PDF (3.6 MB) - Valora

13 FINANCIAl INCoME
in cHF 000
Financial RepoRt ValoRa 2009
notEs to tHE consolIdatEd fInancIal statEmEnts
2009 2008
interest earned on cash, cash equivalents, loans and receivables 616 4 257
interest income from finance leases 375 329
Dividend income from financial investments available for sale 37 9
Foreign exchange gains, net 247 0
Total financial income 1 275 4 595
14 INCoME TAxEs
Income tax expense was as follows:
in cHF 000
2009 2008
expense on current income taxes 5 985 7 552
expense (income) from deferred taxes 4 409 – 1 077
Total income tax expense for continuing operations 10 394 6 475
The differences between reported Group income tax expense and the expected tax expenses of the
individual Group companies based on their applicable tax rates can be reconciled as follows:
in cHF 000
2009 2008
profit before income taxes 63 435 31 145
expected average Group tax rate 22.5 % 21.0 %
Income taxes at expected Group tax rate 14 273 6 540
non-tax-deductible tax expense 3 047 1 422
Utilisation of losses not previously recognised – 2 237 – 4 377
out-of-period effects on current income taxes – 1 548 – 793
(Release) creation of impairments on deferred tax assets, net – 2 012 3 930
tax rate changes and other effects, net – 1 129 – 247
Total reported income taxes 10 394 6 475
effective tax rate 16.4% 20.8%
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