pdf (2.5 MB) - METRO Group

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).