13. Deferred taxes

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


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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