5.1 Requisitos: Flota vehículos ! !31 !
5.1.1 Número vehículos! !31 !
Financial expenses
Financial expenses for fiscal year 2013 amounted to EUR 958 thousand (previous year: EUR 953 thousand) and comprised impairment losses on financial assets (excluding trade receivables) of EUR 280 thousand (previous year: EUR 469 thousand) and expenses from loss absorption of EUR 678 thousand (previous year: EUR 484 thousand).
Interest expense
Interest and similar expenses comprised the following items:
(EUR thousand) 01/01/2013 - 12/31/2013 01/01/2012 - 12/31/2012
Interest expenses on liabilities to banks 32,187 33,646
Interest cost from discount unwinding on pension and medical care obligations 19,939 24,217 Interest cost from discount unwinding on discounted provisions and other employee benefit obligations 6,631 20,811
Other interest expenses 17,633 16,514
of which to unconsolidated subsidiaries 108 134
The following table shows the interest expenses on financial instruments broken down by the IAS 39 measurement categories, along with the interest expenses on liabilities measured in accordance with other pronouncements:
(EUR thousand) 01/01/2013 - 12/31/2013 01/01/2012 - 12/31/2012
Financial liabilities at amortized cost 43,453 42,852
Financial liabilities at fair value through profit or loss 3,241 4,112 Financial liabilities not measured in accordance with IAS 39 29,696 48,224
Total 76,390 95,188
If finance can be allocated to a specific investment, the actual borrowing costs are capitalized as part of the cost of the investment. Where no direct relationship can be established, the average interest rate for group borrowings in the current period is used as the capitalization rate due to GEA Group’s central financing function. This amounted to 3.5 percent in fiscal year 2013 (previous year: 3.8 percent). Interest income generated on advance payments and progress payments received reduces the cost of the asset. No material borrowing costs were capitalized in fiscal year 2013 or in the previous year. In fiscal year 2013, expenses totaling EUR 1,297 thousand (previous year: EUR 1,282 thousand) were incurred for fees that were not included in the calculation of the effective interest rate.
7.7
Taxes on income
Income taxes for continuing operations are composed of the following items:
(EUR thousand) 01/01/2013 -12/31/2013 01/01/2012 -12/31/2012 Current taxes 70,364 58,102 Germany 6,178 8,199 Other countries 64,186 49,903 Deferred taxes –267 –45,226 Total 70,097 12,876
The expected tax expense is calculated using the tax rate of 29.85 percent (previous year: 29.60 percent) applicable to German group companies. This includes an average trade tax rate of 14.02 percent (previous year: 13.77 percent) in addition to the uniform corporate income tax rate of 15.00 percent (previous year: 15.00 percent) and the solidarity surcharge of 0.825 percent (previous year: 0.825 percent). The following table shows a reconciliation of the expected tax rate to the effective tax rate of 19.91 percent (previous year: 5.67 percent):
01/01/2013 - 12/31/2013
01/01/2012 - 12/31/2012
(EUR thousand) (%) (EUR thousand) (%)
Profit before tax 352,136 – 227,133 –
Expected tax expense 105,113 29.85 67,231 29.60
Non-tax deductible expense 7,447 2.12 10,562 4.65
Tax-exempt income –7,394 –2.10 –1,504 –0.66
Change in valuation allowances –37,689 –10.70 –69,816 –30.74
Change in tax rates –1,854 –0.53 –639 –0.28
Foreign tax rate differences –538 –0.15 889 0.39
Other 5,012 1.42 6,153 2.71
Income tax and effective tax rate 70,097 19.91 12,876 5.67
The change in valuation allowances in the amount of EUR –37,689 thousand (previous year: EUR –69,816 thousand) was primarily due to a revised assessment of the recoverability of the deferred tax assets on tax loss carryforwards in the U.S.A.
The effects of changes in tax rates in the amount of EUR –1,854 thousand (previous year: EUR –639 thousand) in the reporting period were mainly due to the change in the tax rate in Germany. The foreign tax rate differences are due to different tax rates outside Germany in comparison to the German tax rate of 29.85 percent. The tax rates for foreign companies vary between 1.00 percent (UAE) and 40.91 percent (U.S.A.).
