11 Income tax

Income tax of €16 million decreased compared to 2017 due to lower profit before tax whilst the average weighted annual rate of 12.5% increased (first half year 2017: 11.5%). The higher tax rate is mainly due to lower results from equity investments for which participation exemption is applicable.

Current income tax receivables amount to €24 million (December 31, 2017: €7.5 million) and is mainly related to payments to tax authorities.