Compagnie des Alpes // 2020 Universal Registration Document
5 FINANCIAL INFORMATION
Consolidated financial statements
5.5 INCOME TAX EXPENSE Income tax expense breaks down as follows:
30/09/2020
30/09/2019
(in thousands of euros)
Current taxes Deferred taxes
-3,528 16,360 12,832
-32,644
398
TOTAL
-32,246
The reconciliation between the standard tax rate in France and the effective tax rate is outlined below (the effective tax rate is the ratio of income tax to net income of consolidated companies, including income
from discontinued operations included in the tax consolidation, but before tax and adjustments for goodwill impairment losses).
The reconciliation between income tax and the pre-tax income of consolidated companies is shown below:
30/09/2020
30/09/2019
NET INCOME BEFORE TAX
-123,246 31.00% -38,206
103,646 33.33% 34,549
Current tax rate
Theoretical tax expense
Effects of: Difference between actual tax rate and theoretical rate Non-deductible expenses/non-taxable income Tax loss carryforwards not recognised in assets Income from associate companies recognised net of tax
5,111
138 674
15,572 5,442
-836
-225 -525
-2,954
Other
675
TOTAL INCOME TAX EXPENSE
-12,832
32,246
Tax loss carryforwards for which no deferred tax was recognised, stood at €20.2 million at 30 September 2020 (of which €4.7 million relate to foreign subsidiaries), and equate to a deferred tax asset of €5.7 million.
5.6
SHARE OF NET INCOME OF ASSOCIATE COMPANIES
Companies (in millions of euros)
Share of income of associated companies
Country
Revenue
Income
EBITDA Impairment
30/09/2019 Groupe Cie du Mont-Blanc
France France France France
103.2
18.6
39.6 16.0
7.0 1.4 0.2 0.3 8.9
SERMA (Avoriaz) DSV (Valmorel) DSR (La Rosière)
39.2 12.9 13.3
6.8
1.1 1.7
3.8 4.8
TOTAL
30/09/2020 Groupe Cie du Mont-Blanc
France France France France
86.8 35.6 11.9 10.8
10.0
27.6 15.3
3.8
SERMA (Avoriaz) DSV (Valmorel) DSR (La Rosière)
5.7 0.1 1.0
1.1
2.9 3.8
4.4
-4.4
0.2 0.7
TOTAL
156
Compagnie des Alpes I 2020 Universal registration document
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