2000
1999
Notes to the Consolidated Statement of Income
Earnings of non-consolidated
companies
Dividends received and share in net profit
59
51
included here are the net earnings of companies ac
counted for at net asset value amounting to EUR 32 mil
lion (1999: EUR 30 million) and dividend received from in
vestments at cost totalling EUR 27 million (1999: EUR 21
million).
Interest
Interest paid -109 - 80
Interest received on cash deposits, etc. 43 39
Taxation
Taxation stands at 32.4% (1999: 34.9%) of the group prof
it before taxation not including the earnings of non-con
solidated companies. The lower tax burden is mainly the
result of the use of taxable losses in Spain and a number
of non-recurring tax benefits in various countries.
Taxation on profit - 277 - 265
The main components of the income tax are:
Group profit before taxation excluding the
earnings of non-consolidated companies 855
Income tax at the Netherlands' statutory income
-66
-41
tax rate
Effect of foreign income tax rates
Non-deductible expenses
Utilisation of tax loss carryforwards
Not recognised tax loss carryforwards
Under/over provided in previous years
Tax incentives and other differences
35.0%
0.9%
299
8
2.0%
17
-27
24
-3.2%
2.9%
-1.8%
-3.4%
-15
-29
Effective tax rate
32.4%
277
70