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The non-recognition of deferred taxes on tax losses for the cur- rent fiscal year increased tax charges by ¤ 254 (2002: 794) mn. The above-mentioned effects are shown in the reconciliation statement as “effects of tax losses”. 

Unused tax losses carried forward at the balance sheet date of ¤ 17,633 (2002: 18,322) mn have been recognized as deferred tax assets where there is sufficient certainty that the unused tax losses will be utilized. ¤ 11,301 (2002: 10,376) mn of the tax losses carried forward can be utilized indefinitely. 

Losses carried forward can be utilized subject to restrictions and are scheduled in subsequent years as follows: 

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The recognized tax charge for 2003 is ¤ 699 (2002: 391) mn less than the anticipated tax charge. The following table shows the reconcilia- tion of the anticipated tax charge on income with the effectively rec- ognized tax charge. 

The Group reconciliation statement is a summary of the individ- ual company-related reconciliation statements which are based on the respective country-specific tax rate after consolidation effects are taken into account. 

The tax rate for domestic Group companies applied in the rec- onciliation statement includes corporate tax and the solidarity sur- charge and amounts to 27.96 (2002: 26.38) %. 

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The changes in German tax law passed in December 2003 have abolished the tax-exempt status of dividends and gains from the sale of interests in corporations for life and health insurance companies. In some cases, this also resulted in retroactive changes in the taxa- tion of investment funds. 

Due to the “moratorium” introduced by the “law for the disman- tling of tax benefits”, the dividend distribution proposed for fiscal 2003 will not lead to a reduction of corporate taxes (2002: ¤62 mn). 

