14) Income taxes


Income taxes

in €m

2011

2010

Current income taxes

72

220

Deferred income taxes

85

–381

 

157

–161

Current income taxes for 2011 include corporation tax, solidarity surcharge, trade tax and other income taxes paid outside Germany totalling EUR 119m (previous year: EUR 112m). EUR 47m in tax income was received for prior years (previous year: tax expenses of EUR 109m).

The following table reconciles expected and effective tax expenses. Expected tax expense is calculated by multiplying pre-tax profit by a tax rate of 25 per cent for the parent company (previous year: 25 per cent). This is made up of 15 per cent for corporation tax (previous year: 15 per cent) and 10 per cent for trade tax and solidarity surcharge together (previous year: 10 per cent).

 

 

2011

2010

in €m

Basis of assessment

Tax expenses

Basis of assessment

Tax expenses

*

Including taxes from other periods recognised in effective tax expenses.

Expected income tax expense/refund

446

111

1,134

283

Tax-free income, other allowances and permanent differences

49

–136

Profits from equity investments without deferred taxes

–5

–16

Difference between local taxes and the deferred tax rates of the parent company *

–13

–37

Unrecognised tax loss carry-forwards and deferred tax assets on losses

14

–256

Other

1

1

Recognised income tax expenses

157

–161

In the previous year the row “Unrecognised tax loss carry-forwards and deferred tax assets on losses” contained EUR 190m in income from previously unrecognised tax loss carry-forwards from the LSG Sky Chefs USA group, which could be offset against taxes in the course of the financial restructuring of the Catering segment.

Deferred taxes are recognised on retained earnings of equity investments accounted for using the equity method for the amount of taxes payable on distribution.

Deferred tax liabilities of EUR 15m (previous year: EUR 21m) were not recognised on temporary differences in the values of shares in subsidiaries between the tax balance sheet and the consolidated financial statements as the companies are not likely to be sold in the foreseeable future.

Deferred tax liabilities of EUR 38m (previous year: EUR 82m) were recognised without effect on profit and loss in the 2011 financial year.

Deferred tax assets and liabilities in 2011 and 2010 are attributable to the following categories:

 

 

31.12.2011

31.12.2010

in €m

Assets

Liabilities

Assets

Liabilities

Tax loss carry-forwards, non deductible interest carry-forwards and tax credits

60

89

Pension provisions

337

342

Finance leases for aircraft

26

Intangible assets, property, plant
and equipment

618

684

Non-current financial assets

34

21

Fair value measurement of financial instruments

66

10

Provisions for contingent losses

48

40

Receivables/liabilities/other provisions

135

224

Offset amounts

–515

–515

–503

–503

Other

103

83

 

33

364

82

405

The deferred tax assets and liabilities in the category receivables/liabilities/other provisions are expected to reverse within twelve months of the reporting date.

In addition to recognised deferred tax assets from tax loss carry-forwards, non-deductible interest carry-forwards and tax credits, further tax loss carry-forwards and temporary differences totalling EUR 3,130m (previous year: EUR 2,737m) exist for which no deferred tax assets could be recognised.

Of the unrecognised tax loss carry-forwards, EUR 1m can only be used until 2013, EUR 1m only until 2016, EUR 1m until 2017, EUR 8m until 2018, EUR 4m until 2019, EUR 2m until 2020 and 2,407m can also be used after 2020. A total of EUR 633m (previous year: EUR 564m) in deferred tax assets were not recognised.

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