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- >Note 26
1. Basic information and principles of the report
2. Changes in Group structure
3. Summary of significant accounting policies
4. Risk assessment and management
5. Management of capital
6. Marketable securities
7. Trade accounts receivable
8. Other current assets and current financial assets
9. Inventories
10. Property, plant and equipment
11. Other non-current assets and non-current financial assets
12. Goodwill and intangible assets
13. Short-term debt
14. Other current provisions and liabilities
15. Long-term debt
16. Derivative financial instruments
17. Retirement benefit plans
18. Participation plans
19. Deferred tax assets and liabilities
20. Other non-current provisions and liabilities
21. Contingencies
22. Capital stock and treasury shares
23. Earnings per share
24. Other operating expenses, net
25. Financial result, net
26. Income tax expenses
| 2014 | 2013 | |
|---|---|---|
| MCHF | MCHF | |
| Current taxes | 72.2 | 64.1 |
| Deferred taxes | 4.4 | 5.3 |
| Total income tax expenses | 76.6 | 69.4 |
The differences between income tax expenses computed at the weighted-average applicable tax rate of the Group of 13.7% (PY: 13.4%) and the effective income tax expenses were as follows:
| 2014 | 2013 | |
|---|---|---|
| MCHF | MCHF | |
| Income tax expenses, at applicable rate | 78.7 | 67.9 |
| Operating losses with no current tax benefit | 0.1 | 0.0 |
| Changes in future tax rates | -0.1 | -0.2 |
| Taxable goodwill amortization | -4.6 | -4.9 |
| Non-deductible expenses | 3.4 | 3.4 |
| Other | -0.9 | 3.2 |
| Total income tax expenses | 76.6 | 69.4 |
The expected business development in the different regions and markets will not lead to a material change of the weighted average tax rate of the Group.