Annual report - HSE

in €
Tax calculation 2012 2011
Profit or loss before tax 101,339,390 87,445,544
Tax calculated at applicable tax rate (20%) 19,035,697 17,633,929
Tax from revenue reducing tax base -1,331,528 -847,292
Tax from tax breaks -8,822,811 -1,484,827
Tax from expenses reducing tax base -239,160 -115,156
Tax from non-deductible expenses 4,797,897 1,366,736
Tax from other changes in tax calculation 556,171 1,009,895
Tax 13,996,266 17,563,285
Effective tax rate 13.81% 20.08%
The drop in effective tax rate is mostly a result of amended Corporate Income Tax Act, as at
2012 40% tax break for investment in equipment and intangible assets is no longer limited
to EUR 30,000. Since the Group’s investments are quite large, this reflects in the amount
of tax breaks.
Net profit or loss (29)
Net profit or loss in the amount of EUR 85,980,549 comprises net profit of the controlling
company in the amount of EUR 42,954,179, the controlling company’s share in profit
or loss of subsidiaries totalling EUR 47,815,764, cumulative decrease of profit or loss
in the consolidation procedure of EUR -1,670,870 (mostly eliminated impairment of
the controlling company’s investment in two subsidiaries and impaired buildings and
production equipment of the subsidiary) and net loss of minority owners in total amount
of EUR -3,118,524.
in €
Type of profit or loss 2012 2011
Gross return on operations 1,896,788,285 1,390,426,127
Operating profit or loss 113,297,265 96,190,255
Net cash -11,957,875 -8,744,711
Profit or loss before tax 101,339,390 87,445,544
Net profit or loss from the period 85,980,549 69,753,103
5.5.8.3 Consolidated statement of other comprehensive income
The consolidated statement of other comprehensive income includes changes in fair value
of hedges against changeability of cash flows, change in fair value of available-for-sale
investments, exchange rate differences arising from translation of financial statements of
subsidiaries abroad. Total value of this change in 2012 amounted to EUR -5,262,332.
Change in fair value of available-for-sale assets amounts to EUR 177,554 and already
comprises EUR 35,843 of deferred tax liabilities.
Change in fair value of hedges against changeability of cash flows amounts to EUR
-5,060,543 and includes EUR 54,450 of deferred tax assets. Most of them refer to
controlling company, as disclosed in detail in the company HSE financial report.
Negative effect of translation of financial statements in subsidiaries abroad for 2012 totals
EUR -379.343.
Annual Report HSE 2012
5 Financial Report of HSE Group
203