Download Annual Report 2003 - Mühlbauer Group

Preface Security with a System The Share Management
Report
Consolidated
Financial
Statements
Independent
Auditor’s
Report
Report of the
Supervisory Board
Glossary
The tax relief on the earnings share of the personally
liable shareholder originates due to the fact that
corporation tax and the solidarity tax on the earnings
share of the personally liable shareholder must not be
indicated in the company financial statement. These
taxes are allocated directly to the personally liable
shareholder and are paid by him separately -
independent of the applicable tax rates for the company.
The percentage of the tax expenditure before tax
reduction from the earnings share of the personally liable
shareholder (38.1 percent) is therefore the same as the
effective rate of taxation to be applied to the profits to be
allocated to the limited liability shareholders. In the
previous year this was 45.3 percent.
In calculating the foreign deferred taxes, the local
applicable tax rate was used. For deferred taxes in
Germany, the following tax rates were used:
• 14.76% 1)
• 26.38%
for trade tax
for corporation tax and corresponding solidarity tax (5.50 percent)
1) Average tax rate of national operational facilities
The total tax burden of the report year contains a taxation
expense for previous years of 330 TEUR. The total tax
burden was reduced by the return of previously paid
taxes amounting to 86 TEUR. Tax losses carried forward
are treated as tax reductions and are included in the
determination of the deferred taxes. These tax losses
carried forward (1,129 TEUR) – notwithstanding changes
in legislation – can be carried forward without limitations.
In previous year they totaled 414 TEUR.
The deferred tax assets and liabilities as at December 31, 2003 and 2002 break down as follows:
December 31,
20032002
TEUR TEUR
Trade accounts receivable 17 0
Inventories 0 538
Securities 25 9
Investment grants 1,311 1,378
Pension obligations 23 92
Intermediate gain elimination 1,097 1,377
Tax losses carried forward 1,129 414
Unrealized gains and losses from currency differences 0 244
Other 0 44
3,602 4,096
Total deferred tax assets 1,271 1,368
Inventories 371 0
Securities 322 368
Fixed assets 7,034 7,590
Investment grants 799 0
Unrealized gains and losses from currency differences 131 287
Other 1 42
8,658 8,287
Total deferred tax liabilities (2,344) (2,245)
Net amount of deferred taxes (1,073) (877)
A valuation reserve for deferred taxes was not required as at the closing date of the reporting period.
The deferrals and accruals for deferred taxes are calculated as follows:
December 31,
20032002
TEUR TEUR
Short-term deferred tax liabilities (272) (203)
Short-term deferred tax assets 473 1,007
201 804
Long-term deferred tax liabilities (2,072) (2,042)
Long-term deferred tax assets 798 361
(1,073) (877)
45