EXEL industries - 2019 Universal Registration Document
Consolidated fi nancial statements Notes to the consolidated fi nancial statements
22.3 Reconciliation of the e ff ective tax expense and theoretical tax expense (Calculated at the tax rate applicable in France)
09/30/2018 Fiscal year
09/30/2019 Fiscal year
Consolidated (in € thousands)
Pro fi t (Loss) before tax and impairment of goodwill
9,565
55,161
Current tax rate in France
34.43%
34.43%
THEORETICAL TAX INCOME/(EXPENSE) AT THE CURRENT TAX RATE
(3,293)
(18,992)
Impact of: Permanent tax di ff erences
(3,660)
(1,050)
Tax loss not used
(2,958)
(2,330)
Tax rate di ff erential with foreign subsidiaries
2,086
4,390
Tax credits
2,365
2,339
4
Taxes on dividend distribution
(340)
(286)
Misc. (including impact of the French tax sharing agreement)
75
(419)
NET TAX INCOME/(EXPENSE) RECOGNIZED
(5,725)
(16,349)
E ff ective Group tax rate (%)
59.80%
29.60%
Tax credits, mainly research tax credits (RTC).
Note c 23 Change in working capital requirements (WCR)
09/30/2018
09/30/2019
(in € thousands)
Net inventories
(7,400)
45,434
Advances and prepayments paid
312
(2,054)
Net trade receivables
(30,139)
1,074
Current income tax receivables
8,490
(5,200)
Other receivables and accruals
(65)
(4,612)
(28,802)
34,642
Advances and prepayments received
(225)
(5,246)
Trade payables
(13,891)
(7,119)
Payables for fi xed assets
119
93
Payables for tax (excluding corporate income tax) and payroll tax agencies
(2,068)
236
Current income tax payables
2,842
1,942
Other payables and accruals
(2,153)
(899)
(15,376)
(10,993)
NETWORKING CAPITAL (+ USE, - SOURCE)
(13,426)
45,635
Payables on fi xed assets reclassi fi ed under investments
(119)
(93)
Impact of change in Group structure on WCR
-
-
Impact of foreign exchange on WCR
(4,049)
2,380
NETWORKING CAPITAL (+ USE/- SOURCE) (EXCLUDING IMPACTS OF CHANGE IN GROUP STRUCTURE)
(9,258)
43,347
EXEL Industries Group I 2019 Universal Registration Document
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