Income taxes |
2014 |
2013 |
in € thousand |
|
|
Actual tax – reporting year |
66,877 |
60,614 |
Actual tax – previous years |
–13,212 |
2,641 |
31,390 |
6,456 |
|
Total (amount consolidated) |
85,055 |
69,711 |
Reconciliation statement |
2014 |
2013 |
||
in € thousand |
|
|
||
A. |
Profit/(loss) from ordinary activities |
377,932 |
307,569 |
|
B. |
Expected tax expense (A. * Group tax rate) |
94,483 |
76,892 |
|
|
Adjusted by tax effects from |
|
|
|
|
1. |
Tax-exempt investment income |
–7,103 |
–7,653 |
|
2. |
Other |
–2,325 |
86 |
|
|
Amortisation of goodwill and impairment losses |
6,250 |
0 |
|
|
Tax-neutral consolidation effects |
–1,112 |
–3,388 |
|
|
Other non-deductible expenses/other tax-exempt income |
3,866 |
13,007 |
|
|
Changes in tax rates |
–237 |
–1,796 |
|
|
Deviations in tax rates |
196 |
–5,422 |
|
|
Prior-year taxes |
–13,212 |
2,641 |
|
|
Loss carryforwards no longer applicable and other |
1,925 |
–4,570 |
C. Income tax expense |
85,055 |
69,711 |
||
Average effective tax rate in per cent |
22.5 |
22.7 |
||
The basic corporate income tax rate applied for all segments was 25 per cent. Deviating corporate tax rates arise in life insurance in which minimum taxation is applied – with an assumed profit participation of 85 per cent.
The calculation of deferred taxes is based on the specific tax rates of each country that the Group companies are based in, which were between 9 and 35 per cent in 2014. Changes in tax rates already decided effective 31 December 2014 are taken into account.
