Porsche 2004 Annual Report Download - page 128
Download and view the complete annual report
Please find page 128 of the 2004 Porsche annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118 -
119 -
120 -
121 -
122 -
123 -
124 -
125 -
126 -
127 -
128 -
129 -
130 -
131 -
132 -
133 -
134 -
135 -
136 -
137 -
138 -
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
 |
 |
Group Notes
Notes to the Consolidated Income Satement
124
(8) Income taxes
The income tax expense disclosed comprises the following:
On account of tax rate changes, additional income of T€ 1,009 compared to the previous year
was recorded from deferred taxes (previous year: T€ 7,246).
The current tax expense was reduced by T€ 1,548 (previous year: T€ 3,854) owing to previously
unused tax losses. This did not lead to any material changes for deferred taxes in either
reporting period.
Current taxes relating to other periods amounted to T€ 12,079 (previous year: T€ 19,162).
There was no need to write up or down deferred taxes in the fiscal year.
The deferred taxes offset against equity without effect on income changed by T€ 128,325
in the reporting year (previous year: T€ 27,766).
The tax rate for deferred taxes is determined on the basis of the current legal situation.
An average income tax rate of 39% (previous year: 38%) applies for the German entities.
The income tax rates applied for foreign entities range from 0% to 41% (previous year:
from 0% to 42%).
There are unused tax losses and credits of T€ 29,469 (previous year: T€ 25,021), for which
no deferred tax assets have been set up. T€ 2,793 (previous year: T€ 557) can be carried forward
for an unlimited period of time, while the remainder can only be carried forward for a limited
period of more than three years.
In addition, deferred tax assets of a total of T€ 1,126 (previous year: T€ 15,768) were recognized
on unused tax losses and of T€ 14 (previous year: T€ 3,079) on unused tax credits.
No deferred taxes were recorded on accumulated profits at subsidiaries of T€ 30,336
(previous year: T€ 22,712), as these profits are to be used for the expansion of business activities
at the different locations.
The following reconciliation shows the differences between the theoretical income tax expense
expected based on the calculated tax rate and the current income tax expense:
2004/05 2003/04
T€ T€
Current taxes 471,126 430,383
Deferred taxes – 12,126 16,617
459,000 447,000
2004/05 2003/04
T€ T€
Expected income tax expense 482,820 443,430
Tax rate-related differences – 28,066 – 16,642
Difference in tax base 4,090 24,269
Recognition and measurement of deferred tax assets 967 – 7,801
Taxes relating to other periods – 961 4,982
Other differences 150 – 1,238
Reported income tax expense 459,000 447,000