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METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss
→ noTes : noTes To THe InCoMe sTaTeMenT
earnings and expenses from financial instruments are
assigned to measurement categories on the basis of the
underlying transactions pursuant to Ias 39.
Investment income is included in other investment income.
Interest income and expenses are part of the net interest
result. Fair value measurements and effects from currency
translations are included in other financial result. Income
effects from the disposal of other financial liabilities are
included in earnings before interest and taxes (eBIT). In
the same manner, expenses from impairments are essentially
included in earnings before interest and taxes. They
are detailed in no. 27 “Impairments of capitalised financial
instruments”. Remaining financial income and expenses,
which are included in other financial result, primarily concern
bank commissions and similar expenses that are incurred
within the context of assets and liabilities.
10. income taxes
Income taxes include taxes on income paid or due in the individual
countries as well as deferred taxes.
€ million 2010 2011
Taxes paid or due 659 741
thereof Germany (215) (174)
thereof international
thereof tax expenses/income
(444) (567)
of current period
thereof tax expenses/income
(610) (639)
of previous periods (49) (102)
Deferred taxes 35 –9
thereof Germany (22) (50)
thereof international (13) (–59)
694 732
The income tax rate of the German companies of MeTRo GRoUp
consists of a corporate income tax of 15.00 percent plus a
5.50 percent solidarity surcharge on corporate income tax as
well as the trade tax of 14.70 percent given an average assessment
rate of 420.00 percent. all in all, this results in an aggregate
tax rate of 30.53 percent. The tax rates are unchanged
from the previous year. The income tax rates applied to foreign
companies are based on the respect-ive laws and regulations
applying in the individual countries and vary in a range
from 0.00 percent (tax holidays) to 40.69 percent. These tax
rates are also unchanged from the previous year.
→ p. 204
The increase in taxes paid or due essentially results from
international tax audits.
Deferred taxes are determined on the basis of the tax rates
expected in each country upon realisation. In principle, these
are based on the valid laws or legislation that has been
passed at the time of the closing date.
Deferred tax income for the reporting year includes an effect
of €1 million from the change in the tax rate.
€ million 2010 2011
Deferred taxes in the income statement 35 –9
thereof from temporary differences (44) (–39)
thereof from loss and interest carry- forwards (–9) (30)
at €732 million (previous year: €694 million), income tax
expenses, which are fully included in the result from ordinary
operations, are €282 million higher (previous year: €196 million)
than the expected tax expenses of €450 million (previous
year: €498 million) that would have resulted if the German
corporate income tax rate had been applied to the Group’s
taxable income for the year.
Reconciliation of estimated to actual income tax expenses:
€ million 2010 2011
Earnings before taxes 1,630 1,473
expected income tax expenses (30.53%) 498 450
effects of differing national tax rates
Tax expenses and income
–137 –101
relating to other periods 49 102
non-deductible business expenses
effects of not recognised or
90 102
impaired deferred taxes 182 203
additions and reductions for local taxes 38 27
Tax holidays –33 –24
other deviations
income tax expenses according to the
7 –27
income statement 694 732
Effective tax rate (in %) 42.56 49.71