ANNUAL REPORT 2011 - DONG Energy

13 Income tax expense
DKK million 2011 2010
Income tax expense (3,654) (2,997)
Tax on other comprehensive income 169 590
tax for the year (3,485) (2,407)
tax for the year can be broken down as follows:
Current tax (income tax and hydrocarbon tax) calculated applying normal tax rates (1,218) (1,145)
Current tax, hydrocarbon tax calculated applying higher tax rate (1,076) (568)
Deferred tax, calculated applying normal tax rates (1,021) (810)
Deferred tax, hydrocarbon tax calculated applying higher tax rate (439) (448)
Effect of reduction of income tax rate (4) 1
Adjustments to current tax in respect of prior years 85 (65)
Adjustments to deferred tax in respect of prior years 19 38
income tax expense (3,654) (2,997)
2011 dkk million %
income tax expense can be explained as follows:
Calculated 25% tax on profi t before tax (1,976) 25
Adjustments of calculated income tax in foreign subsidiaries in relation to 25% (92) 1
Hydrocarbon tax
tax effect of:
(1,515) 19
Non-taxable income 107 (2)
Capitalisation of tax assets not previously capitalised 77 (1)
Non-deductible expenses (161) 2
Unrecognised tax assets (126) 2
Effect of reduction of income tax rate (4) -
Share of profi t of associates 9 -
Adjustments to tax in respect of prior years 27 -
Effective tax for the year (3,654) 46
2010 DKK million %
income tax expense can be explained as follows:
Calculated 25% tax on profi t before tax (1,865) 25
Adjustments of calculated income tax in foreign subsidiaries in relation to 25% (62) 1
Hydrocarbon tax
tax effect of:
(1,017) 14
Non-taxable income 283 (4)
Capitalisation of tax assets not previously capitalised (26) -
Non-deductible expenses (256) 3
Unrecognised tax assets (73) 1
Share of profi t of associates 19 -
Effective tax for the year (2,997) 40
DONG ENERGY DONG ENERGY GROUP ANNUAL REPORT 2011 – COnsOliDatED finanCial statEmEnts
83 87
notes