The effective tax rate for the three month periods ended March 31, 2008 and 2007 was 22.0% and 19.25%. In the three month period ended March 31, 2008, the effective tax rate was less than the Austrian statutory tax rate of 25% mainly due to foreign income tax rate differentials and tax-exempted income related to investments in associated companies.
Net deferred tax liabilities of EUR 151.3 million as of December 31, 2007 increased to EUR 157.9 million mainly due to the recognition of deferred tax liabilities due to the write down of treasury shares for tax purposes which was partially compensated by the reduction of deferred tax liabilities due to foreign exchange differences and the amortization and depreciation of the fair value adjustments of assets acquired in business combinations.