The effective tax rate for the first half 2011 and 2010 was 8.0% and 21.8%. In the first half 2011 the effective tax rate was less than the Austrian statutory tax rate of 25% mainly due to tax incentives and foreign tax rate differentials.
Net deferred tax assets of EUR 110.4 million as of December 31, 2010 increased to EUR 166.7 million as of June 30 2011 mainly due to the recognition of deferred tax assets relating to operating loss carry-forwards and to impairments in connection with investments in subsidiaries, which was only partly compensated by the recognition of the deferred impairments of investments in subsidiaries for tax purposes over seven years according to Austrian legislation and the reduction of deferred tax liabilities resulting from foreign exchange differences.