15. Income taxes

Expenses for taxes on income are EUR 5,398.6 thousand lower (previous year: EUR 8,298.5 thousand lower) than the calculated expenses for taxes on income that result from applying the respective tax rates (Austria: 23.0% (previous year: 23.0%); Czech Republic: 21.0% (previous year: 19%)) to the earnings before taxes on income. The reasons for the difference between the calculated and reported income tax expenses are as follows:

Temporary differences between the amounts recognised in the Consolidated Financial Statements and the respective taxable amounts have the following effects on the reported deferred taxes:

No deferred tax liabilities were recognised for temporary differences of EUR 1,075,700.9 thousand (previous year: EUR 907,187.8 thousand) in connection with fully consolidated subsidiaries, joint ventures and associated companies. Deferred taxes in the amount of EUR 5,960.2 thousand (previous year: EUR -4,022.5 thousand) pertain to changes in value of investments and securities FVOCI recognised outside of profit or loss; deferred taxes in the amount of EUR -6,848.8 thousand (previous year: EUR -13,817.5 thousand) pertain to changes in value from hedge accounting recognised outside of profit or loss.

In December 2021, the OECD published model regulations for a global minimum taxation system (Pillar Two). The minimum taxation system is intended to ensure that groups with global sales revenues of at least EUR 750 million are subject to an effective tax burden of at least 15 percent in the countries in which they operate. Council Directive (EU) 2022/2523 was adopted on 14 December 2022 to ensure global minimum taxation for multinational corporations and large domestic groups in the European Union; in Austria, this was transposed into national law with the Minimum Tax Act (MinBestG) of 30 December 2023 and has been applicable to taxpayers since 1 January 2024.

In the 2024/25 fiscal year, the Energie AG Oberösterreich Group will fall within the scope of the Minimum Taxation Act and the global regulations concerning Pillar Two for the first time.

According to current estimates, the group of companies meets at least one safe harbour test in all jurisdictions, which is why there will be no additional tax burden as a result of the Minimum Taxation Act.