Taxes

The effective tax rate rose from 2.4 per cent to 156.7 per cent. The difference compared with the expected weighted tax rate of 25.2 per cent was mainly due to the impact of participation exemption and other non-taxable income as well as the tax effects on investments. The latter include tax-neutral changes in value arising from the reassessment of investments in associates / joint ventures and the impact resulting from write-downs and reversals of write-downs on investment book values under commercial law (without any deferred tax consequences) and increasedtax expenses for 2022.