Annual report - HSE

Tax (24)
The company is subject to the Value Added Tax Act, the Excise Duty Act, and the Corporate
Income Tax Act. The branch offices in the Czech Republic and in Slovakia are liable to pay
corporate income tax.
In accordance with the Corporate Income Tax Act, the tax for 2012 amounted to 18% of the
tax base reported in the company’s tax return.
The company’s 2012 current tax amounts to EUR 11,717,691. Based on the 2011 tax return,
the company made a EUR 10,260,161 advance payment of income tax for 2012. Its current
tax liability amounted to EUR 1,457,530, at the end of 2012.
Deferred taxes include deferred tax assets. The values of deferred taxes created and used
are presented in the table showing deferred tax assets, 4.5.8.1 (4).
In establishing the current tax base, revenue and expenses determined in accordance with
IFRS were corrected in terms of decrease and increase in tax base, as shown in the table
below.
Tax calculation 2012 2011
Profit or loss before tax 54,197,135 58,004,766
Tax calculated at applicable tax rate (18%) 9,755,484 11,600,953
Tax from revenue reducing tax base -488,028 -407,215
Tax from tax breaks -129,547 -79,002
Tax from expenses reducing tax base -30,303 -62,147
Tax from non-deductible expenses 2,585,684 122,250
Tax from other changes in tax calculation 24,401 15,346
Tax 11,717,691 11,190,185
Effective tax rate 21.62% 19.29%
in €
Net profit or loss (25)
The company ended the year 2012 with total profit of EUR 42,954,179.
in €
Type of profit or loss 2012 2011
Gross return on operations 1,943,501,488 1,359,019,422
Operating profit or loss 63,509,542 55,617,425
Net cash -9,312,407 2,387,341
Profit or loss before tax 54,197,135 58,004,766
Net profit or loss from the period 42,954,179 46,729,619
Annual Report HSE 2012
4 Financial Report of the company HSE
146
4.5.8.3 Statement of other comprehensive income
The statement of other comprehensive income includes results of futures contracts for the
purchase of electricity, emission coupons, and fair value of interest and currency swaps in
total amount of EUR -4,659,940.
Results arising from realised and newly concluded futures for electricity in 2012 amount
to EUR -1,041,204. A detailed disclosure is available in Section 4.5.8.1 (9). As a result, the
company did not account for deferred taxes since upon the realisation it will pay the price
agreed-upon at the transaction conclusion.