The other reconciliation effects include nondeductible withholding taxes in the amount of EUR 3,861 thousand and nondeductible prior-period taxes in the amount of EUR 1,830 thousand. Deferred tax assets and liabilities during the year under review can be broken down by maturity as follows:
(EUR thousand) 12/31/2013 12/31/2012
Current deferred tax assets 61,889 90,913
Non-current deferred tax assets 323,933 354,488
Total deferred tax assets 385,822 445,401
Current deferred tax liabilities 48,018 48,731
Non-current deferred tax liabilities 50,761 75,308
Total deferred tax liabilities 98,779 124,039
Net deferred tax assets 287,043 321,362
Deferred tax assets and liabilities as of December 31, 2013, and 2012, are composed of the following items:
Deferred tax assets Deferred tax liabilities
(EUR thousand) 2013 2012 2013 2012
Property, plant and equipment 6,536 10,411 20,513 34,655
Investment property 225 223 – –
Intangible assets 1,302 1,725 62,544 75,697
Goodwill 23,072 41,844 45,028 45,582
Other non-current financial assets 595 734 4,480 5,765
Non-current assets 31,730 54,937 132,565 161,699
Inventories 25,286 36,778 3,416 2,557
Trade receivables 4,780 12,221 44,928 49,194
Other current financial assets 6,084 18,572 14,137 6,409
Cash and cash equivalents 3 134 17 9
Current assets 36,153 67,705 62,498 58,169
Total assets 67,883 122,642 195,063 219,868
Provisions 15,003 19,996 17 91
Employee benefits 84,964 91,640 277 411
Non-current financial liabilities 5,487 8,087 2,678 3,533
Other non-current financial liabilities 685 406 1,703 2,567
Non-current liabilities 106,139 120,129 4,675 6,602
Provisions 22,007 27,405 3,067 3,378
Employee benefits 9,986 11,277 216 161
Current financial liabilities 6,746 9,650 987 13,794
Trade payables 3,773 5,233 1,181 13,153
Other current financial liabilities 15,700 18,789 9,293 5,963
Current liabilities 58,212 72,354 14,744 36,449 Total liabilities 164,351 192,483 19,419 43,051
Valuation allowances on temporary differences –8,022 –11,372 – –
Deferred taxes on temporary differences 224,212 303,753 214,482 262,919
Tax loss carryforwards 943,554 1,025,981 – –
Valuation allowances on tax loss carryforwards –666,241 –745,453 – –
Offsetting of deferred taxes –115,703 –138,880 –115,703 –138,880
EUR 23,017 thousand of the EUR 34,319 thousand decline in deferred taxes is attributable to the reclassification of deferred taxes to assets held for sale and liabilities held for sale, as well as the presentation of GEA HX as a discontinued operation.
In addition to changes of EUR 267 thousand recognized in profit or loss (previous year: EUR 45,226 thousand), other changes resulted mainly from changes of EUR –1,175 thousand (previous year: EUR 37,471 thousand) recognized in other comprehensive income. In addition, deferred taxes of EUR –6,056 thousand were taken directly to equity on initial consolidation in the previous year.
Deferred tax liabilities in the amount of EUR 5,986 thousand were recognized as of the reporting date as a result of the planned sale of the GEA HX Segment. The related tax expense was reported in profit or loss from discontinued operations.
Net deferred taxes on temporary differences attributable to the GEA HX disposal group amounted to EUR 15,311 thousand (before valuation allowances) as of December 31, 2013, and were presented under assets held for sale and liabilities held for sale. Valuation allowances on the deferred tax assets included in this figure amounted to EUR 278 thousand as of the reporting date.
Deferred tax assets on tax loss carryforwards attributable to the GEA HX disposal group amounted to EUR 23,678 thousand (before valuation allowances) as of December 31, 2013, and were presented under assets held for sale. Valuation allowances on these deferred tax assets amounted to EUR 19,015 thousand as of the reporting date.
Deferred tax liabilities of EUR 1,272 thousand were recognized as of December 31, 2013, for expected dividend payments from subsidiaries.
