Audi 2011 Annual Report Download - page 217

214
9 Other financial results
EUR million 2011 2010
Investment result 52 49
of which income from investments 44 45
of which income from profit transfer agreements 8 5
of which expenses from investments – 0 – 1
Net income from the sale of securities – 43 – 3
Income and expense from the measurement of
non-derivative financial instruments – 1 2
Income and expense from fair value measurement of
derivative financial instruments 47 – 98
Interest and similar income 267 157
of which from affiliated companies 182 99
Other income 365 261
of which from affiliated companies 365 261
Total other financial results 687 368
Income from investments primarily relates to a share in the profits of Volkswagen Logistics
GmbH & Co. OHG, Wolfsburg.
Income and expense from the fair value measurement of derivative financial instruments comprise
the ineffective portions of cash flow hedges and the fluctuations in the fair value of derivative
financial instruments that do not fully meet the effectiveness criteria set out under IAS 39. The
total position in relation to hedging instruments is presented under Note 34.5, “Methods of
monitoring the effectiveness of hedging relationships.”
Interest income is attributed on an accrual basis.
10 Income tax expense
Income tax expense includes taxes passed on by Volkswagen AG, Wolfsburg, on the basis of the
single-entity relationship between the two companies for tax purposes, along with taxes owed
by AUDI AG and its consolidated subsidiaries, as well as deferred taxes.
Tax expense consists of the following:
EUR million 2011 2010
Actual income tax expense 1,889 1,356
of which for Germany 1,607 1,174
of which for other countries 281 182
of which income from the reversal of tax provisions 0 – 22
Deferred tax income – 288 – 352
of which for Germany 34 – 171
of which for other countries – 322 – 181
Income tax expense 1,601 1,004
of which non-periodic tax expenses 5 0
EUR 1,587 (1,160) million of the actual income tax expense was passed on by Volkswagen AG.
The actual taxes in Germany are calculated at a tax rate of 29.5 (29.5) percent. This represents
the sum of the corporation income tax rate of 15.0 percent, the solidarity surcharge of
5.5 percent and the average trade earnings tax rate for the Group. The deferred taxes for com-
panies in Germany are calculated at a rate of 29.5 (29.5) percent. The local income tax rates
applied to foreign companies range from 0 percent to 41 percent.
The effects arising as a result of the tax benefits on research and development expenditure in
Hungary are reported under tax-exempt income in the reconciliation accounts.