24. Deferred tax assets/deferred tax liabilities

Deferred taxes on tax loss carry-forwards and temporary differences amount to €835 million, a decline of €2 million compared with 30 September 2013. The carrying amounts of deferred tax liabilities increased by €3 million to €130 million compared with the previous year.

Deferred taxes recognised concern the following balance sheet items:

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30/9/2013

30/9/2014

 

 

 

 

 

€ million

Asset

Liability

Asset

Liability

Goodwill

177

176

152

170

Other intangible assets

97

68

101

73

Property, plant and equipment and investment properties

152

616

156

596

Financial investments and investments accounted for using the equity method

5

2

5

2

Inventories

94

13

70

18

Other financial and non-financial assets

120

46

115

60

Assets held for sale

0

0

0

0

Provisions for pensions and similar obligations

319

62

368

62

Other provisions

94

5

96

7

Borrowings

404

5

369

6

Other financial and non-financial liabilities

136

57

131

63

Liabilities related to assets held for sale

0

0

0

0

Outside basis differences

0

0

0

0

Write-downs of temporary differences

−84

0

−106

0

Loss carry-forwards

246

0

304

0

Total

1,760

1,050

1,762

1,057

Offset

−923

−923

−927

−927

Carrying amount of deferred taxes

837

127

835

130

Of the deferred tax assets shown, €492 million are attributable to the incorporated companies of METRO AG. Based on business planning, realisation of this tax asset is to be considered sufficiently probable.

In accordance with IAS 12 (Income Taxes), deferred tax liabilities relating to differences between the carrying amount of a subsidiary’s pro rata assets and liabilities in the balance sheet and the carrying amounts of the investments for this subsidiary in the parent company’s tax statement must be capitalised (so-called outside basis differences) if the tax benefit is likely to be realised in future. The differences can primarily be attributed to retained earnings of subsidiaries in Germany and abroad. No deferred taxes were recognised for these retained earnings as they will be reinvested over an indefinite period of time or are not subject to relevant taxation. Any dividends paid by subsidiaries would be subject to a dividend tax of 5 per cent. In addition, foreign dividends may trigger a withholding tax. As of 30 September 2014, €0 million in deferred tax liabilities from outside basis differences were recognised for planned dividend payments. At the time of this report being prepared, the approved dividend payments were fully recognised. For this reason, no deferred tax liabilities were recognised in this context. Due to the hierarchical structure of METRO GROUP, the determination of the taxable temporary differences would require undue efforts.

No deferred tax assets were capitalised for the following tax loss carry-forwards and interest carry-forwards or temporary differences because realisation of the assets in the short-to-medium term is not expected:

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€ million

30/9/2013

30/9/2014

Corporate tax losses

7,666

7,896

Trade tax losses

7,844

7,908

Interest-carry forwards

132

19

Temporary differences

324

415

The losses primarily concern Germany. They can be carried forward without limitation.

Tax effects on components of other comprehensive income

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9M 2013

12M 2012/13

12M 2013/14

 

 

 

 

 

 

 

 

 

 

€ million

Before taxes

Taxes

After taxes

Before taxes

Taxes

After taxes

Before taxes

Taxes

After taxes

Currency translation differences from translating the financial statements of foreign operations

−99

0

−99

−135

0

−135

−30

−7

−37

thereof currency translation differences of net investments in foreign operations

(5)

(0)

(5)

(4)

(0)

(4)

(−68)

(−7)

(−75)

Effective portion of gains/ losses from cash flow hedges

6

−1

5

5

0

5

21

−3

18

Gains/losses on remeasuring financial instruments in the “available for sale”

65

0

65

68

0

68

−70

0

−70

Deferred taxes from the revaluation of defined benefit pension plans

10

−3

7

−34

6

−28

−256

41

−215

Other changes

0

0

0

0

0

0

0

0

0

Remaining income tax on other comprehensive income

0

−9

−9

0

2

2

0

−4

−4

 

−18

−13

−31

−96

8

−88

−335

27

−308

 

 

 

 

 

 

 

 

 

 

As a result of non-taxable events as well as the non-recognition and impairment of deferred taxes, the recognised tax does not correspond to the estimated tax for each item.