2021 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

NOTE 7

INCOME TAX

Accounting policies Income tax expense represents the sum of the tax currently payable and deferred tax. ●

The tax currently payable is based on taxable profit for the year. Taxable income differs from income as published in the income ● statement because it excludes items of income or expenses that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Liability for current tax is calculated using tax rates that have been enacted as of the balance sheet date.

7-1

Income tax expense

2,697 Deferred tax

(7,370) Deferred tax

20,268 France

84,843 France

56,122 Foreign

38,646 Foreign

2020 Income tax expense Total: 61,611

2021 Income tax expense Total: 133,595

As of December 31, 2021, the main contributors are the U.S., Greece, Brazil and India. (As of December 31, 2020, the main contributors were the U.S., United Kingdom, Greece, Spain and Slovakia). The main tax consolidation groups are France and Spain.

The normal income tax rate in France is 28.41% (including social contributions) for the fiscal year 2021. Taxation for other jurisdictions is calculated at the rates prevailing in the respective countries. The Group uses the French tax rate as the theoretical base for the reconciliation between the theoretical income tax expense and the effective income tax expense. Reconciliation primarily involves the effect of differences in tax rates.

219

• BIC GROUP - 2021 UNIVERSAL REGISTRATION DOCUMENT •