Technologies · Systems · Solutions - Dürr

Consolidated financial statements of Dürr AG
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The following table shows the reconciliation of theoretical income taxes to the actual income
tax expenses using the German corporate tax rate of 39.0% (2003: 40.2%).
Amounts in €k
The deferred tax assets and liabilities break down as follows:
2004 2003
Theoretical tax expenses 4,607 –2,294
Foreign tax rate differential –308 –1,433
Non-deductible expenses 2,370 5,273
Deferred taxes recognized on unused tax losses –2,400 –
Unrecognized deferred taxes on unused tax losses
Change in valuation allowance
3,745 22,984
on deferred tax assets 2,444 –
Zero-rated income –2,940 –
Other –411 82
Actual income tax expenses 7,107 24,612
December 31, 2004 December 31, 2003
Amounts in €k Assets Liabilities Assets Liabilities
Intangible assets 408 14,625 689 13,209
Financial assets 687 4,557 806 4,557
Property, plant and equipment 1,654 17,723 2,091 18,959
Inventories 8,445 17,991 8,915 13,069
Receivables and other assets 3,126 10,791 1,488 13,129
Unused tax losses 25,572 – 22,357 –
Pension provisions 3,515 765 3,116 502
Provisions 14,941 9,501 9,608 8,180
Liabilities 10,270 840 16,530 303
68,618 76,793 65,600 71,908
Valuation allowances –2,444 – – –
Gross amount 66,174 76,793 65,600 71,908
Netting –18,281 –18,281 –12,083 –12,083
Total 47,893 58,512 53,517 59,825
Deferred tax assets and liabilities are netted if the entity has a legally enforceable right to settle
current tax liabilities and assets on a net basis and the deferred taxes relate to the same taxable
entity or different taxable entities which intend to be settled or recovered either to settle on a net
basis, or to realize the asset and settle the liability simultaneously, in each future period in which
significant amounts of deferred tax liabilities or assets are expected.
The deferred taxes relating to receivables and liabilities for forward exchange contracts and
interest swaps of € 1,115 thousand (2003: € 1,978 thousand) are charged directly to the equity.