|
|
|
€k |
|
|
2006/2007 |
2005/2006 |
|
Ongoing taxes on income and profit |
–63,732 |
–31,032 |
|
Deferred tax income and expenses |
11,818 |
–15,120 |
|
|
–51,914 |
–46,152 |
The amounts shown above for ongoing taxes on income and profit relate, within Germany, to corporate income tax and municipal corporate income tax, plus proceeds from partial release of tax accruals made during the previous year and, in the case of foreign subsidiaries, income-related taxes calculated in accordance with the national tax legislation applicable to the individual companies.
Deferred taxes (Glossary) in the amount of €5,616k (2005/2006: €3,456k) have been recorded in equity without any effect on profit and loss. They result from the market valuation of the cash flow (Glossary) hedges and in the previous year from market valuation of the “available-for-sale” securities. The tax effect on the settlement of the share-based payment program 2005 in fiscal 2006/2007, of €3,880k has also been recognized directly in equity (2005/2006: €3,643k on the settlement of the share-based payment program 2004).
The deferred taxes are the result of time-related variances in reported values between the tax accounts of individual companies and the values of the Group financial statements, using the liability method, plus capitalization of tax losses capable of being carried forward. As of September 30, 2007, tax losses carried forward in the amount of €7,692k (2005/2006: €1,195k) have not been capitalized.
Any dividends payable in the future of Wincor Nixdorf AG will have no effect upon the Group’s tax charges.
Actual tax expenses are €10,962k below those which would be expected to be arrived at through the application of the ultimate parent company’s tax rate for distributions. Last year, actual tax proceeds were €3,770k below those which could have been expected.
Germany’s business taxation reform, which was passed by the German Bundestag on May 24, 2007 and the German Bundesrat on July 6, 2007, will result in a decrease of business tax rates. Thus, as of September 30, 2007, all German deferred taxes were calculated in respect of temporary differences using a combined tax rate of rounded 30% (2005/2006: 39%). The reported value of all deferred taxes (Glossary) on tax losses carried forward was arrived at by using tax rates of 14.0% (2005/2006: 17.0%) for municipal corporate income tax and 16.0% (2005/2006: 26.375%) for corporation tax and solidarity tax. A deferred tax income of €3,217k arose from the reduction of deferred tax rate on temporary differences and tax losses carried forward in Germany.
The table below contains a reconciliation of expected net tax expenses with the actual reported tax:
|
|
|
€k |
|
|
2006/2007 |
2005/2006 |
|
Group profit before tax |
161,220 |
128,005 |
|
|
|
|
|
Expected tax expenses based on a rate of 39% (2005/2006: 39%) |
–62,876 |
–49,922 |
|
Differences from expected tax expenses |
|
|
|
Difference from local tax rates |
10,189 |
8,931 |
|
Difference arising from change of deferred tax rate and income tax rate |
3,630 |
–642 |
|
Increases/decreases in tax due to tax-exempt income and non-tax-deductible expenses |
–1,108 |
–1,693 |
|
Consolidation entries excl. deferred taxes or with differing tax rates |
–132 |
580 |
|
Corrections arising from tax audits and other effects |
–746 |
–2,818 |
|
Valuation allowances on deferred tax assets capitalized for tax losses carried forward |
–871 |
–588 |
|
Total adjustments |
10,962 |
3,770 |
|
Actual tax expenses |
–51,914 |
–46,152 |
The effective tax rate is 32.2% (2005/2006: 36.1%).
The deferred tax assets and liabilities relate to the following balance sheet items:
|
|
|
|
|
€k |
|
|
Sept. 30, 2007 |
Sept. 30, 2006 | ||
|
|
Deferred |
Deferred |
Deferred |
Deferred |
|
Intangible assets |
442 |
39,366 |
966 |
49,870 |
|
Tangible assets |
1,238 |
1,529 |
1,277 |
1,907 |
|
Financial assets |
0 |
424 |
4 |
0 |
|
Inventories |
13,516 |
12,538 |
12,771 |
11,271 |
|
Receivables and other current assets |
9,877 |
1,343 |
9,042 |
129 |
|
Pension accruals |
11,637 |
531 |
20,084 |
547 |
|
Other accruals |
21,201 |
314 |
11,427 |
145 |
|
Liabilities |
10,997 |
6,593 |
5,732 |
6,336 |
|
Losses carried forward |
5,314 |
0 |
6,846 |
0 |
|
|
74,222 |
62,638 |
68,149 |
70,205 |
|
Netting off of deferred tax assets and liabilities |
–60,631 |
–60,631 |
–57,363 |
–57,363 |
|
|
13,591 |
2,007 |
10,786 |
12,842 |
