6 - Vicat

Financial information concerning the asset base,20the financial condition and the results of the issuer20.2. HISTORICAL FINANCIAL INFORMATION1.17. TaxesThe finance act for 2010, voted on December 30,2009, made French fiscal entities no longer liable forProfessional Tax from 2010, replacing it by a TerritorialFinancial Contribution (CET) which includes two newcontributions :• A Company Property Contribution (CFE) basedon the property rental values of the presentProfessional Tax• A Company Added-Value Contribution (CVAE)based on the added value resulting from the statutoryaccountsThe Group booked the professional tax as an operatingcost at December 31, 2009, with no changerelative to previous years and is currently studyingthe different offered options before adopting a definitiveposition in 2010 on the treatment of thesecontributions.1.18. Income taxesDeferred taxes are calculated at the tax rates passedor nearly passed at the year-end and in force whenassets are sold or liabilities are settled.Deferred taxes are calculated, based on an analysisof the balance sheet, on timing differences identifiedin the Group’s subsidiaries and joint venturesbetween the values recognized on the consolidatedbalance sheet and the values of assets and liabilitiesfor tax purposes.Deferred taxes are calculated for all timing differences,including those on restatement of financeleases, except when the timing difference resultsfrom goodwill.Deferred tax assets and liabilities are netted out atthe level of each company. When the net amountrepresents a receivable, a deferred tax asset is recognizedif it is probable that the company will generatefuture taxable income against which to allocate theunused tax losses.1.19. Segment informationIn accordance with IFRS 8 “Operating segments” (appliedby the Group since the January 1, 2009 in theplace of the IAS 14 Standard), segment informationprovided in Note 26 is based on information takenfrom the internal reporting, both for the operatingsegments and the indicators disclosed. This informationis used internally by the Group Managementresponsible for implementing the strategy defined bythe President of the Board for measuring the Group’soperating performance and for allocating the capitalexpenditure and the resources to the business sectorsand geographical areas.Application of IFRS 8 has had no significant impacton the Group’s segment information, since the segmentsdetermined in accordance with IFRS 8 correspondto those of the primary level previouslyidentified under IAS 14. They comprise the 3 segmentsin which the Vicat Group operates : Cement,Concrete & Aggregates and Other Products andServices.The indicators disclosed were adapted in orderto be consistent with those used by the management,while complying with IFRS 8 information requirements: operating and consolidated net sales,EBITDA and EBIT (cf. § 1.20), total non-current assets,Capital employed (cf. § 26), industrial investments,Net depreciation and amortization chargesand average number of employees.The information concerning geographical areas requiredby IFRS 8 is communicated according to thesame geographical segmentation as for the geographicalsectors under IAS14 for the secondarylevel.The management data used to assess operating segmentperformance is prepared in accordance withthe IFRS principles applied by the Group in its consolidatedfinancial statements.1.20. Financial indicatorsThe following financial performance indicators areused by the Group, as by other industrial players andnotably in the building materials segment, and presentedwith the income statement :Added value : the value of production less the costof goods and services purchased.Gross operating earnings : added value less expensesof personnel, taxes and duties (except income taxesand deferred taxes), plus grants and subsidies.EBITDA (Earnings Before Interest, Tax, Depreciationand Amortization) : adding up gross operating earningsand other ordinary income (expense).EBIT : (Earnings Before Interest and Tax) : adding upEBITDA and depreciation, amortization and operatingprovisions.2009 registration document - VICAT 141