DHL 2011 Annual Report Download - page 184

 e di erence between the expected and the e ective income
tax expense is due to temporary di erences between the carrying
amounts in the   nancial statements and in the tax accounts
of Deutsche Post  resulting from initial di erences in the open-
ing 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 relate
mainly to property, plant and equipment as well as to provisions
for pensions and similar obligations.  e remaining temporary dif-
ferences between the carrying amounts in the   nancial state-
ments and in the opening tax accounts amounted to  . billion as
at  December  (previous year:  . billion).
 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 for-
eign companies not recognised for tax loss carryforwards and tem-
porary 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
income 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
taxes 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
loss carryforwards for which no deferred taxes were recognised.
A deferred tax asset in the amount of   million (previous
year:   million) was recognised in the balance sheet for com-
panies that reported a loss in the previous year or in the current
period as, based on tax planning, realisation of the tax asset is
probable.
In  nancial year , as in the previous year, German Group
companies were not a ected by tax rate changes.  e change in
the tax rate in some foreign tax jurisdictions did not lead to any
signi cant e ects.
 e e ective income tax expense includes prior-period tax
expenses from German and foreign companies in the amount of
  million (previous year: expense of   million).
Effects of planned sale of Postbank
 m
2010 2011
Interest expense on exchangeable bond –125 –130
Interest expense on cash collateral –48 –50
Net gain / loss on recognition and subsequent
measurement of the forward 1,653 –160
Net gain / loss on measurements of the option
(tranche ) 89 –71
Impairment loss (–) on measurement of shares
before reclassifi cation under   –52 –63
Impairment loss (–) / reversal of impairment loss (+)
on shares under   0 115
Total 1,517 –359
Impairment loss – / reversal of impairment loss (+) on
shares under   comprises impairment losses of   million
o set against impairment loss reversals of   million.
 Income taxes
 m
2010 2011
Current income tax expense – 467 – 565
Current recoverable income tax 5 21
– 462 –544
Deferred tax expense from temporary differences –94 –29
Deferred tax income from tax loss carryforwards 362 180
268 151
Income taxes –194 –393
 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
2010 2011
Profi t before income taxes 2,824 1,659
Expected income taxes – 842 – 494
Deferred tax assets not recognised for initial
differences 27 14
Deferred tax assets of German Group companies
not recognised for tax loss carryforwards and
temporary differences 430 164
Deferred tax assets of foreign Group companies
not recognised for tax loss carryforwards and
temporary differences –77 54
Effect of current taxes from previous years –75 –106
Tax-exempt income and non-deductible expenses 311 –68
Differences in tax rates at foreign companies 32 43
Income taxes –194 –393
Deutsche Post DHL Annual Report 
178