Menu  
Return
Error

5 Current and deferred taxes

The income tax assets totalling EUR 36 million (previous year: EUR 48 million) concern in particular withholding tax receivables in connection with dividends received. The income tax liabilities of EUR 22 million (previous year: EUR 18 million) essentially contain the income taxes to be paid for the financial year.

Deferred taxes are calculated using the respective local tax rates. Changes in tax rates that were enacted up until the reporting date have already been taken into account. The income tax rates applied in the relevant countries varied between 10.0 per cent and 39.0 per cent (previous year: 10.0 per cent and 39.0 per cent).

The following deferred tax assets and liabilities exist for temporary differences in the individual items of the statement of financial position, and for tax loss carryforwards:

Enlarge table
  31 Dec. 2015 31 Dec. 2014
EUR million Deferred
tax assets
Deferred tax
liabilities
Deferred
tax assets
Deferred tax
liabilities
Property, plant and equipment 12 48 11 38
Intangible assets 7 151 7 87
Miscellaneous non-current assets 1 8 2 8
Current assets 27 11 21 17
Non-current liabilities 16 1 15 1
Non-current provisions 66 67 1
Current provisions 9 2 9 1
Other current liabilities 5 17 8 10
Derivative financial instruments 7 4 8 3
Tax loss carryforwards 25 2
Less offsetting 127 127 115 115
  48 115 35 51

Deferred tax assets include EUR 23 million (previous year: EUR 11 million) for companies that were making losses in the financial year or the previous year. These items are recognised, since future taxable profits are expected for these companies.

Trade tax loss carryforwards of EUR 941 million (previous year: EUR 877 million) and unused corporate tax and similar foreign loss carryforwards of EUR 599 million (previous year: EUR 515 million) exist in the Haniel Group, for which no deferred tax assets were recognised in the statement of financial position, given that the realisation of the deferred tax assets is not deemed to be sufficiently certain from today’s point of view. Of these tax loss carryforwards, EUR 59 million (previous year: EUR 52 million) expire within five years and an additional EUR 16 million (previous year: EUR 22 million) within 15 years.

In accordance with IAS 12, no deferred tax liabilities are recognised for retained earnings of subsidiaries and investments accounted for at equity because the company can control the reversal effect and therefore it is probable that the temporary differences will not be reversed in the foreseeable future. Therefore no deferred tax liabilities are recognised for temporary differences from subsidiaries and investments accounted for at equity in the amount of EUR 133 million (previous year: EUR 59 million).