Income Tax

Income tax increased from €73 million in 2013 to €80 million in 2014, primarily as a result of the increase in result before tax. The effective tax rate decreased from 31.9% in 2013 to 31.3% in 2014, primarily due to the tax accounting effects from tax loss carryforward positions: on the one hand, the recognition of a portion of previously unrecognized tax losses, and on the other hand, a reduced proportion of loss-making countries with unrecognized tax losses in the Group’s total result before tax.