The tax effects of temporary differences, tax losses carried forward, and tax credits that result in the recognition of deferred tax assets and deferred tax liabilities include the following items:
|
|
Deferred tax assets |
|
Deferred tax liabilities |
||||
---|---|---|---|---|---|---|---|---|
|
|
03/31/2019 |
|
03/31/2020 |
|
03/31/2019 |
|
03/31/2020 |
|
|
|
|
|
|
|
|
|
Non-current assets |
|
52.5 |
|
166.9 |
|
304.3 |
|
310.0 |
Current assets |
|
104.8 |
|
101.1 |
|
154.7 |
|
151.7 |
Non-current liabilities |
|
231.5 |
|
295.3 |
|
42.8 |
|
49.4 |
Current liabilities |
|
51.8 |
|
83.0 |
|
31.7 |
|
51.8 |
Losses carried forward |
|
192.9 |
|
126.5 |
|
0.0 |
|
0.0 |
|
|
633.5 |
|
772.8 |
|
533.5 |
|
562.9 |
|
|
|
|
|
|
|
|
|
Intercompany profit elimination (netted) |
|
24.8 |
|
14.2 |
|
0.0 |
|
0.0 |
Hidden reserves (netted) |
|
0.0 |
|
0.0 |
|
91.0 |
|
73.3 |
Acquisition-related tax credit |
|
36.1 |
|
18.1 |
|
0.0 |
|
0.0 |
Other |
|
18.5 |
|
28.3 |
|
1.6 |
|
5.8 |
Netting of deferred taxes owed to the same tax authority |
|
–515.6 |
|
–549.5 |
|
–515.6 |
|
–549.5 |
Net deferred taxes |
|
197.3 |
|
283.9 |
|
110.5 |
|
92.5 |
|
|
|
|
|
|
|
|
|
In millions of euros |
Pursuant to IAS 12.34, the tax benefit from the acquisition of BÖHLER-UDDEHOLM Aktiengesellschaft is recognized as an unused tax credit and will be reversed as a deferred tax expense over a period of 14 years in the amount of EUR 18.1 million per year (remaining term: one year). This is offset by actual tax savings.
Deferred tax assets on losses carried forward in the amount of EUR 126.5 million (March 31, 2019: EUR 192.9 million) were recognized. As of March 31, 2020, unused tax losses of approximately EUR 1,187.0 million (corporate income tax) (March 31, 2019: approximately EUR 507.6 million), for which no deferred tax asset has been recognized, are available. Approximately EUR 283.3 million in tax loss carryforwards (corporate income tax) can only be used for a limited time.
Deferred tax assets of EUR 197.1 million (previous year: EUR 86.9 million)—which are instrumental to the recognition of future taxable income in excess of the effects on earnings from the reversal of taxable temporary differences—were recognized for Group companies that incurred a tax loss in the reporting or previous business year. The recognized amount is based on the tax-related planning for the respective company or tax group.
No deferred tax liabilities are shown for EUR 2,334.5 million (March 31, 2019: EUR 2,349.3 million) in taxable temporary differences from equity investments in subsidiaries, joint ventures, and associates, because the parent company can control the timing of the reversal of the temporary differences and because no reversal of the temporary differences is expected for the foreseeable future.
The change in the difference between deferred tax assets and deferred tax liabilities is EUR 104.5 million (March 31, 2019: EUR –3.6 million). This basically corresponds to the deferred tax income of EUR 88.0 million (March 31, 2019: deferred tax expense of EUR –33.3 million); to the change in deferred tax assets recognized in other comprehensive income in the amount of EUR 20.8 million (March 31, 2019: EUR 27.6 million); to the change in deferred taxes due to differences from foreign currency translation in the amount of EUR –4.1 million (March 31, 2019: EUR 2.4 million); and to the change in deferred taxes from initial consolidation and deconsolidation in the amount of EUR –0.2 million (March 31, 2019: EUR –0.3 million).
Additional disclosures pursuant to IAS 12.81 (ab):
|
|
Change 2018/19 |
|
03/31/2019 |
|
Change 2019/20 |
|
03/31/2020 |
---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
|
|
Deferred taxes on actuarial gains/losses |
|
26.6 |
|
177.0 |
|
8.2 |
|
185.2 |
Deferred taxes on cash flow hedges |
|
1.0 |
|
–1.9 |
|
12.6 |
|
10.7 |
Total of deferred taxes recognized in other comprehensive income |
|
27.6 |
|
175.1 |
|
20.8 |
|
195.9 |
|
|
|
|
|
|
|
|
|
In millions of euros |
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