Reebok 2015 Annual Report Download - page 241

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4
CONSOLIDATED FINANCIAL STATEMENTS
Notes – Notes to the Consolidated Income Statement
Interest income from financial instruments, measured at amortised cost, mainly consists of interest income
from bank deposits and loans.
Interest income/expense from financial instruments at fair value through profit or loss mainly includes
interest payments from investment funds as well as net interest payments from interest derivatives not
being part of a hedging relationship. Unrealised gains/losses from fair value measurement of such financial
assets are shown in other financial income or expenses.
Interest expense on financial instruments measured at amortised cost mainly includes interest on
borrowings and effects from using the ‘effective interest method’.
Interest expense on other provisions and non-financial liabilities particularly includes effects from
measurement of other provisions at present value and interest on non-financial liabilities such as tax
payables.
Other financial expenses include impairment losses on other financial assets amounting to € 1 million
for the year ending December 31, 2015 (2014: € 2 million).
Information regarding the Group’s available-for-sale investments, borrowings and financial instruments
is also included in these Notes SEE NOTES 06, 15, 18 AND 29.
adidas AG and its German subsidiaries are subject to German corporate and trade taxes. For the years
ending December 31, 2015 and 2014, the statutory corporate income tax rate of 15% plus a surcharge of
5.5% thereon is applied to earnings. The municipal trade tax is approximately 11.4% of taxable income.
For non-German subsidiaries, deferred taxes are calculated based on tax rates that have been enacted
or substantively enacted by the closing date.
Deferred tax assets and liabilities
Deferred tax assets and liabilities are offset if they relate to the same fiscal authority. The following
deferred tax assets and liabilities, determined after appropriate offsetting, are presented in the consolidated
statement of financial position:
DEFERREDTAX ASSETS/LIABILITIES
€ in millions Dec. 31, 2015 Dec. 31, 2014
Deferred tax assets 637 577
Deferred tax liabilities (368) (390)
Deferred tax assets, net 269 186
The movement of deferred taxes is as follows:
MOVEMENTOF DEFERREDTAXES
€ in millions 2015 2014
Deferred tax assets, net as at January 1 186 148
Deferred tax income 86 43
Change in consolidated companies 1(14) (1)
Change in deferred taxes on assets classified as held for sale 27 27
Change in deferred taxes attributable to remeasurements of defined benefit plans
recorded in other comprehensive income 3(3) 21
Change in deferred taxes attributable to the change in the effective portion of the fair
value of qualifying hedging instruments recorded in other comprehensive income 430 (37)
Currency translation differences (23) (13)
Deferred tax assets, net as at December 31 269 186
1 See Note 04.
2 See Notes 03 and 11.
3 See Note 24.
4 See Note 29.
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INCOME TAXES