Eurazeo / 2018 Registration document

CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements

INCOME TAX EXPENSE NOTE 11

11.1

Proof of tax

2018

2017

(In thousands of euros) Consolidated net income Share of income of associates

210,977 (51,507) 44,050 (70,384) (8,526) 194,993 34.43% 67,136 (8,526) 12,954 88,616 61,858

524,876 (27,616)

Net income from discontinued operations, net of tax

1,924 78,758

Current income tax expense

Deferred income tax

(127,496) (48,738) 450,446 34.43% 155,089 (48,738)

Income tax expense Net income before tax Theoretical tax rate Theoretical tax charge

Actual tax charge

Impact of taxation not based on net income *

(435)

Difference

203,392

Breakdown of the difference Difference in tax rates

8,447

61,708 167,552 (60,066) 109,297 (87,240)

Non-taxable items Non-deductible items

158,751 (89,475)

Items taxable at reduced rates

(11)

Tax losses carried forward not capitalized

(22,340)

Offset of tax losses carried forward not capitalized Impact of commercial real estate tax regime

(730)

(366) 3,349 9,158

-

Other

33,974

*

Primarily CVAE (France).

Non-taxable items primarily concern capital gains on the disposal of Asmodee and Moncler shares. Non-deductible items primarily concern impairment of Europcar shares.

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:

Total

Before

2018

(In thousands of euros)

Tax losses (base)

543,082 112,046 unlimited

177,503 90,626 unlimited

720,585 202,672

Tax losses capitalized

Tax loss utilization cut-off date

Deferred tax assets arising from tax losses

27,750 24.77%

21,908 24.17%

49,658 24.50%

i.e. an average tax rate of:

Tax losses for which no deferred tax asset has been recognized (base)

431,036

86,877

517,913

252

Eurazeo

2018 Registration Document