2014 2015 Interest expenses 16,244 13,629 Impairment 65 0 Losses on derivative financial instruments 1,932 839 Other financial expenses 1,952 869 20,193 15,337 Income tax expense is as follows: 2014 2015 Current taxes 72,907 77,775 Deferred taxes (300) (8,038) Income taxes 72,607 69,737 As in 2014, the combined income tax rate is 29 %, consisting of the corporate tax rate of 15 %, the solidarity surcharge on corporate tax in Germany of 5.5 % and the trade tax of about 13 %. The trade tax rate is based on the weighted average of the collection rate of all German municipalities in which ALTANA operates business premises. For the years reported, the differences between income tax expense calculated by applying the expected combined income tax rate of 29 % and the effective income tax are as follows: 2014 2015 Income before income taxes (EBT) 251,762 227,755 Income from associated companies (1,823) (12,854) Income before income taxes – adjusted (EBT adjusted) 253,585 240,609 Tax expense applying the expected average income tax rate 73,540 69,776 Non-deductible expenses 3,318 3,953 Tax rate differential 891 (1,162) Tax free income (2,960) (2,037) Tax related to prior years (7,274) (49) Other 5,092 (744) Income taxes 72,607 69,737 Effective income tax rate ¹ 28.6 % 29.0 % ¹ Based on the income before income taxes adjusted for the income from associated companies. 100 Notes to Consolidated Financial Statements 10. Financial Expenses 11. Income Taxes
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