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3.6 Consolidated financial statements Notes Notes to to the the consolidated financial financial statements Significant components of the deferred tax assets and liabilities are as follows: million € Deferred tax assets Deferred tax liabilities Intangible assets 421 360 384 397 Property, plant and equipment 83 265 1,085 739 Financial assets 124 131 12 7 Inventories 1,958 2,376 268 295 Other assets 309 315 255 496 Accrued pension and similar obligations 1,052 805 85 3 Other provisions 273 307 56 66 Other liabilities 271 432 2,214 2,489 Tax loss carryforwards 611 955 — — Interest carryforwards 45 70 — — Foreign tax credits 28 44 — — Gross value 5,175 6,060 4,359 4,492 Valuation allowance (365) (952) — — Offset (4,220) (4,168) (4,220) (4,168) Balance sheet amount 590 940 139 324 Deferred tax assets and liabilities are offset if they pertain to future tax effects for the same taxable entity towards the same taxation authority. Deferred tax assets of €45 million relate to consolidation items as of September 30, 2011 (2010: €68 million). For fiscal year 2010/2011, the income tax expense of €203 million presented in the financial statements is €438 million higher than the expected income tax benefit of €(235) million which would result if the million € Sept. 30, 2010 Sept. 30, 2011 Sept. 30, 2010 196 Sept. 30, 2011 German combined income tax rate of 31.3% were applied to the Group’s income before income taxes. For fiscal year 2009/2010, the reported income tax expense of €185 million was €190 million lower than the expected income tax expense of €375 million with a German combined income tax rate of 31.1%. The following table reconciles the expected income tax expense/(benefit) to the income tax expense presented in the statement of income. Year ended Sept. 30, 2010 in % Year ended Sept. 30, 2011 in % Expected income tax expense/(benefit) 375 31.1 (235) 31.3 Tax rate differentials to the German combined income tax rate (6) (0.5) (124) 16.5 Changes in tax rates or laws 8 0.7 (7) 0.9 Tax consequences of disposal of businesses (7) (0.6) 34 (4.5) Permanent items 61 5.1 16 (2.1) Change in valuation allowance (31) (2.6) 628 (83.6) Tax benefit not related to the reporting period (111) (9.2) (34) 4.5 Income/(loss) from companies accounted for under the equity method (14) (1.2) (23) 3.1 Tax losses received from Business Area Stainless Global (48) (4.0) 0 0.0 Other, net (42) (3.5) (52) 6.9 Income tax expense as presented on the statement of income 185 15.3 203 (27.0)
3.6 Consolidated financial statements Notes to the consolidated financial statements 32 Earnings per share Basic earnings per share is calculated as follows: Consolidated financial statements 196 | 197 Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 Total amount in million € Earnings per share in € Total amount in million € Earnings per share in € Income/(loss) from continuing operations (net of tax) (attributable to ThyssenKrupp AG's stockholders) 916 1.97 (462) (0.97) Income/(loss) from discontinued operations (net of tax) (attributable to ThyssenKrupp AG's stockholders) (92) (0.20) (829) (1.74) Net income/(loss) (attributable to ThyssenKrupp AG's stockholders) 824 1.77 (1,291) (2.71) Weighted average shares 463,983,893 476,241,215 Relevant number of common shares for the determination of earnings per share Earnings per share have been calculated by dividing net income/(loss) attributable to common stockholders of ThyssenKrupp AG (numerator) by the weighted average number of common shares outstanding (denominator) during the period. Shares sold during the period and shares reacquired during the period have been weighted for the portion of the period that they were outstanding. In fiscal year 2009/2010 the weighted average number outstanding shares was increased by the sale of treasury shares in December 2009 and March 2010 in the context of the Group’s Share Purchase Program as well as by the sale of treasury shares in May 2010 in the context of the employee share purchase program. In fiscal year 2010/2011 the weighted average number of outstanding shares was increased by the sale of treasury shares in February 2011 in the context of the Group’s share purchase program, by the sale of treasury shares in May 2011 in the context of the employee share purchase and by the sale of treasury shares in the accelerated bookbuilding process to mainly institutional investors in July 2011. There were no dilutive securities in the periods presented. 33 Additional disclosures on the consolidated statement of income Personnel expenses included in the consolidated statement of income are comprised of: million € Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 Wages and salaries 6,812 7,045 Social security taxes 1,308 1,352 Net periodic pension costs - defined benefit* 108 171 Net periodic pension costs - defined contribution Net periodic postretirement benefit cost other than 119 111 pensions* (20) (93) Other expenses for pensions and retirements 38 (19) Related fringe benefits 407 447 Total 8,772 9,014 * Excluding expected return on plan assets and interest cost which are recognzied as part of interest income/expense
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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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Solutions for many sectors In the f
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To our shareholders 1.1 To our shar
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To our shareholders Wilhelm Segerat
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Management report on the Group Mana
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