2011 Annual report - touax group

❙ note 13.1.2. Reconciliation between the Group’s theoretical tax charge and the tax charge actually recognized
(€ thousands) 2011
Net profit (loss) from consolidated companies 12,949
Income taxes (4,135)
CONSOLIDATED INCOME BEFORE TAX 17,084
Theoretical tax expense at 33.33% (5,694)
Impact on theoretical tax of:
Limitation of deferred taxes (1,601)
Permanent differences and other elements (510)
Deficits created in the fiscal year
Earnings deducted due to previous deficit
Difference in tax rates 3,670
EFFECTIVE INCOME TAX EXPENSE (4,135)
Outstanding deferred tax assets in France not recognized in the
accounts are estimated at €2.8 million. Outstanding deferred
tax assets in the Netherlands not recognized in the accounts
are estimated at €0.9 million.
The tax expense amounted to €4.1 million with a tax rate
of 24.2%. The Group's tax rate is low, due to its presence in
countries with a tax rate lower than 33.33% such as Ireland
(12.5%),Poland (19%), the Czech Republic (19%), Singapore
(10%), Romania (16%) and the Netherlands (20%).
➜ note 13.2. Taxes recognized directly in shareholders’ equity
Deferred tax effects of swap valuations and net investment revaluations are booked to shareholders’ equity.
(€ thousands) 2010 Changes by 2011
shareholders’ equity
Redeemable warrants (54) (54)
Revaluation of net investments 48 54 102
Revaluation of net investments 256 244 500
TOTAL 251 298 549
➜ note 13.3. Deferred tax payable and redeemable
The deferred tax position is as follows:
(€ thousands) 2011 2010 2009
Deferred tax asset 436 173
Deferred tax liability (5,309) (4,993) (4,968)
TOTAL (4,873) (4,820) (4,968)
Net deferred tax liabilities are broken down as follows:
(€ thousands) 2011
Depreciation of fixed assets (11,189)
Leasing restatements in France (9,652)
Unused tax losses 16,440
Discounting of financial assets 63
Provisions for doubtful accounts 551
Deferred income 788
Miscellaneous (1,874)
NET BALANCE (4,873)
Consolidated financial statements
Financial information concerning the issuer’s assets, financial position and result
77