Annual Report 2005/06 - voestalpine

Other current financial investments include shares in the V54 capital
investment fund of EUR 316.1 million (March 31, 2005:
EUR 162.5 million) and other securities of EUR 17.1 million
(March 31, 2005: EUR 19.7 million).
Securities of EUR 67.8 million (March 31, 2005: EUR 105.3 million) are
pledged for investment loans granted by the European Investment
Bank.
13. DeFerreD TaX asseTs anD liaBiliTies
Deferred taxes on differences resulting from investments in subsidiaries
were not recognized in accordance with IAS 12.39.
Temporary differences between tax values and consolidated financial
statements are attributable to the following:
Assets Liabilities
Consolidated Financial Statements
03/31/2006 03/31/2005 03/31/2006 03/31/2005
Non-current assets 101.7 63.3 132.1 160.8
Current assets 19.5 18.0 71.9 82.1
Non-current liabilities 225.9 117.2 5.4 9.4
Current liabilities 37.1 75.3 21.6 15.8
384.2 273.8 231.0 268.1
Consolidation:
Intercompany elimination 37.9 59.0 0.0 0.0
Revalued assets 0.0 0.0 32.0 21.3
Other 5.1 2.0 15.7 45.7
427.2 334.8 278.7 335.1
Corporate tax rate 25.0% 25.0% 25.0% 25.0%
Deferred tax assets/liabilities
Netting out of deferred tax assets/liabilities
106.8 83.7 69.7 83.7
to the same tax authorities –2.5 –13.8 –2.5 –13.8
Net deferred tax assets/liabilities 104.3 69.9 67.2 69.9
In millions of euros
Annual Report 2005/06
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