(in TEUR)	2004	2003
Current tax expense	(18,187)	(20,810)
Deferred tax income relating to the origination and
reversal of temporary differences	(4,643)	2,009
	(22,830)	(18,801)

incometax.htm

incometax.xls (Download size=15872 Bytes): 

Changes in the deferred income tax account consist of the following:

(in TEUR)	2004	2003
Deferred tax assets	18,876	17,696
Liabilities for deferred taxes	(50,546)	(45,803)
Balance as at 31 December, as previously stated	(31,670)	(28,107)
Deferred tax expense relating to the origination and
reversal of temporary differences
income statement charge	(280)	4,040
charged to equity	(4,889)	(7,603)
	(36,839)	(31,670)
thereof
Deferred tax assets	21,854	18,876
Liabilities for deferred taxes	(58,693)	(50,546)

incometax1.htm

incometax1.xls (Download size=16384 Bytes): 

The reconciliation of the effective tax rate to the tax rate used is as follows:

(in TEUR)	2004	2003
Earnings before taxes (EBT)	77,228	49,318
Tax at the applicable tax rate (34% in 2004 and 2003)	(26,257)	(16,768)
Non-deductable amortization of goodwill	(5,673)	(4,828)
Tax effect of
adjustment of using new tax rates	9,762	(425)
other changes	(662)	3,220
	(22,830)	(18,801)
Current income tax	18,187	20,810
Changes in deferred taxes charged to the income statement	(4,643)	2,009

incometax2.htm

incometax2.xls (Download size=16896 Bytes): 

Income tax effects related to tax rate changes are the result of the decrease of Austrian tax rate from 34% to 25% from 2005 on.

Deferred tax assets and liabilities for deferred taxes as at 31 December 2004 and 2003 are the result of the following temporary valuation and accounting differences between book values in the IFRS consolidated financial statements and the relevant tax bases:

	2004				2003
	Deferred tax				Deferred tax
(in TEUR)	Asset		Liability		Asset		Liability
Intangible assets	1,575		(435)		1,390		(1,146)
Tangible assets	2,634		(8,405)		1,416		(10,064)
Financial assets	193		(46)		5		(33)
Inventories	121,636		(3,132)		137,554		(441)
Receivables	6,476		(19,826)		509		(26,251)
Short-term securities and shares	0		(89)		0		(113)
Other assets	338		(268)		0		(6)
	132,852		(32,201)		140,874		(38,054)
Provisions	16,584		(23,159)		20,026		(29,735)
Liabilities	4,520		(128,287)		8,159		(123,172)
Deferred income	10,075		0		7,996		(141)
	31,179		(151,446)		36,181		(153,048)
Tax loss carry-forwards	7,539		0		5,495		0
Deferred tax assets / liabilities	171,570		(183,647)		182,550		(191,102)
Valuation allowance for deferred tax assets	(14,060)		0		(12,959)		0
Other deferred taxes from consolidation	(1,425)		0		(615)		0
IAS 39 reserve	0		(9,277)		0		(9,544)
Offset within legal tax units and jurisdiction	(134,231)		134,231		(150,100)		150,100
Net deferred tax assets and liabilities	21,854		(58,693)		18,876		(50,546)

incometax3.htm

incometax3.xls (Download size=18944 Bytes):