No deferred taxes were recognized for taxable temporary differences arising from investments in subsidiaries in the amount of EUR 348,647 thousand (previous year: EUR 350,432 thousand) as of December 31, 2013, since the company is able to control their reversal and no reversals will be made in the foreseeable future.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to set off current tax assets against current tax liabilities and if the deferred taxes relate to income taxes levied by the same taxation authority.
As of December 31, 2013, GEA Group recognized deferred tax assets in the amount of EUR 277,313 thousand (previous year: EUR 280,528 thousand) on tax loss carryforwards:
(EUR thousand) 12/31/2013 12/31/2012
Deferred tax assets on domestic tax loss carryforwards
Corporate income tax 77,548 81,857
Trade tax 66,452 70,143
Deferred tax assets on foreign tax loss carryforwards 133,313 128,528
Total 277,313 280,528
The decrease in deferred tax assets on German tax loss carryforwards relates to an updated assessment of the extent to which tax loss carryforwards can be utilized in future periods.
No deferred tax assets were recognized for corporate income tax loss carryforwards in the amount of EUR 1,550,352 thousand (previous year: EUR 1,819,019 thousand) and trade tax loss carryforwards in the amount of EUR 1,139,187 thousand (previous year: EUR 1,111,988 thousand) as their utilization is not sufficiently certain. The tax loss carryforwards of the German companies can be carried forward for an indefinite period. Foreign tax loss carryforwards can generally only be utilized for a limited period. The significant tax loss carryforwards of the foreign companies are expected to expire in 2029.
7.8
Earnings per share
Earnings per share are calculated as follows:
(EUR thousand)
01/01/2013 - 12/31/2013
01/01/2012 - 12/31/2012 Profit for the period attributable to shareholders of GEA Group Aktiengesellschaft 336,042 313,018
of which from continued operations 282,041 214,269
of which from discontinued operations 54,001 98,749
Weighted average number of shares outstanding (thousand) 192,495 185,786
Basic and diluted earnings per share (EUR)
from profit for the period 1.75 1.68
of which attributable to continued operations 1.47 1.15
of which attributable to discontinued operations 0.28 0.53
Profit for the period attributable to shareholders of GEA Group Aktiengesellschaft 336,042 313,018
of which from continued operations 282,041 214,269
of which from discontinued operations 54,001 98,749
Weighted average number of shares outstanding (thousand) 192,495 185,786
The weighted average number of shares outstanding rose by 6,709 thousand to 192,495 thousand in 2013 (previous year: EUR 185,786 thousand). This increase is attributable to a capital increase implemented in fiscal year 2012 (see section 6.1).
7.9
Appropriation of net profit
GEA Group Aktiengesellschaft reported net income for the fiscal year of EUR 203,200 thousand in accordance with the HGB (previous year: EUR 216,775 thousand). The Executive Board and the Supervisory Board of GEA Group Aktiengesellschaft have appropriated an amount of EUR 90,000 thousand (previous year: EUR 108,000 thousand) to other retained earnings in accordance with section 58(2) of the AktG. Including the profit brought forward of EUR 3,176 thousand (previous year: EUR 273 thousand), the net retained profits amounted to EUR 116,376 thousand (previous year: EUR 109,048 thousand).
The Executive Board and Supervisory Board will propose to the Annual General Meeting that the net retained profits be appropriated as follows:
Appropriation (EUR thousand) 2013 2012
Dividend payment to shareholders 115,497 105,872
Profit carried forward 879 3,176
Total 116,376 109,048
The dividend payment corresponds to the payment of a dividend of 60 cents per share for a total of 192,495,476 shares (previous year: 192,495,476 shares). The dividend will be paid from the contribution account for tax purposes (section 27 of the Körperschaftsteuergesetz (KStG – German Corporate Income Tax Act)) and therefore without deduction of investment income tax and the solidarity surcharge. In the case of shareholders in Germany, the dividend is not subject to current taxation in the year of payment. The opinion of the German tax authorities (see also the Federal Ministry of Finance (BMF) circular dated December 22, 2009, paragraph 92) is that the payment of dividends from the contribution account for tax purposes constitutes a repayment of shareholder contributions, which results in a retrospective reduction in the cost of the shares. This can lead to the imposition of higher capital gains taxes if the shares are sold at a later date.