|
|
|
€k |
|
|
2008/2009 |
2007/2008 |
|
Ongoing taxes on income and profit |
–43,359 |
–56,567 |
|
Deferred tax income and expenses |
–6,261 |
2,241 |
|
|
–49,620 |
–54,326 |
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 –€1,311k (2007/2008: €1,283k) have been recorded in equity without any effect on profit and loss. They result from the market valuation of the cash flow (Glossary) hedges.
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. In Germany, tax losses carried forward may be utilized for an indefinite period of time. In reviewing the amount of a deferred tax asset recognized in the balance sheet, it is crucial to assess whether it is probable that temporary differences will reverse and tax losses carried forward will be utilized, being the basis for the recognition of deferred tax assets. This is dependent on future taxable profits arising in those periods when taxable temporary differences reverse and tax losses carried forward may be utilized. Based on past experience and the projected development of taxable profit, Wincor Nixdorf assumes that the corresponding benefits associated with deferred tax assets will be realized. A deferred tax asset will be recognized to the extent that it is probable that future taxable profit will allow the deferred tax asset to be recovered. As of September 30, 2009, tax losses carried forward in the amount of €14,713k (2007/2008: €10,361k) 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 €610k above those which would be expected to be arrived at through the application of the ultimate parent company’s tax rate. Last year, actual tax proceeds were €34k above those which could have been expected.
As of September 30, 2009, unchanged to the previous year, all German deferred taxes were calculated in respect of temporary differences using a combined tax rate of rounded 30%. The reported value of all deferred taxes on tax losses carried forward was arrived at by using tax rates as in the previous year of 14% for municipal corporate income tax and 16% for corporation tax and solidarity tax.
The table below contains a reconciliation of expected net tax expenses with the actual reported tax:
|
|
|
€k |
|
|
2008/2009 |
2007/2008 |
|
Profit before tax |
163,365 |
180,973 |
|
|
|
|
|
Expected tax expenses based on a tax rate of 30% |
–49,010 |
–54,292 |
|
Differences from expected tax expenses |
|
|
|
Difference from local tax rates |
3,231 |
5,687 |
|
Difference arising from change of deferred tax rate and income tax rate |
–21 |
646 |
|
Increases/decreases in tax due to tax-exempt income and non-tax-deductible expenses |
–4,851 |
–5,103 |
|
Consolidation entries excl. deferred taxes or with differing tax rates |
–432 |
421 |
|
Corrections relating to other periods and other effects |
2,838 |
–1,355 |
|
Non-recognition of deferred taxes on current losses |
–1,375 |
–1,701 |
|
Recognition of previously unrecognized tax losses carried forward |
0 |
1,371 |
|
Total adjustments |
–610 |
–34 |
|
Actual tax expenses |
–49,620 |
–54,326 |
The effective tax rate is 30.4% (2007/2008: 30.0%).
The deferred tax assets and liabilities relate to the following balance sheet items:
|
|
|
|
|
€k |
|
|
Sept. 30, 2009 |
Sept. 30, 2008 | ||
|
|
Deferred tax assets |
Deferred tax liabilities |
Deferred tax assets |
Deferred tax liabilities |
|
Intangible assets |
110 |
44,319 |
126 |
41,196 |
|
Tangible assets |
1,724 |
1,307 |
1,355 |
1,606 |
|
Investments |
14 |
0 |
0 |
0 |
|
Inventories |
13,319 |
788 |
16,604 |
9,435 |
|
Receivables and other current assets |
4,109 |
2,645 |
11,587 |
2,077 |
|
Pension accruals |
10,357 |
498 |
7,406 |
166 |
|
Other accruals |
17,372 |
934 |
25,229 |
157 |
|
Liabilities |
4,536 |
774 |
5,829 |
2,364 |
|
Losses carried forward |
4,772 |
0 |
3,867 |
0 |
|
|
56,313 |
51,265 |
72,003 |
57,001 |
|
Netting off of deferred tax assets and liabilities |
–33,657 |
–33,657 |
–53,609 |
–53,609 |
|
|
22,656 |
17,608 |
18,394 |
3,392 |
