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10 Financial expenses
CHF million
2015
2014
Interest expenses
11.1
12.4
Amortization of transaction costs
0.3
1.1
Interest expenses for defined benefit pension plans
0.9
0.3
Net foreign exchange losses
7.5
2.5
Other financial expenses
0.4
0.1
Total
20.2
16.4
11 Income taxes
CHF million
2015
2014
Current income taxes
39.6
33.3
Deferred income taxes
0.8
–16.0
Total
40.5
17.3
The decrease in the net deferred income tax assets by CHF 1.1 million (2014: decrease by CHF 21.4
million) relates to the deferred income tax expense recognized in the consolidated income statement
of CHF 0.8 million (2014: deferred income tax income of CHF 16.0 million), to the deferred income
tax income recognized in other comprehensive income of CHF 0.7 million (2014: income tax income of
CHF 5.3 million) and to a currency translation adjustment of CHF –1.0 million (2014: CHF 0.1 million).
Reconciliation of expected and actual income tax expenses:
CHF million
2015
2014
Profit before taxes
109.2
120.1
Expected average tax rate
30.4%
28.5%
Expected income tax expenses
33.2
34.2
Non-taxable income and non-deductible expenses
4.7
1.4
Current income taxes from prior periods
4.4
2.8
Current year tax losses for which no deferred tax assets were recognized
12.4
5.7
Utilization of previously unrecognized tax loss carry-forwards
–8.6
–11.1
Change in unrecognized tax losses and deductible temporary differences
–1.4
–18.6
Income taxes at other tax rates
–4.9
2.8
Impact of changes in tax rates
0.8
0.1
Other effects
–0.1
-
Actual income tax expenses
40.5
17.3
The change in the expected average tax rate is due to the different geographic composition of
profit or loss before tax.
82
Autoneum
Financial Report 2015
Consolidated financial statements