7 Income taxes
7 Income taxes
|
|
2011 |
2012 |
|
CHF thousands |
|
|
|
|
|
|
|
Income taxes charged to the income statement |
|
|
|
Current income taxes |
34,835 |
24,169 |
|
Deferred income taxes |
-10,938 |
-3,908 |
|
Total |
23,897 |
20,261 |
|
|
|
|
|
Income taxes charged to other comprehensive income |
358 |
360 |
|
|
|
|
|
The reconciliation between the actual tax burden and the expected tax charge for the years ending 31 December 2011 and 31 December 2012 is as follows: |
|
|
|
|
|
|
|
Transitional statement |
|
|
|
Profit before income taxes |
78,075 |
51,122 |
|
Income tax rate parent company |
16.7% |
16.7% |
|
|
|
|
|
Income taxes at expected income tax rate |
13,023 |
8,527 |
|
Tax effect from non-tax-deductible expenses |
8,422 |
3,589 |
|
Tax effect from income taxed at other rates |
8,667 |
5,025 |
|
Tax effect from tax-free income |
-5,910 |
-3,731 |
|
Subsequent capitalisation of previously unrecognised deferred taxes on tax-loss carryforwards |
-1,261 |
- |
|
Expired tax-loss carryforwards for which deferred tax assets were recognised |
156 |
- |
|
Tax losses in the current year for which no deferred tax assets were recognised |
754 |
1,142 |
|
Tax losses charged for which no deferred tax assets were recognised |
-195 |
-480 |
|
Value adjustment of previously capitalised tax-loss carryforwards |
- |
1,750 |
|
Tax rate revision Italy1) |
-313 |
- |
|
Regional production tax - Italy (IRAP) |
3,307 |
3,698 |
|
Tax burden/relief subsequently recognised for previous years |
-2,770 |
848 |
|
Other |
17 |
-107 |
|
Income taxes charged to the income statement |
23,897 |
20,261 |
|
|
|
|
|
Effective income tax rate |
30.6% |
39.6% |
1)In Italy the surcharge (IRES) was increased, limited to the years 2011, 2012 and 2013.
Deferred income taxes by origin of difference |
31.12.2011 |
31.12.2012 |
CHF thousands |
|
|
|
|
|
Assets |
|
|
Property, plant and equipment |
4,380 |
4,701 |
Other non-current assets |
13,915 |
8,412 |
Current assets |
7,183 |
10,002 |
Provisions |
3,453 |
1,375 |
Liabilities |
15,918 |
21,236 |
Loss carryforwards / tax credits |
5,235 |
5,505 |
Total |
50,084 |
51,231 |
|
|
|
Liabilities |
|
|
Property, plant and equipment |
52,550 |
49,435 |
Other non-current assets |
1,834 |
1,728 |
Current assets |
14,032 |
17,419 |
Provisions |
14,025 |
12,608 |
Liabilities |
1,088 |
2,283 |
Total |
83,529 |
83,473 |
|
|
|
Of which the following are disclosed in the balance sheet as: |
|
|
Deferred tax assets |
-25,430 |
-23,095 |
Deferred tax liabilities |
58,875 |
55,337 |
Net deferred income tax liabilities |
33,445 |
32,242 |
CHF thousands |
Property, plant and equipment |
Other non-current assets |
Current assets |
Provisions |
Liabilities |
Loss carryforwards tax credits |
Total |
Change in deferred taxes 2012 by category |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening balance 2012 |
-48,170 |
12,081 |
-6,849 |
-10,572 |
14,830 |
5,235 |
-33,445 |
Change due to an acquisition |
- |
- |
- |
- |
- |
- |
- |
Change due to a sale |
- |
-264 |
- |
- |
- |
-21 |
-285 |
Change via the income statement |
2,067 |
-1,855 |
-1,101 |
-644 |
4,515 |
926 |
3,908 |
Reported as "Assets/liabilities held for sale" |
1,390 |
-3,260 |
553 |
- |
-2 |
-400 |
-1,719 |
Changes in other comprehensive income |
- |
- |
- |
- |
-360 |
- |
-360 |
Translation differences |
-21 |
-18 |
-20 |
-17 |
-30 |
-74 |
-180 |
Other1) |
- |
- |
- |
- |
- |
-161 |
-161 |
Closing balance 2012 |
-44,734 |
6,684 |
-7,417 |
-11,233 |
18,953 |
5,505 |
-32,242 |
|
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 |
Changes in other comprehensive income |
- |
- |
- |
- |
-358 |
- |
-358 |
Translation differences |
-80 |
-27 |
4 |
-81 |
-253 |
-119 |
-556 |
Other1) |
- |
- |
- |
- |
- |
-606 |
-606 |
Closing balance 2011 |
-48,170 |
12,081 |
-6,849 |
-10,572 |
14,830 |
5,235 |
-33,445 |
1) Transfer of loss carryforwards within the Italian tax group which were booked as a reduction in the current tax receivable in the tax group.
Tax loss carryforwards
On 31 December 2012, individual Group companies had tax loss carryforwards of TCHF 42,620 (previous year: TCHF 31,351) 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 19,333 (previous year: TCHF 6,726), since the future utilisation of these amounts for tax purposes is not probable. The increase this year was the result of new losses in the current financial year and a value adjustment of previously capitalised deferred taxes on tax-loss carryforwards from previous years. These are due on the following dates:
Unrecognised tax-loss carryforwards |
31.12.2011 |
31.12.2012 |
CHF thousands |
|
|
|
|
|
Due within 1 year |
- |
12 |
Due in 1-3 years |
319 |
1,191 |
Due in 3-7 years |
5,293 |
15,443 |
Due after 7 years or no due date |
1,114 |
2,687 |
Total |
6,726 |
19,333 |