2014 Registration Document and Annual Financial Report - page 212

Financial Statemements
Consolidated Financial Statements and Notes
5
Note 17.2 Effective tax rate
(inmillions of euros)
2013 Adjusted
2014
OPERATING PROFIT BEFORE TAX
(A)
256
419
Non deductible impairment losses
44
34
Elimination of intercompany capital gains
-
-
Tax on share of profit (loss) of associates
6
5
Other
1
13
TOTAL PERMANENT DIFFERENCES (NON-DEDUCTIBLE EXPENSES)
(B)
51
52
UNTAXED PROFIT AND PROFIT TAXED AT A REDUCED RATE
(C)
12
1
Profit taxed at standard rate
(D) = (A) + (B) + (C)
319
472
STANDARD TAX RATE IN FRANCE*
(E)
38.00% 38.00%
TAX AT STANDARD FRENCH TAX RATE
(F) = (D) X (E)
(121)
(180)
Effects on tax at standard French tax rate of:
ƒƒ
Differences in foreign tax rates
26
44
ƒƒ
Unrecognized tax losses for the period
(36)
(13)
ƒƒ
Utilization of tax loss carryforwards
11
21
ƒƒ
Share of profit (loss) of associates
6
5
ƒƒ
Net charges to/reversals of provisions for tax risks
(4)
(12)
ƒƒ
Effect of CET business tax in France (see Note 2.L)
(22)
(20)
ƒƒ
Other items
20
(20)
TOTAL EFFECTS ON TAX AT STANDARD FRENCH TAX RATE
(G)
1
5
Tax at standard rate
(H) = (F) + (G)
(120)
(175)
TAX AT REDUCED RATE
(I)
-
-
Income tax expense
(J) = (H) + (I)
(120)
(175)
Profit taxed at standard rate
319
472
Income tax expense
(95)
(134)
GROUP EFFECTIVETAX RATE**
29.9%
28.5%
* At December 31, 2013, and at December 31, 2014, the standard tax rate in France includes the 3.3% “Contribution sociale de solidarité” tax and the 10.7% “contribution
additionnelle” surtax, both calculated on the 33.3% corporate income tax.
** At December 31, 2014, the effective tax rate (income tax expense/operating profit before tax and non-recurring items) amounts to 30.2%. It amounted to 27,1%
at December 31, 2013.
Note 17.3 Details of deferred tax (Statement of financial position)
(inmillions of euros)
Décember 2013
Adjusted
Décember
2014
Timing differences between company profit and taxable profit
57
54
Timing differences between consolidated profit and company profit
(64)
(62)
Recognized tax losees
38
35
DEFERREDTAXASSETS, NET (LIABILITIES)
31
27
Deferred tax assets
149
68
Deferred tax liabilities
118
41
Registration Document 2014
210
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