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 taxes are calculated using the currently applicable tax rates. To determine the deferred taxes of the Austrian companies, the weighted expected tax rate of 23% was applied pursuant to the legally enacted reduction in the corporate income tax rate. The difference relative to the applicable corporate tax rate of 23.75% arises from a further reduction in the corporate tax rate to 23% with effect from calendar year 2024.

Deferred tax assets on losses carried forward in the amount of EUR 45.8 million (March 31, 2023: EUR 53.3 million) were recognized. As of March 31, 2024, unused tax losses of approximately EUR 1,174.6 million (corporate income tax) (March 31, 2023: approximately EUR 1,227.1 million), for which no deferred tax asset has been recognized, are available. No deferred tax assets were recognized for deductible temporary differences in the amount of EUR 205.1 million. Approximately EUR 254.1 million (March 31, 2023: approximately EUR 396.1 million) in tax loss carryforwards (corporate income tax) can only be used for a limited time.

Deferred tax assets of EUR 62.5 million (previous year: EUR 74.8 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 period 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 2,110.1 million (March 31, 2023: EUR 2,256.1 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 –31.2 million (March 31, 2023: EUR –112.4 million). This basically corresponds to the deferred tax expense of EUR –49.6 million (March 31, 2023: deferred tax expense of EUR –95.5 million); to the change in deferred tax assets recognized in other comprehensive income in the amount of EUR 18.8 million (March 31, 2023: EUR –17.0 million); to the change in deferred taxes due to differences from foreign currency translation in the amount of EUR 1.1 million (March 31, 2023: EUR 1.4 million); and the change in deferred taxes from first-time consolidations and deconsolidations in the amount of EUR –1.3 million (March 31, 2023: EUR –1.4 million).

Additional disclosures pursuant to IAS 12.81 (ab):