Notes to the Consolidated Financial Statements
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. Trade accounts receivable
7. Other current assets and current financial assets
8. Inventories
9. Property, plant and equipment
10. Other non-current assets and non-current financial assets
11. Goodwill and intangible assets
12. Short-term debt
13. Other current liabilities and provisions
14. Long-term debt
15. Financial instruments
16. Retirement benefit plans
17. Participation plans
18. Deferred tax assets and liabilities
19. Other non-current liabilities and provisions
20. Contingencies
21. Capital stock and treasury shares
22. Earnings per share
23. Other operating expenses, net
24. Financial result, net
25. Income tax expenses
| 2016 | 2015 | |
|---|---|---|
| MCHF | MCHF | |
| Current taxes | 117.3 | 71.9 |
| Deferred taxes | -34.7 | -19.5 |
| Total income tax expenses | 82.6 | 52.4 |
The differences between income tax expenses computed at the weighted-average applicable tax rate of the Group of 14.6% (PY: 19.3%) and the effective income tax expenses were as follows:
| 2016 | 2015 | |
|---|---|---|
| MCHF | MCHF | |
| Income tax expenses, at applicable rate | 91.8 | 91.6 |
| Operating losses with no current tax benefit | 3.1 | 11.9 |
| Offsetting of current profits against loss carryforwards without tax assets | -6.1 | -30.2 |
| Changes in future tax rates | -0.4 | 0.5 |
| Taxable goodwill amortisation | 0.0 | -3.2 |
| Non-deductible expenses and non-taxable income, net | 0.8 | -23.0 |
| Other | -6.6 | 4.8 |
| Total income tax expenses | 82.6 | 52.4 |
"Other" in 2016 includes mainly reversals of tax provisions. In 2015 there were several one-off effects resulting from the Sanitec acquisition (transaction) or from subsequent integration projects (e.g. transfer of IP rights).