EXEL industries - 2019 Universal Registration Document

Separate fi nancial statements

Notes to the parent company fi nancial statements

20. Income tax The Company is at the head of a tax group.

Agreements between the parent Company and consolidated subsidiaries were drawn up on the basis of fi scal neutrality. Taxes payable are recognized by subsidiaries as if theywere taxed separately, with the parent Company recording its own tax and the saving or charge resulting from application of the tax consolidation scheme. Corporate income tax as presented in the income statement breaks down as follows:.......................................................................................... (in € thousands): „ corporate income tax on the Group’s own net income.............................................................................................................................................................................................. 1,301 (identical to the corporate income taxes that would have been paid without a French tax group) „ tax audits and tax cancellations, corporate income tax adjustment on (N-1)....................................................................................................................................................5 „ French tax group expense/(sales).........................................................................................................................................................................................................................................(6,369) (mainly from tax de fi cits of subsidiaries attributed to the Group’s income/(loss)) „ the Company’s tax credits (mainly research tax credits)............................................................................................................................................................................................(425) Total income tax expenses for the fi scal year (or net income)........................................................................................................................................................ (5,488)

Breakdown of income tax

Net income before c Corporate income c tax

Net income after c Corporate income c tax

Taxes payable

(in € thousands)

5

Current operating income

45,015

(4,924)

40,091

Net exceptional income/(loss)

(36,354)

4,043

(32,311)

Impact of tax consolidation

6,370

6,370

BOOK INCOME

8,661

5,489

14,150

Deferred taxes

Amount

(in € thousands)

Taxes payable on: Regulated provisions (accelerated tax depreciation)

1,791

TOTAL DEFERRED TAX ASSETS

1,791

Prepaid taxes on: Temporarily disallowed deductions and timing di ff erences (to be deducted the following year)

2,133

Expenses to be subsequently deducted (non-deductible provisions)

75

TOTAL DEFERRED TAX LIABILITIES

2,208

NET DEFERRED TAXES

(417)

EXEL Industries Group I 2019 Universal Registration Document

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