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Annual Statements

Financial reporting

Price winner 2012 in the category non-listed

Home Annual Statements Financial Statements 2012 Notes to the consolidated financial statements Notes to the consolidated income statement Income tax

11. Income tax

The income tax charge in the income statement was computed as follows:

(in thousands of euros)

2012

2011

Profit before income tax

253,876

248,824

Share in result of associates1

- 45,630

- 35,659

208,246

213,165

Standard rate of income tax

25.0%

25.0%

Income tax calculated at the standard tax rate

52,062

53,291

Different rate for foreign subsidiaries

1,995

158

Income tax before extraordinary items

54,056

53,449

Effective rate of income tax before extraordinary items

21.3%

21.5%

Losses for which no deferred tax asset is recognised

7,296

-

Other movements: income tax liabilities

- 1,480

- 1,105

Other movements: deferred tax assets and liabilities

- 2,434

- 1,030

Income tax in the income statement

57,438

51,314

Effective rate of income tax after extraordinary items

22.6%

20.6%

  • In calculating the corporate income tax payable, the share in results of associates is deducted because they satisfy the substantial holding privilege tax rule. This does not apply to the esults of limited partnerships (C.V.s), which are not independently liable for tax and whose results are included in the result of the N.V. Luchthaven Schiphol fiscal entity.

Excluding non-recurring items, the effective tax rate of 21.2% in 2012 was lower than the 21.5% figure in 2011 and below the nominal income tax rate of 25% because of the relatively higher share of the results of associates which are not subject to Dutch income tax. There was an offsetting effect of EUR 2.0 million for a tax charge relating to the result of the associate JFK IAT.

The higher effective tax rate, including non-recurring effects, of 22.6% (2011: 20.6%) was caused mainly by non-deductible income tax on losses in Italy of EUR 7.3 million relating to impairment. There were also non-recurring tax gains in 2011 relating mainly to adjustments of EUR 2.4 million to deferred tax on derivatives and property and a tax gain of EUR 0.9 million relating to the sale of the interest in Flughafen Wien AG.