Translation of "Zinsvorträge" in English

No deferred taxes on interest carryforwards had been recognised as at 31December 2012.

Similarly, where appropriate, deferred tax assets are established on tax losses, interest expense and tax credits available for carry-forward.

The decrease in tax loss and interest carryforwards was mainly due to the favorable overall business development.

Unusable tax credits, tax loss carryforwards and interest carryforwards will expire as follows:

Deferred tax assets on tax loss carryforwards and interest carryforwards are recognised on the basis of an estimate of the future recoverability of the tax benefit, i.e. an assumption as to whether sufficient taxable income or tax relief will be available against which the carryforwards can be utilised.

Deferred tax assets also include tax refund claims resulting from the expected utilisation of existing tax and interest loss carryforwards in subsequent periods and this utilisation is reasonably certain according to current forecasts.

The increase in tax loss and interest carryforwards was mainly due to the current development of business in the United States and Brazil.

Deferred taxes on tax loss carryforwards and interest carryforwards are capitalised to the extent that sufficient future taxable income is expected to be generated against which the losses can be utilised.

Deferred tax assets also include tax refund claims that arise from the expected utilisation of existing tax loss carryforwards and interest carryforwards in subsequent years and whose utilisation is reasonably certain according to current forecasts.

Unrecognised deferred tax assets relate to tax loss carryforwards of €49.7million (2012: €108.6million), interest carryforwards of €89.1million (2012: €124.0million) and other temporary differences of €0.2million (2012: €0.6million).

The low tax expense in 2013 was primarily attributable to the recognition of deferred tax assets related to loss carryforwards and interest carryforwards that were only able to be utilised after KION Material Handling GmbH and Linde Material Handling GmbH had entered into a profit-and-loss transfer agreement.

No deferred tax assets have been recognised on tax loss carryforwards of €162.0million (2013: €231.8million), on interest carryforwards of €262.1million (2013: €351.1million) or on other temporary differences of €1.2million (2013: €0.7million).

Tax loss and interest carried forward, which the buyer might use, will increase the company's value and the expected purchase price.

It was partly offset by deferred tax income that resulted mainly from the recognition of deferred tax assets related to loss carryforwards and interest carryforwards.

Of the deferred tax assets amounting to €9,198 thousand recognised on interest carryforwards for the first time in 2010, €2,243 thousand was written down in 2011 because, based on the information available at the reporting date, a lower amount was expected to be used in future.

Deferred tax assets were recognised for interest carryforwards for the first time to extent that they are expected to be used in the future based on information available at the reporting date.

Deferred tax assets relating to deductible temporary differences, tax credits, loss carryforwards and interest carryforwards are recognized where it is sufficiently probable that taxable income will be available in the future to enable them to be used.

No deferred tax assets have been recognised on tax loss carryforwards of € 526.0million (2016: € 509.3million) – of which € 13.0million (2016: € 29.4million) can only be carried forward on a restricted basis –, on interest carryforwards of € 185.0million (2016: € 193.5million) or on other temporary differences of € 5.2million (2016: € 4.7million).

Deferred tax assets of €486 million (2016: €473 million) were recognized for the amount of tax loss and interest carryforwards expected to be usable.