| 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 |