2010 Restated | 2011 | ||
---|---|---|---|
CHF thousands | |||
Income taxes charged to the income statement | |||
Current income taxes1) | 30,411 | 34,835 | |
Deferred income taxes | -5,249 | -10,938 | |
Total | 25,162 | 23,897 | |
Income taxes charged to equity | |||
Income taxes on changes in equity | 268 | 358 | |
Total | 268 | 358 | |
The reconciliation between the actual tax burden and the expected tax charge for the years ending 31 December 2011 and 31 December 2010 is as follows: | |||
Transitional statement | |||
Profit before income taxes | 101,860 | 78,075 | |
Expected income tax rate | 16.7 % | 16.7% | |
Income taxes at expected tax rate | 16,990 | 13,023 | |
Tax effect from non-tax-deductible expenses | 1,144 | 8,422 | |
Tax effect from income taxed at other rates | 9,363 | 8,667 | |
Tax effect from tax-free income | -3,059 | -5,910 | |
Subsequent capitalisation of previously unrecognised deferred taxes on tax-loss carryforwards | - | -1,261 | |
Tax due on tax-loss carryforwards for which deferred taxes were recognised | - | 156 | |
Tax losses in the current year for which no deferred tax assets were recognised | 1,469 | 754 | |
Tax losses charged for which no deferred tax assets were recognised | -2,609 | -195 | |
Tax rate revision Switzerland2) | -450 | - | |
Tax law revision Italy | 2 | - | |
Tax rate revision Italy3) | - | -313 | |
Regional production tax - Italy (IRAP) | 3,786 | 3,307 | |
Tax burden/relief subsequently recognised for previous years | -1,948 | -2,770 | |
Other | 474 | 17 | |
Income taxes charged to the income statement | 25,162 | 23,897 | |
Effective income tax rate | 24.7% | 30.6% |
1) Tax income was rebooked from the statement of comprehensive income to shareholders' equity in the amount of TCHF 540 in connection with the adjustment to the previous year's figures (see Note 30).
2) The revised tax law that came into effect in the canton of Graubünden on 1 January 2010 provided for a reduction in the tax rate on earnings. This resulted in a recognised reversal of deferred tax obligations and a corresponding impact on the effective income tax rate.
3)In Italy the surcharge (IRES) was increased, limited to the years 2011, 2012 and 2013.
Deferred income taxes by origin of difference | 31.12.2010 | 31.12.2011 |
---|---|---|
CHF thousands | ||
Assets | ||
Property, plant and equipment | 3,123 | 4,380 |
Other non-current assets | 13,731 | 13,915 |
Current assets | 3,169 | 7,183 |
Provisions | 1,344 | 3,453 |
Liabilities | 30,974 | 15,918 |
Loss carryforwards / tax credits | 1,478 | 5,235 |
Total | 53,819 | 50,084 |
Liabilities | ||
Property, plant and equipment | 63,815 | 52,550 |
Other non-current assets | 5,199 | 1,834 |
Current assets | 19,615 | 14,032 |
Provisions | 17,079 | 14,025 |
Liabilities | 1,050 | 1,088 |
Total | 106,758 | 83,529 |
Of which the following are disclosed in the balance sheet as | ||
Deferred income taxes1) | -14,915 | -25,430 |
Deferred tax liabilities | 67,854 | 58,875 |
Net deferred tax liabilities | 52,939 | 33,445 |
1) Deferred income taxes were increased by TCHF 540, from TCHF 14,915 to TCHF 15,455, in connection with the adjustment to the previous year's figures (see Note 30).
CHF thousands | Property, plant and equipment | Other non-current assets | Current assets | Provisions | Liabilities | Loss carryforwards Tax credits | Total |
---|---|---|---|---|---|---|---|
Change in deferred taxes 2011 by category | |||||||
Opening balance 2011 | -60,692 | 8,532 | -16,446 | -15,735 | 29,924 | 1,478 | -52,939 |
Change due to an acquisition | - | - | - | - | - | - | - |
Change due to a sale | - | - | - | - | - | - | - |
Change via the income statement | 2,526 | 3,576 | 9,593 | 5,244 | -14,483 | 4,482 | 10,938 |
Reported as “Liabilities held for sale” | 10,076 | - | - | - | - | - | 10,076 |
Change recognised directly in shareholders' equity (OCI) | - | - | - | - | -358 | - | -358 |
Translation differences | -80 | -27 | 4 | -81 | -253 | -119 | -556 |
Other2) | - | - | - | - | - | -606 | -606 |
Closing balance 2011 | -48,170 | 12,081 | -6,849 | -10,572 | 14,830 | 5,235 | -33,445 |
2) Transfer of loss carryforwards within the Italian tax group which were booked as a reduction in the current tax receivable in the head of the tax group.
Property, plant and equipment | Other non-current assets | Current assets | Provisions | Liabilities | Loss carryforwards Tax credits | Total | |
---|---|---|---|---|---|---|---|
Change in deferred taxes 2010 by category | |||||||
Opening balance 2010 | -69,133 | 16,443 | -18,214 | -18,991 | 33,558 | 2,336 | -54,001 |
Change due to an acquisition | - | -2,053 | - | - | -625 | - | -2,678 |
Change due to a sale | 1,131 | - | - | - | - | - | 1,131 |
Change via the income statement | 7,855 | -5,019 | 1,048 | 3,392 | -1,818 | -594 | 4,864 |
Change recognised directly in shareholders' equity (OCI) | - | - | - | - | -268 | - | -268 |
Translation differences | -545 | -839 | 720 | -136 | -923 | -264 | -1,987 |
Other | - | - | - | - | - | - | - |
Closing balance 2010 | -60,692 | 8,532 | -16,446 | -15,735 | 29,924 | 1,478 | -52,939 |
On 31 December 2011 individual Group companies had tax loss carryforwards of TCHF 31,351 (previous year: TCHF 17,351), which they can charge in future periods as taxable profit. Deferred tax assets are recognised only to the extent that it is probable that the tax credits can be realised. On the balance sheet date the Group had unrecognised tax loss carryforwards of TCHF 6,726 (previous year: TCHF 12,280), since the future utilisation of these amounts for tax purposes is not probable. These are due on the following dates:
Unrecognised tax loss carryforwards | 31.12.2010 | 31.12.2011 |
---|---|---|
CHF thousands | ||
Due within 1 year | - | - |
Due in 1-3 years | 36 | 319 |
Due in 3-7 years | 4,057 | 5,293 |
Due after 7 years or no due date | 8,187 | 1,114 |
Total | 12,280 | 6,726 |