EURAZEO_REGISTRATION_DOCUMENT_2017
CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements
INCOME TAX EXPENSE NOTE 11
11.1
Proof of tax
2017
2016
(In thousands of euros) Consolidated net income Share of income of associates
480,050 (30,300)
643,008 (90,417)
Net income from discontinued operations, net of tax
1,040 78,758
5,596 47,722
Current income tax expense
Deferred income tax
(78,022)
(15,560)
Income tax expense Net income before tax Theoretical tax rate Theoretical tax charge
736
32,162
451,526 34.43% 155,460
590,349 34.43% 203,257
Actual tax charge
736
32,162 12,854
Impact of taxation not based on net income *
(11,157)
Difference
143,568
183,949
Breakdown of the difference Difference in tax rates
4,784
(8,892) 312,001 (110,021) (1,486) (20,163)
Non-taxable items Non-deductible items
223,365 (65,209)
Items taxable at reduced rates
56,031
Tax losses carried forward not capitalized
(87,240)
Offset of tax losses carried forward not capitalized Impact of commercial real estate tax regime
(366) 3,349 8,854
796
6,223 5,491
Other
4
Primarily CVAE and the 3% tax on dividend distributions (France). *
Non-taxable items primarily concern accounting journals in respect of changes in scope during the year (mainly Elis, Europcar and Moncler).
Analysis of the capitalization of tax losses 11.2 Deferred tax assets are recognized in respect of tax losses carried forward wherever it is probable that they can be offset against future taxable income within a reasonable timeframe or where there is a deferred tax liability with a similar reversal date. Tax losses break down as follows:
Before
2017
Total
(In thousands of euros) Tax losses (base) Tax losses capitalized
239,905
340,530
580,435
96,020
51,109
147,129
Tax loss utilization cut-off date
unlimited 23,960
unlimited
Deferred tax assets arising from tax losses
12,989 25.41% 289,421
36,949
i.e. an average tax rate of:
24.95% 143,885
25.11%
Tax losses for which no deferred tax asset has been recognized (base)
433,306
241
Eurazeo
2017 Registration document
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