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 (+)/ |
|
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 (+)/ |
|
29.0 % |
|
187.1 |
|
6.0 % |
|
–13.8 |
|
|
|
|
|
|
|
|
|
In millions of euros |
||||||||