DHL 2015 Annual Report Download - page 164

Deutsche Post  Group —  Annual Report
 Net finance costs
 m
2014 2015
Financial income
Interest income 43 46
Income from other equity investments and financial
assets 2 4
Other financial income 29 44
74 94
Finance costs
Interest expenses –358 –335
of which unwinding of discounts for net pension
provisions and other provisions –221 –189
Other finance costs – 65 –75
– 423 – 410
Foreign currency result –39 –38
Net finance costs –388 –354
e  million change in net nance costs to  million is pri-
marily due to the decrease in interest cost added back to provisions.
Net nance costs include interest income of  million (pre-
vious year:  million) as well as interest expenses of  million
(previous year:  million). ese result from nancial assets and
liabilities that were not measured at fair value through prot or loss.
Information on the unwinding of discounted net pension pro-
visions can be found in Note ..
 Income taxes
 m
2014 2015
Current income tax expense – 604 – 625
Current recoverable income tax 56 63
–548 –562
Deferred tax income (previous year: expense)
fromtemporary differences – 53 75
Deferred tax income from tax loss carryforwards 201 149
148 224
Income taxes – 400 –338
e reconciliation to the eective income tax expense is shown
below, based on consolidated net prot before income taxes and the
expected income tax expense:
Reconciliation
 m
2014 2015
Profit before income taxes 2,577 2,057
Expected income taxes –778 – 621
Deferred tax assets not recognised for initial
differences 13 –5
Deferred tax assets of German Group companies
not recognised for tax loss carryforwards and
temporary differences 346 349
Deferred tax assets of foreign Group companies
notrecognised for tax loss carryforwards and
temporary differences 59 90
Effect of current taxes from previous years 4 –10
Tax-exempt income and non-deductible expenses –117 –204
Differences in tax rates at foreign companies 73 63
Income taxes – 400 –338
e dierence from deferred tax assets not recognised for initial
dierences is due to temporary dierences between the carrying
amounts in the  nancial statements and in the tax accounts of
Deutsche Post  that result from initial dierences in the opening
tax accounts as at  January . In accordance with  . (b)
and  . (b), the Group did not recognise any deferred tax
assets in respect of these temporary dierences, which related
mainly to property, plant and equipment as well as to provisions for
pensions and similar obligations. e remaining temporary dier-
ences between the carrying amounts in the  nancial state-
ments and in the opening tax accounts amounted to  million
as at  December  (previous year:  million).
e eects from deferred tax assets of German Group com-
panies not recognised for tax loss carryforwards and temporary
dierences relate primarily to Deutsche Post  and members of its
consolidated tax group. Eects from deferred tax assets of foreign
companies not recognised for tax loss carryforwards and temporary
dierences relate primarily to the Americas region.
 million (previous year:  million) of the eects from
deferred tax assets not recognised for tax loss carryforwards and
temporary dierences relates to the reduction of the eective in-
come tax expense due to the utilisation of tax loss carryforwards
and temporary dierences, for which deferred tax assets had previ-
ously not been recognised. In addition, the recognition of deferred
tax assets previously not recognised for tax loss carryforwards and
of deductible temporary dierences from a prior period reduced
the deferred tax expense by  million (previous year:  mil-
lion). Eects from unrecognised deferred tax assets amounting to
 million (previous year:  million, write-down) were due to
avaluation allowance recognised for a deferred tax asset. Other
eects from unrecognised deferred tax assets primarily relate to tax
loss carryforwards for which no deferred taxes were recognised.
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