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noteS TO THE CONSolidated FINANCIAL StatementS
conSolidated FINANCIAL StatementS FOR THE Year ENDED 31 DECEMBER 2011
Calculation of the effective tax rate
The difference between the book income tax expense (result before tax multiplied by the national tax rate of
25 per cent) and the effective income tax expense in the 2011 financial year, as shown in the consolidated
income statement, is calculated as follows:
EUR thousand 31 Dec 2011 31 Dec 2010
Result before income tax 57,000 29,833
Tax rate payable by the Group 25.0% 25.0%
Book income tax expense 14,250 7,458
Adjustment to foreign tax rates (419) (1,631)
Tax-reducing factors
research and education allowances (289) (314)
tax rate changes (124) (177)
tax-free income from investments (2,731) (859)
other income not subject to tax (142) (753)
Utilization of previously unrecognized tax losses (5,038) (3,103)
income tax from previous years (60) (303)
Valuation of investment (1,296) 0
(9,680) (5,509)
Tax-increasing factors
tax rate changes 56 214
non-capitalized loss carry forwards 1,810 1,565
impairment of loss carry forwards 1,923 0
non-tax-deductible expenses 534 302
Minimum taxes 39 29
income tax from previous years 869 127
Valuation of investment 252 0
5,483 2,237
Income tax expense 9,634 2,556
palfinger Annual Report 2011
161