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Deutsche Post World Net Annual Report 2007
17 Income taxes
€m 2006 2007
Current income tax expense –338 – 453
Current recoverable income tax 62 10
–276 – 443
Deferred tax income (previous year: tax expense)
from temporary differences –221 183
Deferred tax expense from the reduction in
deferred tax assets from tax loss carryforwards – 63 – 47
–284 136
Income tax expense –560 –307
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 to effective income tax expense
€m 2006 2007
Consolidated net profi t before income taxes 2,842 2,192
Expected income tax expense 1,134 875
Deferred tax assets from temporary differences
not recognised for
Initial differences – 483 –735
Restructuring provisions –70 0
Deferred tax assets of German Group companies
not recognised for tax loss carryforwards 139 376
Deferred tax assets of foreign Group companies
not recognised for tax loss carryforwards 440 98
Changes in tax rates at German Group companies 0 –188
Effect of current taxes from previous years –31 68
Tax-exempt income and non-deductible
expenses, effects from Section 8b KStG
(German corporate income tax act) –503 –83
Differences in tax rates at foreign companies –50 –103
Other –16 –1
Effective income tax expense 560 307
The difference between the expected and the effective income tax
expense is due in particular to temporary di erences between the car-
rying amounts in the IFRS nancial statements and in the tax accounts
of Deutsche Post AG resulting from initial di erences in the opening
tax accounts as at January . In accordance with IAS . (b) and
IAS . (b), the Group did not recognise any deferred tax assets on
these temporary di erences, which relate mainly to property, plant and
equipment as well as to provisions for pensions and other employee
bene ts.
e remaining temporary di erences between the carrying amounts in
the IFRS nancial statements and in the opening tax accounts amount
to . billion as at December (previous year: . billion). e
e ects from deferred tax assets not recognised on tax loss carryforwards
relate primarily to Deutsche Post AG and members of its consolidated
tax group. E ects from deferred tax assets not recognised on tax loss
carryforwards in respect of foreign companies relate primarily to the
Americas region.
E ects from deferred tax assets not recognised amounting to mil-
lion (previous year: – million) were due to the reversal of a write-
down of deferred tax assets recognised in a prior period. e income
tax expense was reduced by an amount of million (previous year:
million) as a result of the utilisation of tax losses not previously
re ected in the nancial statements.
e change in the tax rate applying to German Group companies relates
to the e ects of the corporate tax reform. As the amount of deferred
tax liabilities reported by German Group companies is considerably
higher than the amount of deferred tax assets reported, remeasurement
in nancial year 0 resulted in a tax bene t of around € million.
e change in the tax rate in some foreign tax jurisdictions did not lead
to any signi cant e ects. e e ects from Section b Körperscha s-
steuergesetz (KStG – German corporate income tax act) relate prima-
rily to the special funds, shares and equity investments of the Deutsche
Postbank Group.
18 Consolidated net profi t for the period
In nancial year 0, Deutsche Post World Net generated a consoli dated
net pro t for the period of €, million (previous year: , million).
Of this amount, , million (previous year: , million) is attribut-
able to Deutsche Post AG shareholders.
19 Minorities
e net pro t of € million attributable to minorities increased by
million year-on-year.
20 Earnings per share
Basic earnings per share are computed in accordance with IAS
(Earnings per Share) by dividing consolidated net pro t by the average
number of shares. Basic earnings per share for nancial year 00 were
. (previous year: .).
2006 2007
Consolidated net profi t attributable to Deutsche
Post AG shareholders (€m) 1,916 1,389
Weighted average number of shares outstanding 1,196,244,814 1,205,101,455
Basic earnings per share (€) 1.60 1.15
To compute diluted earnings per share, the average number of shares
outstanding is adjusted for the number of all potentially dilutive shares.
ere were ,, stock options for executives as at the reporting
date (previous year: ,,), of which ,, were dilutive (previ-
ous year: ,,).
2006 2007
Consolidated net profi t attributable to Deutsche
Post AG shareholders (€m) 1,916 1,389
Weighted average number of shares outstanding 1,196,244,814 1,205,101,455
Potentially dilutive shares 3,395,362 2,489,720
Weighted average number of shares for diluted
net income 1,199,640,176 1,207,591,175
Diluted earnings per share (€) 1.60 1.15
21 Dividend per share
A dividend per share of . is being proposed for nancial year 00.
Based on the ,,, shares recorded in the commercial register
as at December , this corresponds to a dividend distribution of
, million. Further details on the dividend distribution can be found
in Note .