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5 Income taxes

5 Income taxes
  2013 2012
    Restated
     
Income taxes charged to the income statement    
Current income taxes 20,563 24,169
Deferred income taxes -27,969 -3,824
Total -7,406 20,345
     
Income taxes charged to other comprehensive income 1,581 1,520
     
The reconciliation between the actual tax burden and the expected tax charge for the years ending 31 December 2013 and 31 December 2012 is as follows:
     
Reconciliation    
Profit/(loss) before income taxes -159,605 51,578
Income tax rate parent company 16,7% 16,7%
     
Income taxes at expected income tax rate -26,622 8,603
Tax effect from income taxed at other rates -10,367 5,033
Tax effect from tax-free income -1,815 -3,731
Tax effect from non-tax-deductible expenses 1,797 3,589
Tax losses in the current year for which no deferred tax assets were recognised 10,621 1,142
Tax loss carryforwards for which no deferred tax assets were recognised -229 -480
Value adjustment of previously capitalised tax loss carryforwards 3,312 1,750
Tax burden/relief subsequently recognised for previous years -312 848
Regional production tax - Italy (IRAP) -1,032 3,698
Not usable deferred tax assets 16,580 -
Non-usable withholding tax 653 -
Other 8 -107
Income taxes charged to the income statement -7,406 20,345
     
Effective income tax rate 4,6% 39,4%

Deferred income taxes by origin of difference

  31.12.2013 31.12.2012
    Restated
     
Assets    
Tangible assets 26,196 4,701
Other non-current assets 9,088 8,412
Current assets 10,739 10,002
Provisions 5,043 1,591
Liabilities 8,539 21,236
Loss carryforwards/tax credits 7,660 5,505
Total 67,265 51,447
     
Liabilities    
Tangible assets 42,283 49,435
Other non-current assets 2,546 1,728
Current assets 8,427 17,419
Provisions 8,682 7,757
Liabilities 2,396 2,283
Total 64,334 78,622
     
thereof disclosed in the balance sheet as:    
Deferred tax assets -43,770 -23,312
Deferred tax liabilities 40,839 50,487
Net deferred income tax receivables (liabilities) -2,931 27,175

Change in deferred taxes 2013 by category

  Tangible assets Other non-current assets Current assets Provisions Liabilities Loss carryforwards tax credits Total
               
Opening balance 2013 -44,734 6,684 -7,417 -6,166 18,953 5,505 -27,175
Changes due to acquisitions - - - - - - -
Changes due to sales - - - - - - -
Changes in the consolidated income statement 28,247 -3,063 9,673 3,685 -12,519 1,946 27,969
Reported as "Assets/liabilities held for sale" - 2,986 - - 2 406 3,394
Changes in other comprehensive income - - - -1,163 -418 - -1,581
Translation differences 399 -65 56 6 125 -88 433
Other 1) - - - - - -109 -109
Closing balance 2013 -16,088 6,542 2,312 -3,638 6,143 7,660 2,931

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.

Change in deferred taxes 2012 by category

  Tangible assets Other non-current assets Current assets Provisions Liabilities Loss carryforwards tax credits Total
Restated              
               
Opening balance 2012 -48,170 12,081 -6,849 -4,262 14,830 5,235 -27,135
Changes due to acquisitions - - - - - - -
Changes due to sales - -264 - - - -21 -285
Changes in the consolidated income statement 2,067 -1,855 -1,101 -728 4,515 926 3,824
Reported as "Assets/liabilities held for sale" 1,390 -3,260 553 - -2 -400 -1,719
Changes in other comprehensive income - - - -1,160 -360 - -1,520
Translation differences -21 -18 -20 -16 -30 -74 -179
Other 1) - - - - - -161 -161
Closing balance 2012 -44,734 6,684 -7,417 -6,166 18,953 5,505 -27,175

1) Transfer of loss carryforwards within the Italian tax group which were booked as a reduction in the current tax receivables in the tax group.

Tax loss carryforwards

Individual group companies had tax loss carryforwards totalling TCHF 92,733 (previous year: TCHF 42,620) at 31 December 2013. This year's increase was the result of new losses in the current financial year in connection with impairments (Note 7). Deferred tax assets are capitalised only to the extent that it is probable that the tax credits can be realised. On the balance sheet date the Group had uncapitalised tax loss carryforwards of TCHF 62,635 (previous year: TCHF 19,333), since the future utilisation of these amounts for tax purposes is not probable. These are due on the following dates:

Unrecognised tax loss carryforwards

  31.12.2013 31.12.2012
     
Due within 1 year 21 12
Due in 1-3 years 1,456 1,191
Due in 4-7 years 14,891 15,443
Due after 7 years or no due date 46,267 2,687
Total 62,635 19,333