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80<br />
<strong>Hamon</strong> Annual Report 2012<br />
13. Income tax<br />
in EUR ‘000’<br />
2012 2011 2010<br />
Components of tax (expense)/income<br />
Related to current year<br />
Related to past years<br />
Current tax<br />
Related to current year<br />
Related to past years<br />
Deferred tax<br />
Related to current year<br />
Related to past years<br />
(4 172 ) (1 308 ) (7 709 )<br />
(4 893 ) (2 801 ) (7 366 )<br />
721 1 493 (343)<br />
(3 241 ) (7 185 ) (8 904 )<br />
(3 407 ) (7 408 ) (8 790 )<br />
166 223 (114 )<br />
(931) 5 877 1 195<br />
(1 486 ) 4 607 1 424<br />
555 1 270 (229)<br />
Reconciliation of Group income tax charge<br />
Result before tax<br />
Share of the profit (loss) of associates<br />
Result before tax and before share<br />
of the profit (loss) of associates<br />
Domestic income tax rate<br />
Group theoretical income tax charge<br />
Utilisation of tax losses not previously recognised<br />
Effect of different tax rates of subsidiaries operating<br />
in other juridictions<br />
Withholding tax on intra group dividend distribuition<br />
Deferred tax assets not recognised<br />
Transactions exempt from taxes<br />
CVAE (*)<br />
R&D tax credits<br />
Other movements<br />
Income tax expense related to current year<br />
(*) Tax on added value of companies<br />
2 571 5 414 20 888<br />
- - -<br />
2 571 5 414 20 888<br />
33,99 % 33,99 % 33,99 %<br />
(874) -33,99% (1 840 ) -33,99% (7 100 ) -33,99%<br />
460 17,89 % 414 7,65 % 324 1,55 %<br />
(809) -31,47% (453) -8,36% (182) -0,87%<br />
(24) -0,93% - 0,00 % (19) -0,09%<br />
(4 106 ) -159,70% (1 353 ) -24,99% (1 669 ) -7,99%<br />
335 13,03 % 198 3,66 % 1 361 6,52 %<br />
(421) -16,37% (437) -8,07% (488) -2,34%<br />
546 21,24 % 670 12,37 % 407 1,95 %<br />
- 0,00 % - 0,00 % - 0,00 %<br />
(4 893 ) -190,32% (2 801 ) -51,74% (7 366 ) -35,26%<br />
The result before tax of the Group, amounting to<br />
EUR 2,6 million, being low, the effect of deferred tax<br />
assets not recognized in 2012 (EUR 4.106 thousand,<br />
increasing a lot compared to previous periods) on<br />
the tax rate of the Group for the current period was<br />
disproportionate (160%) and could not be compensated,<br />
even partly, by the R&D tax credits (France and US)<br />
and the utilization of tax losses not previously recognized<br />
during the past periods.<br />
14. Discontinued operations<br />
The results of discontinued operations are as follows:<br />
in EUR ‘000’<br />
2012 2011 2010<br />
Dry & Wet NAFTA cooling activities sold to SPX<br />
Others<br />
Total<br />
- - (22)<br />
- (88) -<br />
- (88) (22)
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