Annual Report 2008 English [PDF, 2.69 MB] - Tessenderlo Group

Tessenderlo Group
9. Income tax expense
2008 2007
RECOGNISED IN THE INCOME STATEMENT
Current tax expense -49.1 -50.3
Adjustment current tax expense previous periods 1.1 -
Deferred tax expense -13.7 3.2
Total income tax expense in the income statement -61.7 -47.1
Profit (+) / loss (-) before tax 202.1 175.8
Less share of result of associates, net of taxes 11.5 6.0
Profit (+) / loss (-) before tax and before result from associates 190.6 169.8
Effective tax rate 32.4% 27.7%
RECONCILIATION OF EFFECTIVE TAX RATE
Profit (+) / loss (-) before tax and before results from
190.6 169.8
associates
Theoretical tax rate (*) 33.1% 35.2%
Expected income tax at the theoretical tax rate -63.1 -59.9
131
Difference between theoretical and effective tax expenses 1.4 12.8
Adjustment on deferred taxes 0.1 -4.7
Change in tax rates 0.1 -1.4
Impairment (-) / reversal of an impairment (+) of a recognised
deferred tax asset
- -3.3
Adjustment on tax expenses 1.3 17.5
Non deductible expenses -2.8 -2.8
Special tax regimes 5.7 4.8
Use or recognition of tax losses / tax credits not previously
0.4 18.1
recognised
Tax losses for which no deferred tax asset has been recorded -5.6 -1.2
Impact of tax consolidation regimes - -
Adjustment current tax expense previous periods 1.1 -
Other 2.5 -1.4
(*) Theoretical aggregated weighted tax rate of all group companies
The impact of the change in tax rates amounts to 0.1 million EUR in 2008, which is related to the change
in tax rates in Luxembourg. The impact in 2007 amounted to -1.4 million EUR and was related to the
change in tax rates, announced or already effective, in Germany, Italy and the United Kingdom.