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METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → NOTES : NOTES TO ThE INCOME STATEMENT 8. Other financial result € million 2010 2009 Other financial income 471 392 thereof currency effects (379) (342) thereof hedging transactions (87) (46) Other financial expenses –461 –485 thereof currency effects (–380) (–352) thereof hedging transactions (–58) (–109) Other financial result 10 –93 thereof financial instruments of IAS 39 measurement categories: 2010 loans and receivables incl. cash and cash equivalents (4) (13) held to maturity (0) (0) held for trading (30) (–62) available for sale (0) (0) other financial liabilities (–15) (–35) thereof fair value hedges: underlying transactions (0) (0) hedging transactions (0) (0) thereof cash flow hedges: € million ineffectiveness (–1) (–2) Investments Interest → p. 170 The other financial income and expenses from financial instruments are assigned to measurement categories on the basis of the underlying transactions pursuant to IAS 39. Besides income and expenses from the measurement of financial instruments according to IAS 39, this also includes the measurement of foreign currency positions according to IAS 21. The overall result from currency effects and measurement results from hedging transactions and hedging relationships totalled €28 million (previous year: €–73 million). The positive year-on-year development was mostly due to currency appreciation. Valuation yields of commodity contracts for energy and fuels resulted in income of €12 million (previous year: €–8 million). In addition, the previous year’s figures included expenses from foreign currency financings in Romania, Russia and Moldova. for possible effects from currency risks, see no. 43 “Management of financial risks“. 9. Net results according to measurement categories The key effects on earnings from financial instruments are as follows: Fair value measurements Currency translation Disposals Impairment Other Net result 2010 loans and receivables incl. cash and cash equivalents 0 46 0 1 0 –31 2 18 held to maturity held for trading incl. derivatives within 0 0 0 0 0 0 0 0 hedges in accordance with IAS 39 0 –5 29 0 0 0 0 24 Available for sale 15 0 0 0 0 0 0 15 Other financial liabilities 0 –388 0 –2 9 0 –12 –393 15 –347 29 –1 9 –31 –10 –336 2009 € million Investments Interest Fair value measurements Currency translation Disposals Impair- ment Other Net result 2009 loans and receivables incl. cash and cash equivalents 0 61 0 13 0 –40 0 34 held to maturity held for trading incl. derivatives within 0 0 0 0 0 0 0 0 hedges in accordance with IAS 39 0 –19 –64 0 0 0 0 –83 Available for sale 15 0 0 0 0 0 0 15 Other financial liabilities 0 –380 0 –23 5 0 –11 –409 15 –338 –64 –10 5 –40 –11 –443
METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → NOTES : NOTES TO ThE INCOME STATEMENT Earnings and expenses from financial instruments are assigned to measurement categories on the basis of the underlying transactions pursuant to IAS 39. Investment income is included in other investment income. Interest income and expenses are part of the net interest result. fair value measurements and effects from currency translations are included in other financial result. Income effects from the disposal of other financial liabilities are included in earnings before interest and taxes (EBIT). In the same manner, expenses from write-downs are essentially included in earnings before interest and taxes (EBIT) and are detailed in no. 27 “Impairments of capitalised financial instruments”. Remaining financial income and expenses, which are included in other financial result, primarily concern bank commissions and similar expenses that are incurred within the context of assets and liabilities. 10. Income taxes Income taxes include taxes on income paid or due in the individual countries as well as deferred tax liabilities. € million 2010 2009 Taxes paid or due 659 495 thereof Germany (215) (158) thereof international (444) (337) thereof tax expenses/income of current period (610) (507) thereof tax expenses/income of previous periods (49) (–12) deferred taxes 35 36 thereof Germany (22) (42) thereof international (13) (–6) 694 531 The income tax rate of the German companies of METRO GROuP consists of a corporate income tax of 15.00 percent plus a 5.50 percent solidarity surcharge on corporate income tax as well as the tax on business income of 14.70 percent given an average assessment rate of 420.00 percent. All in all, this results in an aggregate tax rate of 30.53 percent. The tax rates are unchanged from the previous year. Non-German income tax is calculated on the basis of the respective laws and regulations applying in the individual countries. The income tax rates applied to foreign companies vary in a range from 0.00 (tax holidays) → p. 171 to 40.69 percent. These tax rates are also unchanged from the previous year. deferred taxes are determined on the basis of the tax rates expected in each country upon realisation. In principle, the rates applied are those contained in valid laws or legislation that has been passed at the time of the closing date. € million 2010 2009 deferred taxes in the consolidated income statement 35 36 thereof from temporary differences (44) (127) thereof from loss and interest carryforwards (–9) (–93) thereof from changes in tax rates (0) (2) At €694 million (previous year: €531 million), income tax expenses are €196 million higher (previous year: €210 million) than the expected tax expenses of €498 million (previous year: €321 million) that would have resulted if the German corporate income tax rate had been applied to the Group’s taxable income for the year. Reconciliation of estimated to actual income tax expenses: € million 2010 2009 Earnings before taxes 1,630 1,050 Expected income tax expenses (30.53%) 498 321 Effects of differing national tax rates –137 –62 Tax expenses and income relating to other periods 49 –12 Non-deductible business expenses Effects of not recognised or impaired deferred 90 75 taxes 182 180 Additions and reductions for local taxes 38 26 Tax holidays –33 –13 Other deviations Income tax expenses according to the 7 16 income statement 694 531 Effective tax rate (in %) 42.56 50.53 Adjusted for special items related to the efficiency and value-enhancing programme Shape 2012, the effective tax rate amounts to 37.88 percent (previous year: 40.81 percent).
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