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Income statement
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
Annexed tables
Note 13 - Financial income/(expenses)
Detail is as follows:
(in Euros) 2010 2009 Change
Interest income from subsidiaries 1,036,831 2,001,312 (964,481)
Interest income on bank accounts 59,278 154,454 (95,176)
Interest expenses (1,490,398) (2,055,073) 564,675
Other (27,644) (5,210) (22,434)
Total (421,933) 95,483 (517,416)
Interest income from subsidiaries is related to the interest yielding cash pooling accounts of the group companies
included in the centralized pooling system.
Interest expenses are mainly related to the interest expenses on the use of the credit facility with Intesa Sanpaolo.
Note 14 - Income taxes
(in Euros) 2010 2009 Change
IRES 412,000 (71,699) 483,699
IRAP 437,000 235,000 202,000
Current taxes 849,000 163,301 685,699
Deferred tax liabilities 32,970 32,891 79
Deferred tax assets (163,621) (1,110,521) 946,900
Deferred taxes (130,651) (1,077,630) 946,979
Total income taxes 718,349 (914,329) 1,632,678
IRES theoretical rate
The following table provides the reconciliation between the IRES theoretical rate and the fiscal theoretical rate:
(in Euros) Amount Tax
Result before taxes 14,761,764
Theoretical tax rate 27.5% 4,059,485
Temporary differences, net (13,263,582)
Taxable income 1,498,182
Total IRES 412,000
Temporary differences, net refer to:
deductible differences amounting to 18,897 thousand Euros owing mainly to dividends collected in the financial year
under review (17,825 thousand Euros);
non deductible differences amounting to 5,633 thousand Euros and refers to depreciation of equity investments
(2,465 thousand Euros) and directors’ salaries (1,500 thousand Euros).
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