(in TEUR)	2005	2004
Current tax expense	(30,170)	(18,187)
Changes in deferred taxes charged to the income statement	384	(4,494)
	(29,786)	(22,681)

incometax.htm

incometax.xls (Download size=15872 Bytes): 

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

(in TEUR)	2005	2004
Deferred tax assets	21,854	18,876
Liabilities for deferred taxes	(58,693)	(50,546)
Balance as at 31 December, as previously stated	(36,839)	(31,670)
Deferred tax relating to the origination and
reversal of temporary differences
income statement charge	384	(4,494)
charged to equity	13,264	(675)
	(23,191)	(36,839)
thereof
Deferred tax assets	21,845	21,854
Liabilities for deferred taxes	(45,036)	(58,693)

incometax1.htm

incometax1.xls (Download size=15872 Bytes): 

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

(in TEUR)	2005	2004
Earnings before taxes (EBT)	110,024	76,631
Tax at the applicable tax rate (25% in 2005 and 34% in 2004)	(27,506)	(26,055)
Non-deductable amortization of goodwill	(146)	(5,673)
Tax effect of
adjustment of using new tax rates	(246)	9,762
other changes	(1,888)	(715)
	(29,786)	(22,681)
Current tax expense	(30,170)	(18,187)
Changes in deferred taxes charged to the income statement	384	(4,494)

incometax2.htm

incometax2.xls (Download size=16896 Bytes): 

The tax rate reduction from 34% to 25% results from a change in Austrian tax law effective for business years ending in 2005 or later.

Deferred tax assets and liabilities for deferred taxes as at 31 December 2005 and 2004 are the result of the following temporary valuation differences between book values in the IFRS consolidated financial statements and the relevant tax bases:

	2005				2004
	Deferred tax				Deferred tax
(in TEUR)	Assets		Liabilities		Assets		Liabilities
Intangible assets	2,031		(713)		1,575		(435)
Property, plant and equipment	2,841		(8,963)		2,634		(8,405)
Financial assets	5		(106)		193		(46)
Inventories	227,167		(507)		121,636		(3,132)
Receivables	2,458		(21,966)		6,476		(19,826)
Marketable securities and shares	0		(195)		0		(89)
Other assets	0		(16)		338		(268)
	234,502		(32,466)		132,852		(32,201)
Provisions	29,921		(35,816)		16,584		(23,159)
Liabilities	3,766		(221,190)		4,520		(128,287)
Deferred income	5,685		0		10,075		0
	39,372		(257,006)		31,179		(151,446)
Tax loss carry-forwards	7,198		0		7,539		0
Deferred tax assets / liabilities	281,072		(289,472)		171,570		(183,647)
Valuation allowance for deferred tax assets	(16,514)		0		(14,060)		0
Deferred taxes from consolidation	0		0		(1,425)		0
Other	1,723		0		0		(9,277)
Offset within legal tax units and jurisdiction	(244,436)		244,436		(134,231)		134,231
Net deferred tax assets and liabilities	21,845		(45,036)		21,854		(58,693)

incometax3.htm

incometax3.xls (Download size=24064 Bytes):