6 - Vicat

Financial information on the assets and liabilities,financial position and income statements of the issuer20.2. Historical financial information201.18. Sales1.19. TaxesIn accordance with IAS 18, sales are reported atfair value of the consideration received or due,net of commercial discounts and rebates and afterdeduction of excise duties collected by the Groupunder its business operations. Sales figures includetransport and handling costs invoiced to customers.Sales are recorded at the time of transfer of the riskand significant benefits associated with ownershipto the purchaser, which generally corresponds tothe date of transfer of ownership of the product orperformance of the service.The finance act for 2010, passed on December 30,2009, made French fiscal entities no longer liablefor Taxe Professionnelle from 2010, replacing it bya Territorial Economic Contribution (CET) whichincludes two new local taxes :• A Company Property Contribution (CFE) basedon the property rental values of the presentTaxe Professionnelle ;• A Company Added-Value Contribution (CVAE)based on the added value resulting from thestatutory accounts.The CET is capped at 3 % of the added value.From the point that the added value from theGroup’s French operations is much greater than thetaxable income from such operations, the Groupclassifies the CET as an operating expense ratherthan a tax on income. Consequently, the CET isreported in the operating income in the same wayas the Taxe Professionnelle was up to the end ofDecember 2009.1.20. Income taxesDeferred taxes are calculated at the tax ratespassed or virtually passed at the year-end andexpected to apply to the period when assets aresold 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 in the consolidatedstatement of financial position and the values ofassets and liabilities for tax purposes.Deferred taxes are recognized for all timingdifferences, including those on restatement offinance leases, except when the timing differenceresults from goodwill.Deferred tax assets and liabilities are netted out atthe level of each company. When the net amountrepresents a receivable, a deferred tax asset isrecognized if it is probable that the company willgenerate future taxable income against which toallocate the deferred tax assets.1.21. Segment informationIn accordance with IFRS 8 “Operating segments” thesegment information provided in note 26 is basedon information taken from the internal reporting.This information is used internally by the GroupManagement responsible for implementing thestrategy defined by the President of the Boardof Directors for measuring the Group’s operatingperformance and for allocating capital expenditureand resources to the business segments andgeographical areas.The operating segments defined pursuant to IFRS 8comprise the 3 segments in which the Vicat Groupoperates: Cement, Concrete & Aggregates andOther Products and Services.The indicators disclosed were adapted in orderto be consistent with those used by the GroupManagement, while complying with IFRS 8 informationrequirements : operating and consolidated sales,EBITDA and EBIT (cf. note 1.22), total non-currentassets, net capital employed (cf. note 26), industrialinvestments, net depreciation and amortizationcharges and average number of employees.The management indicators used for internalreporting are identical to the operating segmentsand geographical sectors defined above anddetermined in accordance with the IFRS principlesapplied by the Group in its consolidated financialstatements.1.22. Financial indicatorsThe following financial performance indicators areused by the Group, as by other industrial playersand notably in the building materials sector, andpresented with the income statement :• Added value : the value of production less the costof goods and services purchased;• Gross Operating Earnings : added value lessexpenses of personnel, taxes and duties (except2010 registration document VICAT 139