2009 - Jaarverslag

NOTES TO THE STATEMENT OF COMPREHENSIVE INCOME36 PROFIT TAX 2009 2008Profit tax payableCurrent financial year – 13.9 – 21.0Use of unused tax losses 1.9 –Overprovision in previous years 0.2 –– 11.8 – 21.0Deferred profit taxChange in unrecognised timing differences 1.1 –Use and valuation of tax losses 5.1 1.96.2 1.9Total tax charge in consolidated statement of comprehensive income – 5.6 – 19.1Reconciliation with applicable tax rate 2009 2008Result before profit tax 20.0 70.1Tax on profit at average weighted local profit tax rate 40.0% 8.0 29.7% 20.8Losses in reporting year for which no deferred tax assetshave been recognised 7.5% 1.5 0.9% 0.6Non-tax deductible costs 9.0% 1.8 1.6% 1.1Tax-exempt income – 10.5% – 2.1 – 4.0% – 2.8Change in unrecognised temporary differences – 6.5% – 1.3Recognition of previously unrecognised losses – 11.0% – 2.2 – 2.7% – 1.9Others – 0.5% – 0.1 1.8% 1.3Tax charge in statement of comprehensive income 28.0% 5.6 27.3% 19.1The increase in the weighted average tax rate from 29.7% to 40.0% results particularly from changes in thevarious countries’ shares in the total pre-tax income. In comparison with 2008, a larger share of the result wasgenerated in countries with a relatively higher tax rate in 2009.37 RESULT FROM DIVESTED OPERATIONS 2009 2008CTI / Geofabrics Australasia pty ltd 10.1 –Ten Cate Permess Interlinings Hong Kong ltd – 0.6 –Result from divested operations after tax 9.5 –108Royal Ten Cate Annual Report 2009