PDF (7.3 MB) - GILDEMEISTER Interim Report 3rd Quarter 2012

Consolidated Financial Statements of gildemeister Aktiengesellschaft: Notes to the Consolidated Financial Statements 161Write-downs of prior years’ deferred tax assets from tax loss carry forwards were made inan amount of € 0 k (previous year: € 0 k). Write-downs arose from temporary differencesin an amount of € 204 k (previous year: € 225 k) as well as deferred tax assets from temporarydifferences in an amount of € 297 k (previous year: € 777 k). Current taxes inconnection with the discontinuation of business divisions did not occur in operatingactivities the reporting period. Due to the continued application of the accounting methodsno additional tax expenditure or income arose. There were no material errors in the pastso that no consequences arose in this respect.Deferred taxes are calculated on the basis of income tax rates that at the time ofrealisation apply or are expected in the individual countries in accordance with the legalstatus at the time. In the financial year 2010, the corporation tax charge comprisedcorporation tax rate of 15% plus the solidarity surcharge of 5.5%. This results in aneffective corporation tax rate of 15.8%. Including the trade earnings tax, which amountedto 13.0%, the total tax rate amounted to 28.8%. This results in the tax rate for themeasurement of deferred taxes for domestic companies (previous year: 28.8%).International tax rates are between 18% and 41%.The deferred tax assets recognised in equity amounted at the end of the reporting periodto € 4,815 k (previous year: deferred tax assets of € 5,229 k). In financial year 2010, therecognised income tax expense of € 2,232 k (previous year: € 2,403 k) is some € 351 khigher (previous year: € 356 k) when compared to the expected income tax expense of€ 1,881 k (previous year: € 2,047 k), which would arise in theory if the national tax rate of28.8% (previous year: 28.8%) applicable for financial year 2010 had been applied atgroup level. The difference between current and expected income tax expenditure is dueto the following:2010 2009€ k € kResults of ordinary activities before taxes 6,532 7,109gildemeister Aktiengesellschaft tax rate in percent 28.8 28.8Theoretical tax income / expenditure 1,881 2,047Tax consequences of the following influencesAdjustment due to differing tax rate – 776 – 273Effects from changes in tax rate –32 –2Tax reduction due to revenues exempt from taxation – 2,399 – 2,338Deferred taxable losses – 1,303 – 1,101Temporary differences –93 – 552Tax increase due to non-deductible expenses 4,325 5,192Tax income or expenditure for prior years 781 – 702Other adjustments – 152 132Income taxes 2,232 2,403consolidated financialstatements