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3.6 Consolidated financial statements Notes Notes to to the the consolidated financial financial statements
Significant components of the deferred tax assets and liabilities are as follows:
million €
Deferred tax assets Deferred tax liabilities
Intangible assets 421 360 384 397
Property, plant and equipment 83 265 1,085 739
Financial assets 124 131 12 7
Inventories 1,958 2,376 268 295
Other assets 309 315 255 496
Accrued pension and similar obligations 1,052 805 85 3
Other provisions 273 307 56 66
Other liabilities 271 432 2,214 2,489
Tax loss carryforwards 611 955 — —
Interest carryforwards 45 70 — —
Foreign tax credits 28 44 — —
Gross value 5,175 6,060 4,359 4,492
Valuation allowance (365) (952) — —
Offset (4,220) (4,168) (4,220) (4,168)
Balance sheet amount 590 940 139 324
Deferred tax assets and liabilities are offset if they pertain to future tax
effects for the same taxable entity towards the same taxation authority.
Deferred tax assets of €45 million relate to consolidation items as of
September 30, 2011 (2010: €68 million).
For fiscal year 2010/2011, the income tax expense of €203 million
presented in the financial statements is €438 million higher than the
expected income tax benefit of €(235) million which would result if the
million €
Sept. 30,
2010
Sept. 30,
2011
Sept. 30,
2010
196
Sept. 30,
2011
German combined income tax rate of 31.3% were applied to the
Group’s income before income taxes. For fiscal year 2009/2010, the
reported income tax expense of €185 million was €190 million lower
than the expected income tax expense of €375 million with a German
combined income tax rate of 31.1%. The following table reconciles the
expected income tax expense/(benefit) to the income tax expense
presented in the statement of income.
Year ended
Sept. 30,
2010 in %
Year ended
Sept. 30,
2011 in %
Expected income tax expense/(benefit) 375 31.1 (235) 31.3
Tax rate differentials to the German combined income tax rate (6) (0.5) (124) 16.5
Changes in tax rates or laws 8 0.7 (7) 0.9
Tax consequences of disposal of businesses (7) (0.6) 34 (4.5)
Permanent items 61 5.1 16 (2.1)
Change in valuation allowance (31) (2.6) 628 (83.6)
Tax benefit not related to the reporting period (111) (9.2) (34) 4.5
Income/(loss) from companies accounted for under the equity method (14) (1.2) (23) 3.1
Tax losses received from Business Area Stainless Global (48) (4.0) 0 0.0
Other, net (42) (3.5) (52) 6.9
Income tax expense as presented on the statement of income 185 15.3 203 (27.0)