpine

In its business segments, voestalpine is a globally leading steel and technology group with a unique combination of materials and processing expertise. voestalpine, which operates globally, has around 500 Group companies and locations in more than 50 countries on all five continents. It has been listed on the Vienna Stock Exchange since 1995. With its top-quality products and system solutions, it is a leading partner to the automotive and consumer goods industries as well as the aerospace and oil & gas industries, and is also the world market leader in railway systems, tool steel, and special sections. voestalpine is fully committed to the global climate goals and is working intensively to develop technologies which will allow it to decarbonize and reduce its CO2 emissions over the long term. In the business year 2019/20, the Group generated revenue of EUR 12.7 billion, with an operating result (EBITDA) of EUR 1.2 billion; it had about 49,000 employees worldwide.

Facts

50 Countries on all 5 continents
500 Group companies and locations
49,000 Employees worldwide

Earnings FY 2019/20

€ 12.7 Billion

Revenue

€ 1.2 Billion

EBITDA

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