The effective tax rate for the nine months period ended September 30, 2009 and 2008 was 14.5% and 22.3%, respectively. In the nine months period ended September 30, 2009, the effective tax rate was lower than the Austrian statutory tax rate of 25% mainly due to the impairments of investments in subsidiaries resulting in tax losses.
Net deferred tax liabilities of EUR 44.7 million as of December 31, 2008 changed to net deferred tax assets of EUR 79.2 million mainly due to the recognition of deferred tax assets related to the impairments in connection with investments in subsidiaries, the release of the deferred tax liability resulting from the write down of treasury shares for tax purposes in 2008 and foreign exchange differences.