EXEL Industries // 2020 Universal registration document

Separate fi nancial statements

Notes to the parent company fi nancial statements

19. Corporate income tax The Company has been the head of a tax group since September 1, 1993, in accordance with the tax consolidation agreement of August 30, 1994 with e ff ect from September 1, 1993. Agreements between the parent Company and consolidated subsidiaries were drawn up on the basis of fi scal neutrality. Taxes payable are recognized by subsidiaries as if theywere taxed separately, with the parent Company recording its own tax and the saving or charge resulting from application of the tax consolidation scheme. Corporate income tax as presented in the income statement breaks down as follows:................................................................................................................... (in €K)  tax on the Company’s own taxable income........................................................................................................................................................................................................................... 454 (identical to the tax that would have been borne in the absence of tax consolidation)  tax audits and tax cancellations, corporate income tax adjustment on (N-1).................................................................................................................................................48  tax consolidation expense/(income) .................................................................................................................................................................................................................................... (3,195) (mainly from subsidiaries’ losses attributed to the Group’s income/(loss))  the Company’s tax credits (mainly research tax credits)........................................................................................................................................................................................... (697) Total income tax expenses for the fi scal year (or net income) .............................................................................................................................................................................. (3,390)

Breakdown of income tax

Net income before tax

Taxes payable

Net income after tax

(in € thousands)

Current operating income

29,265

(3,135)

26,131

Net exceptional income/(loss)

(11,682)

3,330

(8,353)

Impact of tax consolidation

3,195

3,195

BOOK INCOME

17,583

3,390

20,973

6

Deferred taxes

Amount

(in € thousands)

Taxes payable on: Regulated provisions (accelerated tax depreciation)

1,904

TOTAL DEFERRED TAX ASSETS

1,904

Prepaid taxes on: Temporarily disallowed deductions and timing di ff erences (to be deducted the following year)

96

Expenses to be subsequently deducted (non-deductible provisions)

91

TOTAL DEFERRED TAX LIABILITIES

187

NET DEFERRED TAXES

1,717

In December 2020, the tax authorities accepted our request to bene fi t on a retrospective basis from the preferential tax regime for patent granting. As such, the tax authorities will reimburse an excess corporate tax of €1.7 million, which will be recognized in the parent company fi nancial statements forEXEL Industries’ 2020/2021 fi scal year.

EXEL Industries group I 2020 Universal Registration Document

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