Eurazeo / 2019 Universal Registration Document

Financial Statements Consolidated Financial Statements for the year ended December 31, 2019

INCOME TAX EXPENSE NOTE 11

Proof of tax 11.1.

2019

2018

(In thousandsof euros) Consolidated net income Share ofincome ofassociates

132,867 (36,522)

204,165 (47,471) 44,050

Net income from discontinued operations, net of tax

799

Current income taxexpense

76,742 (51,736) 25,006 122,150 32.02% 39,112 25,006 13,593 27,700

61,858

Deferredincometax Income taxexpense Net income before tax Theoretical taxrate Theoreticaltaxcharge

(72,820) (10,962) 189,781 34.43% 65,342 (10,962)

Actualtaxcharge

Impact oftaxation not basedon net income*

12,954 89,257

Difference

Breakdownof thedifference Difference in tax rates

21,033

8,447

Non-taxable items Non-deductible items

124,444 (93,800)

158,751 (89,475)

Items taxableat reducedrates

93

(11)

Tax lossescarriedforwardnot capitalized

(48,192) 2,505 (1,209) 22,826

(22,340)

Offset oftax lossescarriedforwardnot capitalized Impact ofcommercialrealestatetax regime

(730)

-

Other

34,616

PrimarilyCVAEandthe3% taxon distributions(France). *

In 2019, non-taxable items primarily concern capital gains on the disposal of Moncler shares and Neovia. Non-deductibleitems primarily concern impairment of Europcarshares.

Analysis of thecapitalization 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 areasonable timeframe orwhere there is adeferredtax liability with a similarreversal date. Tax losses breakdown as follows:

Before

2019

Total

(In thousandsof euros)

Taxlosses(base)

544,683 244,008 unlimited 56,009

315,322 93,402 unlimited

860,005

Tax lossescapitalized

337,410

Tax loss utilizationcut-offdate

Deferredtaxassetsarisingfromtaxlosses

23,102 24.73%

79,111 23.45%

i.e. an averagetax rateof:

22.95%

Tax lossesfor which nodeferred taxasset has beenrecognized (base)

300,675

221,920

522,595

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