9. Income tax

The tax expense in the income statement is broken down as follows:

M €

 

2015

2014

Current tax expense

 

22,1

23,5

Change in deferred taxes

 

23,2

12,2

Total

 

45,3

35,7

    

Tax effects relating to components of other comprehensive income:

2015                                                               M €

Before

taxes

Tax

effect

After

taxes

Cash flow hedges

4,6

-0,9

3,7

Available-for-sale financial assets

-1,6

0,3

-1,3

Total

3,0

-0,6

2,4

    
    

2014                                                                M €

Before

taxes

Tax

effect

After

taxes

Cash flow hedges

-19,5

3,9

-15,6

Available-for-sale financial assets

0,6

-0,1

0,5

Total

-18,9

3,8

-15,1

    

Reconciliation between tax expense shown in the income statement and tax calculated using the parent company’s tax rate (tax rate 20 %):


M €

 

2015

2014

Profit before taxes

 

224,7

146,5

Taxes with current tax rate

 

44,9

29,3

Tax-free Income / nondeductible costs

 

0,7

0,9

Confirmed losses recognised through profit and loss

 

-1,3

0,0

Write-off in deferred tax receivables from confirmed

   

losses recognised through profit and loss

 

-0,3

0,1

Share of result of associated companies

 

-0,1

-0,2

Acquired investment properties

 

1,2

5,4

Other

 

0,2

0,2

Adjustments total

 

0,3

6,4

    

Taxes total recognised in profit and loss

 

45,3

35,7

    

 

 

 

© VVO Group plc 2015