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3.6 Consolidated financial statements Notes Notes to to the the consolidated financial financial statements Notes to the consolidated statement of income 26 Net sales Net sales include revenues resulting from the rendering of services of €9,308 million (2009/2010: €9,127 million) as well as sales from construction contracts of €6,682 million (2009/2010: €6,101 million). 27 Other operating income million € Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 Gains on the disposal of intangible assets, property, plant and equipment and investment property 19 43 Currency exchange differences 122 74 Insurance compensation 21 11 Miscellaneous 239 378 Total 401 506 In fiscal year 2010/2011 miscellaneous other operating income includes €160 million resulting from a partial payback of a fine imposed by the EU Commission in 2007 for anticompetitive practices. Furthermore miscellaneous other operating income includes a multitude of minor single items resulting from the 621 (2008/2009: 671) consolidated entities. 28 Other operating expenses million € Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 Losses on the disposal of intangible assets, property, plant and equipment and investment property 19 26 Currency exchange differences 84 0 Additions to /reversals of provisions 40 (45) Goodwill impairment Expenses in connection with non-customer related 0 48 research and development activities 178 175 Other taxes 38 57 Miscellaneous 327 319 Total 686 580 In fiscal year 2009/2010 miscellaneous other operating expenses contain expenses of €185 million that could not be capitalized and resulted from technical facilities not yet put into operation in the context with the major projects in Brazil and in the USA. In addition miscellaneous other operating expenses include a multitude of minor single items resulting from the 621 (2008/2009: 671) consolidated entities. 29 Government grants In the preceding fiscal year, government grants to compensate expenses of the Group were recognized in the amount of €16 million (2009/2010: €15 million); thereof €1 million (2009/2010: €2 million) apply to discontinued operations. Payment of the above-mentioned government grants is subject to certain conditions which are currently assumed to be met. 30 Financial income/(expense), net million € Year ended Sept. 30, 2010 194 Year ended Sept. 30, 2011 Income from companies accounted for using the equity method 56 71 Interest income from financial receivables Expected return on accrued pension and similar 225 182 obligations 122 124 Interest income 347 306 Interest expense from financial debt Interest cost of accretion of pensions and similar (186) (480) obligations (457) (400) Interest expense (643) (880) Income from investments 7 13 Write-down of financial assets (7) (15) Gain/(loss) from disposals of financial assets (12) (23) Accretion of other provisions (19) (36) Miscellaneous, net 135 97 Other financial income/(expense), net 104 36 Financial income/(expense), net (136) (467) The line item “miscellaneous, net” as part of other financial income/(expense), net, includes interest income from financial assets that are not measured at fair value through profit or loss of €40 million (2009/2010: €27 million) and interest expense from financial liabilities that are not measured at fair value through profit or loss of €13 million (2009/2010: €23 million). Borrowing costs in the amount of €56 million (2009/2010: €339 million) were capitalized during the period which reduced interest expense from financial debt. If financing is directly allocable to a certain investment, the actual borrowing costs are capitalized. If no direct allocation is possible, the Group’s average borrowing interest rate of the current period is taken into account to calculate the borrowing costs; it amounts to 6.1% for fiscal year 2010/2011 (2009/2010: 6.6%).
3.6 Consolidated financial statements Notes to the consolidated financial statements 31 Income taxes Income tax expense/(benefit) for the year ended September 30, 2011 and the previous year consists of the following: million € Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 Current income tax expense for the reporting period Deferred income tax expense/(benefit) for the reporting 200 505 period 96 (268) Current income tax expense/(benefit) for prior periods (156) 2 Deferred income tax expense/(benefit) for prior periods 45 (36) Total This total breaks down to: 185 203 Current income tax expense/(benefit) Germany (41) 96 Current income tax expense foreign 86 411 Deferred income tax expense/(benefit) Germany (16) 140 Deferred income tax expense/(benefit) foreign 156 (444) The German corporate income tax law applicable for 2010/2011 sets a statutory income tax rate of 15% (2009/2010: 15%) plus a solidarity surcharge of 5.5%. On average, the Group’s German companies are subject to a trade tax rate of 15.5% (2009/2010: 15.3%). Therefore, at year-end September 30, 2011, deferred taxes of German companies are calculated with a combined income tax rate (including solidarity surcharge) of 31.3% (2009/2010: 31.1%). The applicable tax rates for companies outside Germany range from 5.7% to 40.4% (2009/2010: 5.7% to 40.4%). In fiscal year 2010/2011, changes in the domestic trade tax rate resulted in deferred tax expense in the amount of €4 million (2009/2010: €1 million) and changes in foreign tax rates resulted in deferred tax benefit in the amount of €11 million (2009/2010: €7 million deferred tax expense). The components of income taxes recognized in total equity are as follows: million € Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 Income tax expense as presented on the statement of income 185 203 Income tax expense on discontinued operations Income non-effective tax effect on other comprehensive income 23 2 Continuing operations (204) 135 Discontinued operations (11) 2 Other income non-effective changes (93) 10 Total (100) 352 Consolidated financial statements 194 | 195 As of September 30, 2011, domestic corporate tax loss carryforwards amount to €387 million (2010: €794 million), domestic trade tax loss carryforwards amount to €46 million (2010: €237 million), and interest carryforwards amount to €257 million (2010: €151 million). In addition, foreign tax loss carryforwards amount to €2,922 million (2010: €1,704 million), in particular €994 million (2010: €192 million) in the USA, €876 million (2010: €164 million) in Brazil, and €452 million (2010: €385 million) in Canada, and foreign tax credits amount to €44 million (2010: €28 million). In fiscal year 2009/2010, foreign interest carryforwards amounted to €13 million. In fiscal year 2010/2011, deferred tax benefit in the amount of €243 million (2009/2010: €88 million) is attributable to tax loss carryforwards, interest carryforwards and foreign tax credits. Deferred tax assets are recognized only to the extent that the realization of such tax benefits is probable. In determining the related valuation allowance, all positive and negative factors, including prospective results, are taken into consideration in estimating whether sufficient taxable income will be generated to realize deferred tax assets. These estimates can change depending on the future course of events. As of September 30, 2011, tax loss carryforwards for which no deferred tax asset is recognized amount to €1,334 million (2010: €984 million). According to tax legislation as of September 30, 2011, an amount of €1,134 million (2010: €306 million) of these tax losses may be carried forward indefinitely and in unlimited amounts whereas an amount of €200 million (2010: €678 million) of these tax loss carryforwards will expire over the next 20 years if not utilized. Unrecognized deferred tax assets relating to tax loss carryforwards amount to €398 million as of September 30, 2011 (2010: €251 million). In addition, as of September 30, 2011, no deferred tax asset is recognized for deductible temporary differences in the amount of €1,660 million (2010: €419 million). As of September 30, 2011, deferred tax assets for tax loss carryforwards and deductible temporary differences at ThyssenKrupp Companhia Siderúrgica do Atlântico are not recognized anymore as the realization of such tax benefits is no longer deemed sufficiently probable. In fiscal year 2010/2011, the benefit arising from previously unrecognized tax losses, foreign tax credits and temporary differences that are used to reduce the Group’s tax expense amounts to €13 million (2009/2010: €12 million).
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Annual Report 2010/2011 At the cent
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Our mission statement We are Thysse
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Our capabilities Material We combin
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Making tomorrow possible Our engine
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Letter to shareholders Dr.-Ing. Hei
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Letter to shareholders To assist ou
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Contents Our mission statement C2 F
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To our shareholders To our sharehol
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To our shareholders Wilhelm Segerat
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Management report on the Group Mana
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