Net income increased by €850 million, or 26.4% to €4,065 million.
The tax rate decreased significantly from 46.9% in 2006 to 37.6%. As a result of the reduction of the average overall corporate tax rate to 29% as part of the German Corporate Tax Reform 2008, deferred tax assets and liabilities needed to be reassessed. This resulted in non-recurring, non-cash income of €229 million because there are predominately deferred tax liabilities in Germany. Noncompensable foreign income taxes on oil production amounted to €1,302 million compared with €1,282 million in 2006.
Minority interests amounted to €260 million. As in 2006, they primarily related to our partners in the natural gas trading companies, in the steam cracker in Port Arthur, Texas, and in our Verbund site in Kuantan, Malaysia.
We increased earnings per share by €1.95 to a record high of €8.32.
NET INCOME / EARNINGS PER SHARE
- Lower tax rate in particular as a result of revaluation of deferred taxes due to German Corporate Tax Reform 2008
- Net income 26% higher than in 2006
- Earnings per share increase by €1.95 to a new record high of €8.32
