annual financial statement 2011 - conwert Immobilien Invest SE

INTRO | MANAGEMENT REPORT |
| FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS
Notes
7.6. FINANCE REVENUE
Finance revenue is classified as follows:
in € million 2011 2010
Interest income on deposits with financial institutions 3.8 5.6
Interest income from swaps 13.4 6.3
Interest income from the change in value of ineffective swaps 2.2 0.0
Income from financial assets 0.1 0.4
Total 19.5 12.2
7.7. FINANCE COSTS
The classification of finance costs is shown below:
in € million 2011 2010
Interest expense on loans and overdrafts 64.2 58.8
Interest expense for swaps 44.8 31.7
Cost for the procurement of funds 4.5 4.2
Other finance costs 2.5 0.4
Total 116.1 95.1
Finance costs rose significantly in comparison with the previous year. This increase resulted,
among others, from the inclusion of the ECO Group in the consolidation range of the conwert Group.
7.8. INCOME TAX EXPENSE
This item includes income taxes paid or owned by the individual Group companies as well as
deferred tax liabilities.
in € million 2011 2010
Current tax expense (9.6) (9.5)
Deferred tax income/expense from the creation and reversal of temporary differences 5.3 24.2
Changes in tax rates (0.8) (1.2)
Total (5.1) 13.5
The reconciliation between the conwert Group’s effective tax rate and the legal tax rate of 25% in
Austria (2010: 25%) is shown below:
in € million 2011 2010
Earnings before tax (EBT) 23.6 12.2
Theoretical tax expense at tax rate of 25% (5.9) (3.0)
Tax effects of tax-free income (non-temporary differences) 5.0 10.7
Tax effects of different tax rates (3.4) 7.0
Effects of changes in tax rates on profit-related positions (0.8) (1.2)
Income tax expense (5.1) 13.5
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