13. Taxes
13.1 Deferred tax assets and liabilities
The net value of deferred tax liabilities is as follows:
CHF million |
|
2021 |
|
2020 |
|---|---|---|---|---|
Net deferred tax liabilities as at January 1 |
|
417.7 |
|
418.5 |
Deferred income tax expense (+) / income (–) |
|
– 30.4 |
|
– 26.9 |
Tax charged to comprehensive income |
|
109.8 |
|
23.3 |
Tax charged to other components of equity |
|
– 14.0 |
|
– 4.7 |
Currency translation |
|
1.1 |
|
7.5 |
Net deferred tax liabilities as at December 31 |
|
484.2 |
|
417.7 |
Deferred tax assets and liabilities were generated from the following balance sheet positions:
CHF million |
|
2021 |
|
2020 |
|---|---|---|---|---|
Deferred tax assets |
|
|
|
|
Property, plant and equipment |
|
12.0 |
|
14.5 |
Intangible assets |
|
38.2 |
|
31.1 |
Pension plans |
|
48.9 |
|
44.9 |
Receivables |
|
7.4 |
|
8.1 |
Inventories |
|
27.3 |
|
28.9 |
Leases |
|
12.9 |
|
13.1 |
Payables and accruals |
|
75.2 |
|
59.1 |
Derivative assets and liabilities |
|
4.6 |
|
3.5 |
Tax loss carry-forwards |
|
72.2 |
|
52.0 |
Other |
|
6.7 |
|
4.2 |
Deferred tax assets gross |
|
305.4 |
|
259.4 |
Netting |
|
– 119.8 |
|
– 97.4 |
Total |
|
185.6 |
|
162.0 |
|
|
|
|
|
Deferred tax liabilities |
|
|
|
|
Property, plant and equipment |
|
25.4 |
|
26.0 |
Intangible assets |
|
73.5 |
|
64.8 |
Pension plans |
|
671.0 |
|
568.2 |
Receivables |
|
2.2 |
|
2.0 |
Inventories |
|
4.0 |
|
4.1 |
Payables and accruals |
|
8.6 |
|
9.1 |
Derivative assets and liabilities |
|
4.6 |
|
2.8 |
Other |
|
0.3 |
|
0.1 |
Deferred tax liabilities gross |
|
789.6 |
|
677.1 |
Netting |
|
– 119.8 |
|
– 97.4 |
Total |
|
669.8 |
|
579.7 |
|
|
|
|
|
Net deferred tax |
|
484.2 |
|
417.7 |
The tax loss carry-forwards of which no deferred tax assets are recognized, expire as follows:
CHF million |
|
2021 |
|
2020 |
|---|---|---|---|---|
Between 1 and 5 years |
|
1.0 |
|
0.3 |
Between 6 and 10 years |
|
– |
|
0.6 |
Over 10 years |
|
0.2 |
|
– |
Total |
|
1.2 |
|
0.9 |
Tax loss carry-forwards utilized in 2021 amounted to CHF 0.7 million (CHF 6.1 million in prior year).
13.2 Tax expense
CHF million |
|
2021 |
|
2020 |
|---|---|---|---|---|
Current tax expense |
|
159.4 |
|
98.6 |
Deferred tax expense (+) / income (–) |
|
– 30.4 |
|
– 26.9 |
Other taxes |
|
2.2 |
|
2.3 |
Total |
|
131.2 |
|
74.0 |
The effective tax on the Lindt & Sprüngli Group’s income before taxes differs from the theoretical amount that would arise using the weighted average tax rate across the Group as follows:
CHF million |
|
2021 |
|
2020 |
||||
|---|---|---|---|---|---|---|---|---|
Income before taxes |
|
621.7 |
|
394.1 |
||||
|
|
|
|
|
||||
Expected tax1 |
|
129.9 |
|
78.8 |
||||
Change in applicable tax rates on temporary differences |
|
– 0.8 |
|
0.3 |
||||
Utilization of unrecognized tax loss carry-forwards from prior years |
|
– 0.2 |
|
– 1.7 |
||||
Adjustments related to prior years |
|
– 0.4 |
|
1.5 |
||||
Non-taxable items |
|
1.6 |
|
6.5 |
||||
Withholding tax levied and other taxes |
|
4.2 |
|
– 3.6 |
||||
Income components with lower tax rates |
|
– 2.5 |
|
– 1.4 |
||||
Other |
|
– 0.6 |
|
– 6.4 |
||||
Total |
|
131.2 |
|
74.0 |
||||
|
||||||||
For the reporting period 2020, the position “other” included amongst others Covid-19 related tax benefits of CHF 5.1 million.
The tax for each component of other comprehensive income is:
|
|
2021 |
|
2020 |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CHF million |
|
Before tax |
|
Tax |
|
After tax |
|
Before tax |
|
Tax |
|
After tax |
Hedge accounting |
|
– 1.1 |
|
– |
|
– 1.1 |
|
– 9.2 |
|
– |
|
– 9.2 |
Defined benefit plan |
|
770.7 |
|
– 109.8 |
|
660.9 |
|
85.3 |
|
– 23.3 |
|
62.0 |
Currency translation |
|
17.6 |
|
– 3.6 |
|
14.0 |
|
– 157.0 |
|
9.3 |
|
– 147.7 |
Total |
|
787.2 |
|
– 113.4 |
|
673.8 |
|
– 80.9 |
|
– 14.0 |
|
– 94.9 |