Net financial result and taxes

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€ million

9M 2013

12M 2012/13

12M 2013/14

Earnings before interest and taxes EBIT

703

1,688

1,273

Result from associates and joint ventures

6

6

9

Other investment result

7

19

78

Interest income/expenses (interest result)

−365

−517

−409

Other net financial result

−162

−148

−242

Financial result

−514

−640

−564

Earnings before taxes EBT

189

1,048

709

Income taxes

−260

−990

−527

Profit or loss for the period

−71

58

182

Financial result

The financial result primarily comprises the interest result of €–409 million (2012/13: €–517 million) and the other financial result of €–242 million (2012/13: €–148 million). The interest result improved thanks largely to the repayment of high-interest debt that was then refinanced at lower rates and reduced debt. The change in the other financial result of €–94 million was caused primarily by negative currency effects that had been recognised as equity outside of profit or loss up to now and that are recognised in profit or loss as a result of the disposal of subsidiaries and in the year the subsidiary’s business activities were discontinued. These currency effects were recognised as special factors and amount to about €–122 million in the current financial year, which can be primarily attributed to Real Turkey and Real Poland. The corresponding total from the previous year of €–66 million primarily involved Real Russia and Real Romania. Furthermore, income of €62 million from the disposal of a 9 per cent stake in Booker Group PLC impacted the other investment result.

For more information about the financial result, see the notes to the consolidated financial statements in no. 6 Result from associates and joint ventures, no. 7 Other investment result, no. 8 Net interest income/interest expenses and no. 9 Other net financial result.

Taxes

The rise in recognised tax expenses from 9M 2013 to 12M 2013/14 was primarily caused by the increased pre-tax result in the reporting year compared with the short financial year 2013 and can largely be attributed to the sales lines Media-Saturn and METRO Cash & Carry.

The decline in income tax expenses reported in the above table from 12M 2012/13 to 12M 2013/14 is a calculated value that results from adding the tax expenses of the fourth quarter of the 2012 calendar year to the tax expenses of the nine-month short financial year. For systemic reasons, however, comparability is limited. A detailed actual tax calculation for the twelve-month comparable period is not available. For this reason, a detailed itemisation of the tax positions for the twelve-month comparable period is not possible in the following table.

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€ million

9M 2013

12M 2013/14

Actual tax

232

496

thereof Germany

(67)

(128)

thereof international

(165)

(368)

thereof tax expenses/income of current period

(240)

(473)

thereof tax expenses/income of previous periods

(−8)

(23)

Deferred taxes

28

31

thereof Germany

(−9)

(43)

thereof international

(37)

(−12)

 

260

527

Compared with the previous year, deferred taxes on balance only changed insignificantly.

In the reporting period, the group tax rate stood at 74.32 per cent (9M 2013: 137.81 per cent). Adjusted for special items, the rate amounted to 45.41 per cent (9M 2013: 94.50 per cent). The group tax rate represents the relationship between recognised income tax expenses and earnings before taxes. The major difference between the reported tax rate and the tax rate adjusted for special items largely results from the fact that the expenses related to the special items generally have no corresponding tax effect (in particular, expenses related to portfolio changes as well as impairment losses on goodwill at METRO Cash & Carry in the Netherlands).

For more information about income taxes, see the notes to the consolidated financial statements in no. 11 Income taxes.