Annual report 2008 - Altarea Cogedim

CONSOLIDATED FINANCIAL STATEMENTS
Income tax payable and due dates:
(in € thousand) 2009 2010 2011
Tax due – SIIC regime 237 204 199
Tax due – non-SIIC regime 1,251 –
net current tax liability 1,488 204 199
n Advance tax payments
(in € thousand) Current Non-current
12/31/2008 12/31/2007 12/31/2008 12/31/2007
Advance tax payments 5,728 4,843 – –
SIIC regime tax payable 1,023 75 – –
Non SIIC regime tax due 4,706 4,769 – –
net advance tax payments 5,728 4,843 – –
n Analysis of tax expense
(in € thousand)
Total
12/31/2008 12/31/2007 12/31/2008 12/31/2007
SIIC non-SIIC SIIC non-SIIC
tax due (318) (959) (1,332) (8,385) (1,277) (9,717)
Tax losses and tax credits 88,357 (643) 3,304 88,357 2,661
Valuation differences 43,845 8,926 43,845 8,926
Fair value of investment properties 12,228 (16,249) 12,228 (16,249)
Fair value of financial instruments 806 16,142 2,610 (2,027) 16,949 583
Other timing differences 2,786 9,287 (74) (4,291) 12,073 (4,365)
Deferred taxes 3,592 169,860 1,893 (10,337) 173,452 (8,444)
Total tax benefit/(expense) 3,274 168,902 561 (18,722) 172,176 (18,161)
The tax expense of the SIIC sector corresponds to income tax incurred by companies with SIIC status in respect of their nonexempt
activities.
Deferred tax on differences in the fair value of investment properties derived primarily from shopping centres outside France
(outside the scope of the SIIC exemption).
Deferred tax arising on valuation differences chiefly reflects the amortisation and impairment of customer relationships.
Deferred tax arising from tax losses chiefly reflects (in an amount of €97 million) the capitalisation of tax losses generated by
the property development for third parties business from the merger between Compagnie ALTAREA Habitation and Cogedim
SAS.
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