D.8. Income taxes
Income taxes include income taxes paid and owed as well as deferred taxes (+ income tax expense /– income tax benefit).
|
|
2023/24 |
|
2024/25 |
|---|---|---|---|---|
|
|
|
|
|
Current tax expense |
|
118.2 |
|
56.1 |
Effective tax expense |
|
131.9 |
|
102.3 |
Adjustments of taxes from previous periods |
|
–13.7 |
|
–46.2 |
|
|
|
|
|
Deferred tax expense |
|
49.6 |
|
35.8 |
Origination/reversal of temporary differences |
|
50.2 |
|
72.0 |
Adjustments of taxes from previous periods |
|
17.9 |
|
–27.6 |
Impact of changes in tax rates |
|
0.1 |
|
0.5 |
Recognition of tax losses from previous periods |
|
–18.6 |
|
–9.1 |
|
|
|
|
|
|
|
167.8 |
|
91.9 |
|
|
|
|
|
In millions of euros |
||||
The following reconciliation shows the difference between the Austrian corporate tax rate of 23.0% (2023/24: 23.75%) and the effective Group tax rate:
|
|
2023/24 |
|
2024/25 |
||||
|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
|
|
Profit before tax |
|
|
|
383.4 |
|
|
|
270.5 |
Income tax expense (+)/benefit (–) using the Austrian corporate tax rate |
|
23.75% |
|
91.1 |
|
23.0% |
|
62.2 |
Difference to foreign tax rates |
|
–3.1% |
|
–11.9 |
|
–6.7% |
|
–18.2 |
Non-taxable income |
|
–3.8% |
|
–14.6 |
|
–5.1% |
|
–13.8 |
Non-taxable income from equity investments |
|
–1.3% |
|
–5.0 |
|
–0.6% |
|
–1.5 |
Effects of depreciation of equity investments and utilization of previously unincluded loss carryforwards and non-recognition of loss carryforwards |
|
3.4% |
|
12.9 |
|
27.4% |
|
74.0 |
Effects of non-recognition and subsequent recognition of deductible temporary differences |
|
12.7% |
|
48.7 |
|
5.8% |
|
15.8 |
Taxes from previous periods |
|
1.1% |
|
4.2 |
|
–27.3% |
|
–73.8 |
Non-tax-effective impairment |
|
13.9% |
|
53.4 |
|
9.9% |
|
26.7 |
Non-deductible expenses and other differences |
|
–2.8% |
|
–11.0 |
|
7.6% |
|
20.5 |
Effective Group tax rate (%)/income tax expense (+)/income tax benefit (–) |
|
43.9% |
|
167.8 |
|
34.0% |
|
91.9 |
|
||||||||
In millions of euros |
||||||||
Due to the eco-social tax reform adopted in Austria on February 14, 2022, a corporate income tax rate of 23.0% is to be applied with effect from January 1, 2024 (2023/24: 23.75%).
Taxes from previous periods include, among other items, the effects from tax audit findings recorded at different times as well as subsequently recognized partial impairments of investments. In addition, tax refund claims were recognized in profit or loss due to the reduction in uncertainties regarding the assessment of the tax effects of “profit-improving incorrect postings“.