FINANCIAL REPORT 2012 - Keolis

33
4.5. Share in profit for the year from equity-accounted associates
The contribution to consolidated results from associates is neither individually nor globally material to the Group’s earnings.
4.6. Taxation
The tax charge as at 31 December 2012 was €42 million on profit before tax of consolidated companies of €59 million.
The tax expense breaks down as follows:
(€ million) 2012 2011
CURRENT TAX EXPENSE (53) (48)
Tax payable for the period (53) (48)
Adjustments in respect of prior years - -
DEFERRED TAX INCOME 11 4
Deferred tax for the period 11 4
Impairment loss on deferred tax asset - -
TAX EXPENSE FOR THE YEAR (42) (44)
The Group has opted to present a reconciliation of its effective rate of interest at 34.43%, rather than 36.1%, which was the
current rate in 2012, by including the additional contribution of 5% (2011 Finance Act).
In fact, this rate of 36.1% will not apply to Keolis S.A. Group because i) the impact of the reversal of deferred income taxes is
insignificant in the period and ii) this measure is only temporary to date.
The reconciliation between the legal rate of taxation in France and the effective rate is as follows:
(per cent) 2012 2011
Legal rate of taxation in France 34.43% 34.43%
French / foreign taxation rate differentials 0.29% (3.02)%
Effect of reduced rates and changes in tax rates (1.08)% (0.76)%
Adjustment in respect of tax for prior years (0.84)% (1.58)%
Other permanent differences 45.27% 0.58%
Effect of direct taxation (CVAE) 11.79% 6.76%
Unrecognised deferred tax asset (20.00)% 8.22%
EFFECTIVE RATE OF TAXATION 69.86% 44.63%
Deferred tax included within non-current assets and liabilities breaks down as follows:
(€ million) 2012 2011
DEFERRED TAX ASSETS 69 33
Less than one year 6 3
More than one year 63 30
DEFERRED TAX LIABILITIES (55) (38)
Less than one year (9) (3)
More than one year (46) (35)
KEOLIS S.A. _ FINANCIAL REPORT _ 2012