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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03/31/2012 |
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03/31/2013 |
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03/31/2012 |
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03/31/2013 |
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Non-current assets |
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28.3 |
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29.4 |
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122.4 |
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131.9 |
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Current assets |
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83.1 |
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68.6 |
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52.2 |
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81.0 |
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Non-current provisions and liabilities |
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109.5 |
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155.9 |
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29.8 |
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28.3 |
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Current provisions and liabilities |
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43.4 |
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32.3 |
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33.3 |
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14.8 |
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Losses carried forward |
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62.9 |
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56.4 |
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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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–155.6 |
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–169.6 |
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–155.6 |
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–169.6 |
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171.6 |
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173.0 |
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82.1 |
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86.4 |
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Intercompany profit elimination (netted) |
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19.6 |
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19.2 |
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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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106.1 |
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102.4 |
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Acquisition-related tax credit |
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162.5 |
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144.5 |
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0.0 |
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0.0 |
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Other |
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16.1 |
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6.9 |
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15.8 |
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0.8 |
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Net deferred taxes |
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369.8 |
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343.6 |
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204.0 |
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189.6 |
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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 56.4 million (March 31, 2012: EUR 62.9 million) were recognized. As of March 31, 2013, there is a total of unused tax losses of approximately EUR 158.0 million (corporate income tax) (March 31, 2012: total of approximately EUR 172.0 million), for which no deferred tax asset has been recognized. Up to 2023, approximately EUR 36.3 million of tax loss carryforwards (corporate income tax) will expire.
The change in the balance between deferred tax assets and liabilities of EUR –11.8 million does not correspond to the deferred tax expense of EUR 39.2 million. The main reasons for this are the deferred tax assets recognized directly in equity in the amount of EUR 39.8 million (March 31, 2012: EUR 7.9 million) and EUR –10.3 million in deferred tax liabilities from the initial consolidation.
Additional disclosures pursuant to IAS 12.81 (a) and (ab):
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Change |
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03/31/2012 |
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Change |
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03/31/2013 |
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Deferred taxes on actuarial gains/losses |
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9.3 |
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60.9 |
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42.9 |
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103.8 |
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Deferred taxes on hedge accounting |
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–1.4 |
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5.3 |
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–3.1 |
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2.2 |
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Total of deferred taxes recognized in equity (Other comprehensive income) |
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7.9 |
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66.2 |
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39.8 |
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106.0 |
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In millions of euros | ||
