24. Deferred tax assets/deferred tax liabilities

Deferred taxes on loss carry-forwards and temporary differences amount to €837 million, a decline of €77 million compared with 31 December 2012. The adjusted amount stated for pension provisions after consideration of the revised IAS 19 is included in this amount. The carrying amount of deferred tax liabilities fell by €32 million to €127 million compared with the previous year.

Deferred taxes recognised concern the following balance sheet items:

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31/12/2012

30/9/2013

 

 

 

 

 

€ million

Asset

Liability

Asset

Liability

1

Adjustment of previous year (see chapter “Notes to the group accounting principles and methods”)

Goodwill

190

161

177

176

Other intangible assets

76

64

97

68

Property, plant and equipment and investment properties

194

660

152

616

Financial investments

6

2

5

2

Inventories

84

21

94

13

Other financial and non-financial assets

124

68

120

46

Provisions for pensions and similar obligations1

320

28

319

62

Other provisions

82

4

94

5

Borrowings

452

5

404

5

Other financial and non-financial liabilities

135

72

136

57

Outside basis differences

0

9

0

0

Write downs of temporary differences

–67

0

–84

0

Loss carry-forwards

253

0

246

0

Total

1,849

1,094

1,760

1,050

Offset

–935

–935

–923

–923

Carrying amount of deferred taxes

914

159

837

127

In accordance with IAS 12 (Income Taxes), deferred taxes relating to differences between the carrying amount of a subsidiary’s pro rata assets and liabilities in the balance sheet and the investment carrying amount 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 31 December 2012, €9 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 taxes were capitalised for the following tax loss carry-forwards and interest carried forward as well as temporary differences because a short-term realisation is not expected:

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€ million

31/12/2012

30/9/2013

Corporate tax losses

7,235

7,666

Trade tax losses

7,764

7,844

Interest carried forward

76

132

Temporary differences

298

324

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

Tax effects on components of other comprehensive income

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12M 2012

9M 2012

9M 2013

 

 

 

 

 

 

 

 

 

 

€ million

Before taxes

Taxes

After taxes

Before taxes

Taxes

After taxes

Before taxes

Taxes

After taxes

Currency translation differences from the conversion of the accounts of foreign operations

128

–4

124

164

0

164

–99

0

–99

thereof currency translation differences of net investments in foreign operations

(25)

(–4)

(21)

(31)

(0)

(31)

(5)

(0)

(5)

Effective portion of gains/losses from cash flow hedges

–34

5

–29

–33

0

–33

6

–1

5

Gains/losses from the revaluation of financial instruments in the category “available for sale”

3

1

4

0

0

0

65

0

65

Deferred taxes from the revaluation of defined-benefit pension plans

–427

121

–306

–383

112

–271

10

–3

7

Other changes

0

0

0

0

0

0

0

0

0

Remaining income tax on other comprehensive income

0

10

10

0

0

0

0

–9

–9

 

–330

133

–197

–252

112

–140

–18

–13

–31