(10) Operating Expenses
Personnel expenses total kEUR 10,886 for the fiscal year 2006/2007 (EUR 9,822 for the fiscal year 2005/2006). Depreciation, amortization and write-downs total kEUR 2,970 for the fiscal year 2006/2007 (EUR 2,303 for the fiscal year 2005/2006).
(12) Taxes on Income and Deferred Taxes
The income tax expense can be broken down by source as follows:
Using a tax rate of 29.23% (considering 15.0% tax rate for corporate income tax, 0.83% solidarity surcharge on the corporate income tax and an effective trade tax rate of 13.4%), the theoretical income tax expense based on the earnings before taxes of kEUR 4,322 (prior year: kEUR 8,713) can be reconciled to the income tax expense disclosed as follows:
Deferred tax assets and deferred tax liabilities from timing differences between the carrying amounts in the consolidated financial statements and the tax base of individual assets and liabilities relate to the following issues:
Deferred tax assets are written down if realization is not probable. There were no longer any unused tax losses in the parent as of September 30, 2007. The tax benefits from unused tax losses at foreign subsidiaries (kEUR 893 in total) were not recognized. The tax benefits on the unused tax losses of m2any GmbH (kEUR 460) were partially recognized on the basis of the tax planning of the subsidiary, which provides for positive taxable income within the next couple of fiscal years.
(15) Earnings per Share
Basic earnings per share amounts are calculated by dividing net profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.
When calculating diluted earnings per share, the net profit for the year attributable to the ordinary equity holders of the parent is divided by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued after converting all rights to ordinary shares with dilutive effect into ordinary shares.
The following reflects the income and share data used in the basic and diluted earnings per share computations:
In the period between the balance sheet date and the preparation of the consolidated financial statements, the Group acquired 1.1 million treasury shares by means of a public repurchase bid on October 2, 2007. We refer to the comments in “Subsequent Events”.