SOMFY - Annual financial report 2019

07 CONSOLIDATED FINANCIAL STATEMENTS

DEFERRED TAX RECOGNISED IN ITEMS OF OTHER NOTE 11.2 COMPREHENSIVE INCOME

Current tax assets and liabilities

The change in tax liabilities and receivables was due to the effect of tax instalments.

€ thousands

31/12/19 31/12/18

Deferred tax assets actuarial gains and losses on – pensions foreign currency hedges – raw material hedges – Deferred tax liabilities foreign currency hedges – raw material hedges –

Retained losses capitalised or used

2,985

2,966

Deferred tax relating to tax losses was not capitalised where it was deemed unlikely that future taxable profits will be sufficient to absorb unused previous tax losses. The total amount of these losses was €54.9 million at the end of 2019, based on the standard tax rate, compared with €59.2 million at the end of 2018. No significant deferred tax assets were recognised in 2019 in relation to tax losses arising during the financial year or in previous years.

132

17 41

–

–

– –

42

NET DEFERRED TAX

3,075

3,024

ANALYSIS BY NATURE NOTE 11.3

31/12/19

31/12/18 Of which income statement impact

€ thousands

Deferred tax on restatements related to IFRS standards and temporary differences, including:

2,469

1,717

981

restatements to pensions –

5,887 5,933 2,887

6,901 5,840 3,243

-1,045

restatements resulting from provision methods – restatements due to tax and social liabilities –

42

-371

restatements due to SOPEM tax credit –

14,325

16,312

-2,138

restatements on the fair value of hedge instruments – restatements resulting from acquisition expenses – restatements related to the fair value of non-current assets – restatements related to leases (IAS 17 and IFRS 16) – restatements related to differences in amortisation and depreciation – restatements from the capitalisation of development costs –

132 317

58

-8

350

-33

-711

-682

28

-6,643 -9,168 -5,039 -5,452 6,655 8,012 -1,358

-8,400 -10,606 -6,294 -5,006 7,291 8,451 -1,160

1,758 1,439 1,255

other –

53

Deferred tax on intragroup margins

-712 -523 -189

Deferred tax on intragroup margins - assets Deferred tax on intragroup margins - liabilities

Miscellaneous

-60

-60

– – –

Deferred tax on the elimination of intragroup provisions

-1

-1

Deferred tax on acquisition expenses

-59

-59

TOTAL

9,064

8,948

269

DEFERRED TAX ASSETS DEFERRED TAX LIABILITIES

25,305 -16,240

25,720 -16,772

– –

Deferred tax assets and liabilities by jurisdiction or entity are offset in accordance with IAS 12.

123

SOMFY – ANNUAL FINANCIAL REPORT 2019