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2012 2011
Receivables meeting interest and related expenses 43,325,943 46,668,204
Excess over borrowing cost 13,073,208 16,701,224
Total subsidies receivable 56,399,151 63,369,428
Any subsidies receivable in excess of qualifying interest and related expenses for the year are shown as other revenues
in line with the accounting policy 2.13.
5.5 Income tax expense
Domestic income tax is calculated at 20% (2011: 20%) on taxable income or, in circumstance where the Company has tax
losses carried forward, on gross dividends declared for distribution. (For further information refer to note 5.23).
The total income taxes charged to the income statement are analysed as follows:
2012 2011
Income tax on dividends (19,875,000) (27,750,000)
Deferred income tax 945,598 2,203,367
Total income tax expense for the year (20,820,598) (25,546,633)
The following is the reconciliation between income taxes as presented in the income statement, with those resulting
from the application of the enacted tax rates:
Reconciliation of effective Rate 2012 Rate 2011
income tax rate
Profit before tax for the year 97,609,255 129,528,119
Income tax 20.00% (19,521,851) 20.00% (25,905,624)
(1,275,953)
Expenses not deductible for tax purposes 1.39% (1,356,560) 0.99% 54,619
4,083,556
Revenues relieved from income tax (0.06)% 57,812 (0.04)% (2,503,231)
Adjustments in respect of prior years 0.00% 0 (3,15)% (25,546,633)
Effect of lower income tax rates 0.00% 0 1.93%
Total income tax expense for the year 21.33% (20,820,598) 19.73%
Refer to notes 5.23 and 5.29 for further analysis of income and deferred taxes.
5.6 Basic earnings per share
Basic earnings per share are calculated by dividing the Company’s net profits after taxes by the weighted average
number of shares during the year as follows:
Analysis of earnings per share 2012 2011
Profit of the year attributable to shareholders 76,788,657 103,981,486
Average No of shares during the year 30,000,000 30,000,000
Earnings per share for the year 2.56 3.47
There were no new shares issued or existing shares repurchased during the year. The average number of shares remained
unchanged. The Company does not have any potential dilutive instruments.
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 36 of 54
Receivables meeting interest and related expenses 43,325,943 46,668,204
Excess over borrowing cost 13,073,208 16,701,224
Total subsidies receivable 56,399,151 63,369,428
Any subsidies receivable in excess of qualifying interest and related expenses for the year are shown as other revenues
in line with the accounting policy 2.13.
5.5 Income tax expense
Domestic income tax is calculated at 20% (2011: 20%) on taxable income or, in circumstance where the Company has tax
losses carried forward, on gross dividends declared for distribution. (For further information refer to note 5.23).
The total income taxes charged to the income statement are analysed as follows:
2012 2011
Income tax on dividends (19,875,000) (27,750,000)
Deferred income tax 945,598 2,203,367
Total income tax expense for the year (20,820,598) (25,546,633)
The following is the reconciliation between income taxes as presented in the income statement, with those resulting
from the application of the enacted tax rates:
Reconciliation of effective Rate 2012 Rate 2011
income tax rate
Profit before tax for the year 97,609,255 129,528,119
Income tax 20.00% (19,521,851) 20.00% (25,905,624)
(1,275,953)
Expenses not deductible for tax purposes 1.39% (1,356,560) 0.99% 54,619
4,083,556
Revenues relieved from income tax (0.06)% 57,812 (0.04)% (2,503,231)
Adjustments in respect of prior years 0.00% 0 (3,15)% (25,546,633)
Effect of lower income tax rates 0.00% 0 1.93%
Total income tax expense for the year 21.33% (20,820,598) 19.73%
Refer to notes 5.23 and 5.29 for further analysis of income and deferred taxes.
5.6 Basic earnings per share
Basic earnings per share are calculated by dividing the Company’s net profits after taxes by the weighted average
number of shares during the year as follows:
Analysis of earnings per share 2012 2011
Profit of the year attributable to shareholders 76,788,657 103,981,486
Average No of shares during the year 30,000,000 30,000,000
Earnings per share for the year 2.56 3.47
There were no new shares issued or existing shares repurchased during the year. The average number of shares remained
unchanged. The Company does not have any potential dilutive instruments.
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 36 of 54
