9. Income tax

The tax expense in the income statement is broken down as follows:

Tax effects relating to components of other comprehensive income:

2015 M €	Before taxes	Tax effect	After taxes
Cash flow hedges	4,6	-0,9	3,7
Available-for-sale financial assets	-1,6	0,3	-1,3
Total	3,0	-0,6	2,4


2014 M €	Before taxes	Tax effect	After taxes
Cash flow hedges	-19,5	3,9	-15,6
Available-for-sale financial assets	0,6	-0,1	0,5
Total	-18,9	3,8	-15,1

Reconciliation between tax expense shown in the income statement and tax calculated using the parent company’s tax rate (tax rate 20 %):

M €	2015	2014
Profit before taxes	224,7	146,5
Taxes with current tax rate	44,9	29,3
Tax-free Income / nondeductible costs	0,7	0,9
Confirmed losses recognised through profit and loss	-1,3	0,0
Write-off in deferred tax receivables from confirmed
losses recognised through profit and loss	-0,3	0,1
Share of result of associated companies	-0,1	-0,2
Acquired investment properties	1,2	5,4
Other	0,2	0,2
Adjustments total	0,3	6,4

Taxes total recognised in profit and loss	45,3	35,7