Annual report 2004 (English) - PDF 3546K - Imperial Tobacco

114
Altadis Group 2004 Financial Information
Notes to 2004
Consolidated Financial Statements
The breakdown of the balances payable to public
authorities as of December 31, 2004, is as follows:
Thousands
of Euros
Long-term deferred taxes 101,249
Total (Note 17) 101,249
Short-term payables to public
authorities–
Excise tax on tobacco products 2,711,089
Output VAT 811,867
Deferred taxes 21,534
Corporate income tax 43,986
Accrued social security taxes 28,853
Personal income tax withholdings 12,619
Other payables to public authorities 50,224
Total 3,680,172
The short-term balances include mainly the “Excise
Tax on Tobacco Products” and “Output VAT”
accrued at SEITA, ETINERA and LOGISTA and not
yet paid to the tax authorities as of December 31,
2004.
Corporate income tax is calculated on the basis of
income per books determined by the application of
generally accepted accounting principles, which
does not necessarily coincide with taxable income.
The corporate income tax charge is obtained by
aggregating the corporate tax expense of the
Parent Company, calculated in accordance with
Spanish regulations, and those of the various
Group companies, calculated in accordance with
the regulations in force in the countries in which
they operate, in addition to consolidation
adjustments.
Under current legislation, taxes cannot be deemed
to be finally settled until the returns filed have
been reviewed by the tax authorities or the statuteof-limitations
period has elapsed.
As of December 31, 2004, the Group Companies
had most of the taxes applicable to them open for
review by the tax inspection authorities. The
directors of the Group companies consider that
these taxes were calculated correctly and,
accordingly, that even if discrepancies arise in the
interpretation of the current regulations applicable
to the tax treatment of the transactions, the
resulting liabilities, if any, would not have material
effect on the accompanying consolidated financial
statements.
19. Revenues and expenses
a) Procurements
The detail of the “Procurements” caption in the
accompanying 2004 consolidated statement of
income is as follows:
Thousands
of Euros
Purchases (*) 6,794,985
Variation in merchandise
and raw materials
inventories and other supplies 73,366
Total 6,868,351
(*) Including the cost of transport, freight, applicable taxes
and the related royalties.
b) Headcount, personnel expenses and
compensation systems linked to the share
price
The balance of the “Personnel Expenses” caption in
the accompanying 2004 consolidated statement of
income comprises €526,443 thousand of wages
and salaries and similar expenses and €265,627
thousand of other employee welfare expenses.