Notes to the Consolidated Income Statement
18 Taxes on income (page 2/2)
Deferred tax assets are only recognized for tax loss carryforwards if their realization is guaranteed in the near future. Deferred tax assets on current tax losses amounting to € 26,503 thousand (previous year: € 45,538 thousand) were recognized in the reporting year. Deferred tax assets of € 2,140 thousand (previous year: € 0 thousand) were recognized for tax loss carryforwards not previously recognized. Write-downs of deferred tax assets for loss carryforwards recognized in previous years were carried out in the year under review in the amount of € 835 thousand (previous year: € 2,520 thousand). On the basis of tax planning, deferred tax assets of € 122,250 thousand (previous year: € 69,346 thousand) were capitalized at companies that generated a tax loss in the current or prior financial year. This was based on the management assessment that positive taxable income will be available in the foreseeable future.
Current taxes were reduced in the reporting year by € 596 thousand (previous year: € 4 thousand) as a result of deferred tax assets for tax loss carryforwards that had not previously been taken into account. Unutilized tax credit for which no deferred tax assets have been recognized on the consolidated balance sheet amounted to € 172 thousand (previous year: € 0 thousand).
In net terms, current income taxes included income of € 27,021 thousand (previous year: € 36,468 thousand) relating to prior periods.
Taxes on income can be derived from income before taxes as follows:
|Income before taxes||– 346,713||– 286,075|
|Theoretical tax rate in percent||28.14||28.14|
|Theoretical tax expense/income||– 97,565||– 80,502|
|Change in theoretical tax expense/income due to:|
|– corporate income tax credit from previous years due to a change in the German Corporation Tax Act||– 1,428||0|
|– differing tax rate||– 7,005||499|
|– Tax loss carryforwards1)||29,511||28,294|
|– reduction due to tax-free income||– 12,187||– 5,173|
|– tax increase due to non-deductible expenses||19,651||11,752|
|– change in tax provisions/taxes attributable
to previous years
|– 28,678||– 14,371|
|– other||– 305||1,933|
|Taxes on income||– 98,006||– 57,568|
|tax rate in percent||28.27||20.12|
- Amortization of loss carryforwards, utilization of non-recognized loss carryforwards and non-recognition of current losses