|
| (in
TEUR) |
2003 |
2002 |
|
|
|
|
|
| Current tax expense |
(20,810) |
(15,078) |
|
| Deferred tax
income relating to the origination and |
|
|
|
| reversal
of temporary differences |
2,009 |
(3,010) |
|
| |
(18,801) |
(18,088) |
|
|
|
|
|
incometax.htm
incometax.xls (Download size=15360 Bytes):
Changes in the deferred income tax account consist of the following:
| (in
TEUR) |
2003 |
2002 |
|
|
|
|
|
| Tax assets |
17,696 |
21,114 |
|
| Tax provision for
deferred taxes |
(45,803) |
(39,605) |
|
| Balance as at 31
December, as previously stated |
(28,107) |
(18,491) |
|
|
|
|
|
| Deferred taxes from
changes in consolidation range |
1,090 |
0 |
|
| Deferred tax
expense relating to the origination and |
|
|
|
| reversal of temporary
differences |
|
|
|
| income statement charge |
2,009 |
(3,010) |
|
| foreign exchange differences |
(2,564) |
(2,938) |
|
| Tax effect on IAS 39
reserve |
(5,088) |
(5,394) |
|
| Tax effect of foreign
exchange translation differences |
990 |
2,298 |
|
| Reclassification without
income effect |
0 |
(572) |
|
| |
(31,670) |
(28,107) |
|
| thereof |
|
|
|
| Deferred tax assets |
18,876 |
17,696 |
|
| Liabilities for deferred taxes |
(50,546) |
(45,803) |
|
|
|
|
|
incometax1.htm
incometax1.xls (Download size=16384 Bytes):
The reconciliation of the effective tax rate to the statutory tax rate is as follows:
| (in
TEUR) |
2003 |
2002 |
|
|
|
|
|
| Earnings before taxes
(EBT) |
49,318 |
45,735 |
|
| Tax at the applicable tax
rate (34% in 2003 and 2002) |
(16,768) |
(15,550) |
|
| Tax
effect of income not taxable in determining taxable profit |
|
|
|
| (non-temporary
differences) |
1,103 |
(5,478) |
|
| Tax effect of |
|
|
|
| changes in valuation allowance |
(2,711) |
3,355 |
|
| adjustment of using new tax rates |
(425) |
(415) |
|
|
(18,801) |
(18,088) |
|
|
|
|
|
| Tax charge per statutory
book |
20,810 |
15,078 |
|
| Changes in deferred taxes |
2,009 |
(3,010) |
|
|
|
|
|
incometax2.htm
incometax2.xls (Download size=15872 Bytes):
Income tax effects related to tax deductible IPO costs are directly recognised in capital reserve in equity.
Deferred tax assets and provisions for deferred taxes as at 31 December 2002 and 2001 are the result of the following temporary valuation and accounting differences between book values in the IFRS consolidated financial statements and the relevant tax bases:
| |
2003 |
|
2002 |
|
|
Deferred tax |
|
Deferred tax |
|
| (in TEUR) |
Asset |
|
Liability |
|
Asset |
|
Liability |
|
|
|
|
|
|
|
|
|
|
| Intangible assets |
1,390 |
|
(1,146) |
|
1,431 |
|
(502) |
|
| Tangible assets |
1,416 |
|
(10,064) |
|
1,455 |
|
(10,034) |
|
| Financial assets |
5 |
|
(33) |
|
13 |
|
(92) |
|
| Inventories |
137,554 |
|
(441) |
|
127,794 |
|
(348) |
|
| Receivables |
509 |
|
(26,251) |
|
3,125 |
|
(13,792) |
|
| Short-term securities
and shares |
|
|
(113) |
|
0 |
|
(3,742) |
|
| Other assets |
|
|
(6) |
|
0 |
|
(3) |
|
|
140,874 |
|
(38,054) |
|
133,818 |
|
(28,513) |
|
| Provisions |
20,026 |
|
(29,735) |
|
16,129 |
|
(13,813) |
|
| Liabilities |
8,159 |
|
(123,172) |
|
4,542 |
|
(137,314) |
|
| Deferred income |
7,996 |
|
(141) |
|
8,015 |
|
(387) |
|
|
36,181 |
|
(153,048) |
|
28,686 |
|
(151,514) |
|
| Tax loss carry-forwards |
5,495 |
|
|
|
6,793 |
|
0 |
|
| Deferred tax assets /
liabilities |
182,550 |
|
(191,102) |
|
169,297 |
|
(180,027) |
|
| Valuation allowance for
deferred tax assets |
(12,959) |
|
|
|
(13,616) |
|
0 |
|
| Other deferred taxes
from consolidation |
(615) |
|
|
|
695 |
|
0 |
|
| IAS 39 reserve |
|
|
(9,544) |
|
0 |
|
(4,456) |
|
| Offset within legal tax
units and jurisdiction |
(150,100) |
|
150,100 |
|
(138,680) |
|
138,680 |
|
| Net deferred tax assets
and liabilities |
18,876 |
|
(50,546) |
|
17,696 |
|
(45,803) |
|
|
|
|
|
|
|
|
|
|
incometax3.htm
incometax3.xls (Download size=18944 Bytes):
Beginning of 2004 a reduction of the Austrian corporate income tax rate was announced, which would result in a reduction of the deferred tax liability as of 31.12.2003 (by EUR 6,216 thousand).
|
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