14Income taxes
|
CHF thousand |
2025 |
2024 |
|
|
|
|
|
Income taxes referred to in the income statement |
–17,123 |
–27,782 |
|
Current income taxes |
–16,472 |
–25,830 |
|
Deferred income taxes |
–651 |
–1,952 |
The reconciliation between the actual tax burden and the expected tax burden for the financial years ending on 31 December 2025 and 2024 is as follows:
|
CHF thousand |
2025 |
2024 |
|
|
|
|
|
Reconciliation |
|
|
|
Income before taxes |
117,812 |
165,994 |
|
Income tax rate for parent company |
14.8% |
14.8% |
|
|
|
|
|
Income taxes at tax rate for parent company |
–17,401 |
–24,517 |
|
Difference between income taxes for the parent company and income taxes per company (calculated at the applicable tax rate) |
–954 |
–1,496 |
|
Tax effect from tax-free income/non-tax-deductible expenses |
–722 |
–1,034 |
|
Tax losses in the current year for which no deferred tax assets were recognised |
–375 |
–7 |
|
Regional production tax in Italy - IRAP |
–1,822 |
–1,585 |
|
Change in tax rate |
406 |
- |
|
Income taxes for previous years |
2,137 |
–441 |
|
Other |
1,608 |
1,298 |
|
Income taxes referred to in the income statement |
–17,123 |
–27,782 |
|
|
|
|
|
Effective income tax rate |
14.5% |
16.7% |
The tax losses and interest carryforwards that have not yet been offset, as well as the deferred taxes capitalised and not capitalised on them, for the financial years ending 31 December 2025 and 2024, are as follows:
|
CHF thousand |
2025 |
2024 |
|
|
|
|
|
Unrecognised tax loss carryforwards |
66,913 |
81,679 |
|
Thereof used for capitalisation of deferred taxes |
41,008 |
57,966 |
|
Thereof not used for capitalisation of deferred taxes |
25,905 |
23,713 |
|
|
|
|
|
Deferred taxes capitalised on tax loss carryforwards |
9,864 |
13,926 |
|
Deferred taxes not capitalised on tax loss carryforwards |
8,045 |
7,680 |
|
|
|
|
|
Unrecognised tax interest carryforwards |
5,057 |
6,871 |
|
Therof used for capitalisation of deferred taxes |
5,057 |
6,871 |
|
|
|
|
|
Deferred taxes capitalised on tax interest carryforwards |
1,214 |
1,649 |
|
|
|
|
|
Deferred taxes capitalised on tax loss and interest carryforwards |
11,078 |
15,575 |
The capitalised deferred taxes on loss and interest carryforwards are included in the deferred tax assets and liabilities stated in Note 19.
Global minimum taxation
The OECD rules on global minimum taxation stipulate a minimum tax rate of 15 per cent in each country. In Switzerland, the Ordinance on Minimum Taxation of Large Corporate Groups has been in force since 1 January 2024. In Italy and Germany, corresponding laws have also been in force since 1 January 2024.
The Repower Group continues to assess the potential impact based on current tax returns, country-specific reporting and the financial statements of the group companies. No material effect on income taxes is expected for 2025.