The tax effects of temporary differences, tax losses carried forward, and tax credits that result in a recognition of deferred tax assets and liabilities include the following items:
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Deferred tax assets |
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Deferred tax liabilities | ||||
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03/31/2011 |
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03/31/2012 |
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03/31/2011 |
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03/31/2012 |
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Non-current assets |
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42.8 |
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28.3 |
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100.7 |
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122.4 |
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Current assets |
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33.2 |
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83.1 |
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62.8 |
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52.2 |
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Non-current provisions and liabilities |
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110.8 |
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109.5 |
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25.7 |
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29.8 |
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Current provisions and liabilities |
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42.2 |
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43.4 |
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35.3 |
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33.3 |
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Losses carried forward |
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71.3 |
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62.9 |
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0.0 |
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0.0 |
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Netting of deferred taxes to the same tax authority |
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–132.3 |
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–155.6 |
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–132.3 |
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–155.6 |
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168.0 |
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171.6 |
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92.2 |
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82.1 |
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Intercompany profit elimination (netted) |
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22.1 |
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19.6 |
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0.0 |
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0.0 |
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Hidden reserves (netted) |
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0.0 |
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0.0 |
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125.5 |
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106.1 |
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Acquisition-related tax credit |
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180.6 |
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162.5 |
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0.0 |
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0.0 |
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Other |
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12.5 |
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16.1 |
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19.3 |
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15.8 |
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Net deferred taxes |
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383.2 |
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369.8 |
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237.0 |
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204.0 |
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In millions of euros | ||
Pursuant to IAS 12.34, the tax benefit from the acquisition of BÖHLER-UDDEHOLM Aktiengesellschaft is reported as unused tax credit and will be released over a period of 14 years with an amount of EUR 18.1 million per year. This is offset by actual tax savings.
Deferred tax assets on losses carried forward in the amount of EUR 62.9 million (March 31, 2011: EUR 71.3 million) were recognized. As of March 31, 2012, there is a total of unused tax losses of approximately EUR 172.0 million (corporate income tax) (March 31, 2011: total of approximately EUR 53.5 million), for which no deferred tax asset has been recognized. Up to 2022, approximately EUR 35.1 million of tax loss carryforwards (corporate income tax) will expire.
Deferred tax assets and liabilities in the amount of EUR 7.9 million (March 31, 2011: EUR 5.5 million) for items recognized directly in equity were also recognized in equity with no effect on profit or loss during the reporting period.
Additional disclosures pursuant to IAS 12.81 (a) and (ab):
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Change |
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03/31/2011 |
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Change |
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03/31/2012 |
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Deferred taxes on actuarial gains/losses |
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7.2 |
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51.6 |
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9.3 |
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60.9 |
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Deferred taxes on hedge accounting |
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–1.7 |
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6.7 |
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–1.4 |
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5.3 |
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Total of deferred taxes recognized in equity (Other comprehensive income) |
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5.5 |
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58.3 |
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7.9 |
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66.2 |
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In millions of euros | ||
