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## 24. Taxes on Income 

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Current income taxes in Germany relate to corporation tax, solidarity surcharge and trade tax. 

In general, PUMA AG and its German subsidiary are subject to corporation tax plus solidarity surcharge and trade tax which is deductible upon determination of the income subject to 

corporation tax. This resulted in a mixed tax rate of 36.91% in the financial year 

Reconciliation from the theoretical tax expense to effective tax expense: 

<img src='content_image/9179.jpg'>

## 25. Earnings per Share 

Earnings per share are determined in accordance with IAS 33 by dividing group earnings by the average number of outstanding shares. A dilution of this indicator results from potential shares 

from the Management Incentive Program. The share option program has a diluting effect on profits in the financial year. The calculations are presented below: 

<img src='content_image/9180.jpg'>

Foreword | Mission | Management Report | Share | Marketing | Consolidated Financial Statements - IFRS - | Report of Supervisory Board | Board of Management 

