2021 Universal Registration Document
FINANCIAL STATEMENTS
Consolidated financial statements
Reconciliation between the theoretical and effective income tax expense:
December 31, 2021
December 31, 2020
(in thousand euros)
Income before tax
155,336
447,789
Tax rate
32.02%
28.41%
Theoretical tax expense
49,739
127,217
Effects of: differences in tax rates •
(11,196)
(6,986)
income taxed at reduced rate •
(64)
(215)
initial recognition exemptions •
20,784
15,777
intra-Group accruals eliminations •
139
(2,044)
tax assets not recognized on tax losses •
6,663
6,885
tax assets/liabilities not recognized on prior years •
615
998
tax assets recognized on prior year tax losses •
71
-
tax credits •
(5,417)
(6,891)
foreign exchange differences •
277
(1,145)
INCOME TAX EXPENSE
61,611
133,595
EFFECTIVE TAX RATE
39.66%
29.83%
In addition, as of December 31, 2021, the Group has 47 million euros of unrecognized deferred tax assets relating to unused tax losses mostly in India, versus 42 million euros in 2020.
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:
As of December 31, 2021
Other comprehensive income
Deferred taxes
(in thousand euros)
Actuarial differences on defined-benefit plans (1)
46,158
(10,543)
Other comprehensive income (2)
17,355
7,422
Cash flow hedge
(26,523)
7,474
Foreign exchange impact
43,868
(52)
Other
10
-
TOTAL (1)+(2)
63,513
(3,121)
As of 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)
220
• BIC GROUP - 2021 UNIVERSAL REGISTRATION DOCUMENT •
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