BIC - 2020 Universal Registration Document
FINANCIAL STATEMENTS
Consolidated financial statements
Reconciliation between theoretical income tax expense and effective income tax expense:
December 31, 2020
December 31, 2019
(in thousand euros)
Income before tax
251,445
155,336
Tax rate
34.43%
32.02%
Theoretical tax expense
86,572
49,739
Effects of: differences in tax rates •
(16,942)
(11,196)
income taxed at reduced rate •
(10)
(64)
initial recognition exemptions •
10,490
20,784
intra-Group accruals eliminations •
(3,588)
139
tax assets not recognized on tax losses •
6,135
6,663
tax assets/liabilities not recognized on prior years •
5,698
615
tax assets recognized on prior year tax losses •
327
71
tax credits •
(13,914)
(5,417)
foreign exchange differences •
582
277
INCOME TAX EXPENSE
75,350
61,611
EFFECTIVE TAX RATE
29.97%
39.66%
In addition, as of December 31, 2020, the BIC Group has 42 million euros of unrecognized deferred tax assets relating to unused tax losses, versus 40.0 million euros in 2019.
7-2
Deferred and current tax recognized in other comprehensive income
Accounting policies See: Note 13.
Deferred and current taxes recognized in other comprehensive income result from the following items:
December 31, 2020
Other comprehensive income
Deferred taxes
(in thousand euros)
Actuarial differences on defined-benefit plans (1)
(13,823)
3,075
Other comprehensive income (2)
(119,538)
(5,842)
Cash flow hedge
22,763
(6,775)
Foreign exchange impact
(142,303)
933
Other
3
-
TOTAL (1)+(2)
(133,361)
(2,767)
December 31, 2019
Other comprehensive income
Deferred taxes
(in thousand euros)
Actuarial differences on defined-benefit plans (1)
(8,092)
1,809
Other comprehensive income (2)
6,637
1,805
Cash flow hedge
872
(434)
Foreign exchange impact
5,761
2,239
Other
5
(1)
TOTAL (1)+(2)
(1,455)
3,614
229
• BIC GROUP - 2020 UNIVERSAL REGISTRATION DOCUMENT •
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