annual financial statement 2011 - conwert Immobilien Invest SE

Annual Financial Statement 2011
3.9. Income taxes
Corporate income tax amounted to TEUR 105 in 2011 (2010: TEUR 1.270). Based on the tax
transfer agreement. the member companies of the group received credits totalling
TEUR 3.899 (2010: TEUR 4.734). Expenses of TEUR 3.223 (2010: TEUR 3.378) resulted
from an addition to the provision for subsequent tax liabilities in connection with current tax
losses transferred from foreign (German) group companies as part of the group taxation
scheme.
On 28 November 2005 conwert Immobilien Invest SE concluded a group and tax
compensation agreement. This agreement covers conwert Immobilien Invest SE as the head
of the group and. as members of the group. all domestic and foreign direct and indirect
subsidiaries over which conwert Immobilien Invest SE held the majority of voting rights as of
31 December 2004. The request for approval of a tax group in accordance with § 9 (8) of the
Austrian Corporate Tax Act was approved by the taxation authorities on 22 December 2005.
The group and tax compensation agreement was amended on 4 December 2006. 14 January
2008. 3 June 2008. 27 July 2009. 17 March 2010 and 6 October 2011 to include additional
direct and indirect subsidiaries of conwert Immobilien Invest SE. The group tax charge is
calculated in a two-step process: the first step involves the calculation of a theoretical
(positive or negative) tax charge for each group member on a "stand alone" basis; in the next
step. the group tax benefits are distributed among the individual members.
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