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Income taxes from continuing operations

€m 2012 2013

Current taxes -370.1 -399.0

Deferred taxes 218.5 165.7

-151.6 -233.3

The increase of €28.9 million in current taxes primarily resulted from withholding tax, which was charged as part of the sale of a non-controlling interest in a precast concrete manufacturer in Saudi Arabia. In addition, the reduction of non-current tax liabilities in the previous year led to a decrease in taxes. Adjusted for additional tax payments and tax refunds for previous years, which amounted to €5.6 million (previous year: 26.3), the current taxes increased by €8.2 million. The proportionate tax expense of associated companies accounted for at equity and amounting to €7.7 million (previous year: 9.4) is included in the current taxes.

Deferred tax income contains €53.1 million (previous year: 164.4) relating to temporary differences. The change is essentially attributable to the measurement of financial instruments in accordance with IAS 39 and deferred tax income of €65.5 million in the previous year, which is an opposite effect resulting from the reversal of non-cur- rent operating liabilities of discontinued operations in the United States. Deferred tax assets created in previous years for losses carried forward were impaired by €8.5 million (previous year: 11.2) during the reporting year. The reduction in the tax expense for deferred taxes as a result of tax losses not recognised in previous years amounted to €128.9 million in the financial year (previous year: 103.7). As in the previous year, upon recog - nition of deferred tax assets of €153.6 million (previous year: 144.6) in the United States, which were not cov- ered by deferred tax liabilities, the assessment regarding the recoverability of the losses carried forward within the next five years was considered in accordance with the forecast income and on the basis of the tax planning. Tax losses carried forward and tax credits for which no deferred tax is recognised amount to €2,985.8 million (previous year: 3,153.9), of which €366.1 (previous year: 458.3) has a limited term of 20 years. The remaining losses carried forward both in Germany and abroad have essentially vested. In addition, no deferred tax assets were recognised for deductible temporary differences of €76.3 million (previous year: 222.0). Overall, unrec- ognised deferred tax assets amounted to €834.4 million (previous year: 956.0) in the reporting year.

In the financial year, €-1.9 million (previous year: 12.7) in deferred taxes, resulting primarily from the mea- surement of pension provisions in accordance with IAS 19 and from the measurement of financial instruments in accordance with IAS 39, were charged directly to equity. In addition, €-4.9 million of current taxes, likewise resulting from the measurement of financial instruments according to IAS 39, were directly recognised in equity. The deferred tax liabilities increased by €13.4 million (previous year: 2.8) as a result of changes in the scope of consolidation and were recognised directly in equity.

The non-current income tax liabilities of €50.0 million (previous year: 52.2) include contingent liabilities rec- ognised in connection with the acquisition of the Hanson Group according to IFRS 3.23.

As laid down in IAS 12, deferred taxes must be recognised on the difference between the share of equity of a subsidiary captured in the consolidated balance sheet and the carrying amount for this subsidiary in the parent company’s tax accounts, if realisation is expected (outside basis differences). On the basis of the regulations for the application of IAS 12.39, deferred taxes of €21.1 million (previous year: 23.8) were recognised on planned future dividends. No deferred tax liabilities were recognised for additional outside basis differences from retained earnings of the subsidiaries of HeidelbergCement AG amounting to €5.8 billion (previous year: 4.8), as no further dividend payments are planned. In accordance with the regulations of IAS 12.87, the amount of unrecognised deferred tax liabilities was not computed.

To measure deferred taxes, a combined income tax rate of 29.43 % is applied for the domestic companies. This consists of the statutory corporation tax rate of 15.0 % plus the solidarity surcharge of 5.5 % levied on the corporation tax to be paid, as well as an average trade tax burden of 13.6 %. For 2012, the combined income tax rate was 29.42 %.

The calculation of the expected income tax expense at the domestic tax rate is carried out using the same com- bined income tax rate that is used in the calculation of deferred taxes for domestic companies.

The profit before tax of the Group companies based abroad is taxed at the applicable rate in the respective country of residence. The local income tax rates range between 0 % and 35 %, thus resulting in corresponding tax rate differentials.

A weighted average tax rate is established by taking the tax rate differentials into account. The increase in this rate in comparison with the previous year is primarily due to the change in the relative weighting of the com- panies’ results. In line with the anticipated recovery in our mature markets, such as the United States or the United Kingdom, the weighted average tax rate is expected to rise further in the future.

Tax reconciliation of continuing operations

€m 2012 2013

Profit before tax 591.7 1,080.8

Impairment of goodwill -110.2 -115.2

Profit before tax and impairment of goodwill 701.9 1,196.0

Expected tax expense at national tax rate of 29.4 % (2012: 29.4 %) -206.5 -352.0

Tax rate differentials 76.3 86.3

Expected tax expense at weighted average tax rate of 22.2 % (2012: 18.6 %) -130.2 -265.6

Tax-free earnings (+) and non-deductible expenses (-) -26.1 -28.1

Effects from loss carry forwards 92.5 120.4

Not recognised deferred tax assets -152.7 -70.1

Tax increase (-), reduction (+) for prior years 39.8 -6.6

Changes in tax rate 23.5 20.4

Others 1.6 -3.6

Income taxes -151.6 -233.3

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Consolidated financial statements

Additional information

4

Deferred tax by type of temporary difference

€m 2012 2013

Deferred tax assets

Fixed assets 91.6 66.4

Other assets 141.5 89.4

Provisions and liabilities 563.9 530.4

Carry forward of unused tax losses and tax credits 597.2 660.7

Gross amount 1,394.2 1,346.9

Netting -949.6 -938.4

444.6 408.5

Deferred tax liabilities

Fixed assets 1,412.5 1,247.8

Other assets 8.4 67.6

Provisions and liabilities 187.8 134.3

Gross amount 1,608.7 1,449.7

Netting -949.6 -938.4

659.1 511.3

11 Discontinued operations

The following table shows the composition of the results from discontinued operations.

Net income from discontinued operations

€m 2012 2013

Income 195.8 200.0

Expenses -73.1 -37.1

Income taxes -34.2 -65.0

Net income from discontinued operations 88.5 97.9

The results include income and expenses incurred in connection with operations of the Hanson Group discon- tinued in previous years and that essentially result from provisions for damages and environmental obligations. Further details on the obligations are provided in Note 46 Other provisions.

The income for the financial year resulted principally from the set up of receivables against primary insurers based on a current court ruling. In the previous year, liabilities to insurers were reversed as a result of court decisions. Expenses from discontinued operations relate primarily to the adjustment of provisions for damages and environmental obligations.