2012 Annual Report - Italcementi Group

2012 Annual Report
Presentation 4
General information 14
Annual Report Consolidated Annual Report Directors’ report 146
Sustainability disclosure Italcementi S.p.A. Annual Report Separate financial statements 241
Extraordinary session 351
32. Income tax expense
Income tax expense totaled 6,937 thousand euro, as follows:
2012 2011 Change
(in thousands of euro)
Current tax 1,343 ( 10,767) 12,110
Deferred tax 6,160 ( 12,603) 18,763
Prior-year tax 284 96 188
Surpluses in allocation to provision for taxes ( 850) ( 800) ( 50)
Total 6,937 ( 24,074) 31,011
The reconciliation between the theoretical tax charge and the effective tax charge reflected on the income
statement is set out below:
Ires Irap Total
(in thousands of euro)
Profit (loss) before tax (a) ( 195,945) ( 195,945)
Difference in the taxable base between IRES and IRAP (b) 222,641
(c) = (a+/-b) ( 195,945) 26,696
Applicable tax rate (%) (d) 27.50 3.90 31.40
Theoretical tax charge (e) = (d) x (c) ( 53,885) 1,041 ( 52,844)
Effect of reduction in rate for tax relief/break programs (f) ( 7) ( 7)
Tax effect on permanent differences:
(g)
- foreign dividends and other exempt income ( 32,291) ( 759) ( 33,050)
- non-deductible costs 43,791 950 44,741
Net effect for the year of unrecognized deferred tax on
temporary differences (h) 48,664 - 48,664
(i) = from (e) to
Effective tax charge
6,279 1,225 7,504
(h)
Effective tax rate (%) -3.20 4.59 1.39
Other tax items not related to profit (loss) for the period (j) ( 567)
Effective tax charge reflected in income
statement at December 31, 2012 (k) = (i) + (j)
6,937
33. Transactions with related parties
Data relating to transactions with related parties and their impact on the company’s financial position and
results of operations are set out in the following tables:
291
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