Financials - Deutsche EuroShop

Tax RECONCIlIaTION
Income taxes in the amount of € 34,978 thousand in the year under review are derived as follows from an expected income tax expense that
would have resulted from the application of the parent company’s statutory income tax rate to the profit before tax. This was calculated using a
corporation tax rate of 15% plus the 5.5% solidarity surcharge and a trade tax rate of 16.45%.
in € thousand 2011 2010
Consolidated profit before income tax 128,374 96,998
Theoretical income tax 32.275 % -41,433 -31,306
Tax rate differences for foreign Group companies 2,161 1,759
Tax rate differences for domestic Group companies 972 -591
Tax-free income/non-deductible expenses 3,126 2,223
Aperiodic tax income 196 0
Aperiodic tax expense 0 -76,896
Current income tax -34,978 -104,811
In financial year 2011, the effective income tax rate was 27.25%.
The previous year’s figures were restated, as the figures for the 2010 tax reconciliation had to be recalculated by retroactive booking of trade tax.
28. notes to the Consolidated
Cash flow statement
NOTES TO ThE CONSOlIDaTED CaSh FlOw STaTEMENT
The cash flow statement has been prepared in accordance with IAS 7 and is broken down into operating cash flow and cash flow from operating
activities, cash flow from investing activities, and cash flow from financing activities. Cash and cash equivalents consists of cash bank balances
and short-term deposits.
Composition of cash and cash equivalents
in € thousand
31.12.2011 31.12.2010
Cash and cash equivalents 64,408 65,784
OpERaTIvER CaShFlOw
ConSoLIDAteD FInAnCIAL StAteMentS notes to the cash flow statement
After adjustment of the annual profit for non-cash income and expenses, operating cash flow was € 98,686 thousand. All changes to cash flows
from net finance costs are allocated to operating activities.
Des Annual Report 2011 53