Annual Report 2001 - Bohler Uddeholm materializing visions

Notes to the Consolidated Financial Statements 2001
E. GENERAL NOTES
66 BÖHLER-UDDEHOLM Annual Report 2001
24. INCOME TAXES
in m€ 2001 2000
Current income taxes 31.4 30.6
Thereof aperiodic 0.0 0.6
Deferred income taxes 4.3 0.6
Total 35.7 31.2
Income tax of 35.7 m€ for 2001 (previous year: 31.2 m€) is 0.6 m€ (previous year:
3.2 m€) lower than the expected income tax of 36.3 m€ (previous year: 34.4 m€), which was
calculated using a tax rate of 34% on earnings before tax of 106.9 m€ (previous year: 101.3 m€).
The reconciliation from expected to actual income tax expense is as follows:
in m€ 2001 2000
Earnings before tax 106.9 101.3
of which 34% = expected income tax expense 36.3 34.4
Effect of foreign tax rates (3.5) (4.5)
Investment allowances (0.3) (1.8)
Other items 3.2 2.5
Income tax expense for the period 35.7 30.6
Aperiodic income tax 0.0 0.6
Reported income tax expenses 35.7 31.2
25. STATEMENT OF CASH FLOWS
The statement of cash flows is presented according to the indirect method. Cash and cash
equivalents include only cash on hand, bank accounts and marketable securities. Income tax
payments are shown separately under cash flow from operating activities. Interest income and
expense is allocated to operations. Dividend payments are shown under cash flow from financing
activities.
26. SEGMENT REPORTING
The BÖHLER-UDEEHOLM Group is active in the sectors of Special Steel Long Products, which
essentially covers tool steel and high speed steel, Strip Steel, Welding Consumables and Forging
Technology. Starting in 2001 the sales and distribution network has been allocated to the
individual divisions following the restructured responsibility of the Management Board. This
divisional classification also applies to internal reporting and responsibilities, and therefore forms
the basis for primary segment reporting. Secondary segment reporting is classified by geographical
region.
Transfer prices between segments are based on comparable market conditions. Data on
the individual segments is shown on pages 32 and 33.