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DES GB2012 E

NAX RECONCILIATION Income taxes in the amount of €18,956 thousand in the year under review are derived as follows from an expected income tax expense that would have resulted from the application of the parent company’s statutory income tax rate to the profit before tax. This was calculated using a corporation tax rate of 15% plus the 5.5% solidarity surcharge and a trade tax rate of 16.45%. 2012 2011 Consolidated profit before income tax 103,528 136,711 Theoretical income tax 32.28% -33,414 -44,123 Tax rate differences for foreign Group companies 2,190 2,161 Tax rate differences for domestic Group companies 2,057 967 Tax-free income/non-deductible expenses 460 3,126 Aperiodic tax income 49,357 -107 Other -1,694 303 Current income tax 18,956 -37,673 After the merger of six domestic shopping center companies to form the newly-founded DES Shoppingcenter GmbH & Co. KG, the requirements for the utilisation of the extended reduction of trade tax will be met from 2013 onward. Consequently, it was possible to release a portion of the deferred trade tax liabilities, namely €49,323 thou- sand, which had been formed in previous years and is contained in aperiodic tax income. This items also includes €34 thousand in trade tax back payments for previous years. In financial year 2012, the effective income tax rate was 28.5%. This figure does not include aperiodic tax income in the amount of €49.3 million (release of trade tax). 29. Notes to the consolidated cash flow statement NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT The cash flow statement has been prepared in accordance with IAS 7 and is broken down into operating cash flow and cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities. Cash and cash equivalents consists of cash bank balances and short-term deposits. COMPOSITION OF CASH AND CASH EQUIVALENTS 31.12.2012 31.12.2011 Cash and cash equivalents 167,511 64,408 € thousand € thousand { 169 } DES ANNUAL REPORT 2012 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated cash flow statement