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

  2018 2017
Current taxes 101.2 101.4
Deferred taxes -11.2 -16.5
Total income tax expenses 90.0 84.9

The differences between income tax expenses computed at the weighted-average applicable tax rate of the Group of 13.9% (PY: 12.5%) and the effective income tax expenses were as follows:

  2018 2017
Income tax expenses, at applicable rate 95.7 76.8
Operating losses with no current tax benefit 0.1 13.9
Offsetting of current profits against loss carryforwards without tax assets -4.8 -1.3
Changes in future tax rates 0.1 -0.7
Non-deductible expenses and non-taxable income, net 2.5 0.4
Other -3.6 -4.2
Total income tax expenses 90.0 84.9

The increase of the weighted-average applicable tax rate of the Group by 140 bp in 2018 mainly results from the MCHF 45 restructuring costs in France, which were considered in 2017 as deductible for the calculation of the theoretical tax rate.

In 2018 and 2017, the position “Other” mainly includes tax benefits from the capitalisation of loss carryforwards following improved operational performance. The position “Operating losses with no current tax benefit” contains the not capitalised loss in France which resulted from the aforementioned restructuring costs.

26. Operating Leasing

27. Research and development cost

28. Cashflow figures

29. Segment reporting

30. Related party transactions

31. Foreign exchange rates

32. Subsequent events

33. Group companies as at 31 December 2018


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