YEAR 2008 - SDF

70
ANNUAL REPORT 2008
Notes to the consolidated financial statements
2008 Financial Year
4.5 OTHER OPERATIONAL INCOME AND EXPENSES
2008 2007
Capital gain on disposal of fixed assets 3,698 4,312
Profit from lawsuit on logostics issue 634
Negative goodwill (Déramé) 106
Loss on disposal of company (CMN, Navarro) (560)
VAT reimbursement on motorway tolls and interst on arrears 1,754
Depreciation OMS software (6,770)
Cancellations of previous professional taxes 123
Net amount 3,895 (598)
In 2008, the capital gains came from the sale of vehicles for €3,372,000, and the sale of land in Nantes and at Landivisiau.
In 2007, following the Council of State’s ruling on 29 June 2005 relative to motorway tolls, the Group recorded the income from the related
lost interest. In 2007 capital gains from the disposals of tangible fixed assets correspond mainly to the sale of the Mandelieu, Polliat and
Lezignan sites, of vehicles and of goodwill.
4.6 FINANCIAL INCOME AND EXPENSES
Financial income
4.7 CORPORATE INCOME TAX
Analysis of the corporate income tax expense on the income statement:
Current tax expense
2008 2007
- in respect of the financial year 25,907 25,216
- in respect of previous financial years - 320
Sub-total for current tax expense 25,907 25,536
Deferred tax expense
2008 2007
Net income received from disposal of financial assets 224 431
Dividends received from disposal of financial assets 166 115
Change in fair value of financial instruments 716
Financial expenses
Interest paid on financial liabilities at amortised cost (18,590) (16,474)
Net foreign exchange loss (731) (367)
Change in fair value of financial instruments (1,470)
Net financial expenses (20,401) (15,579)
The increase in net financial expense is the result of the increase in debt and the variation in interest rates, of the variation in fair value
of financial instruments (–€1.5 million in 2008; +€0.7 million in 2007), and of the consolidation Cavalieri's income for the second half of 2007
only (around €1.4 million).
The only variation in 2008 in fair value of assets and liabilities designated at fair value under income/loss, corresponds to interest rate
derivatives not qualified as hedging instruments. In 2007 the net amount of this variation took account of the cost of putting these instruments
in place (€808,000).
- linked to temporary differences (9,723) (8,858)
- Deferred taxes activated on foreign deficits 3,712 1,724
- linked to the use of loss carryovers (63) (205)
Sub-total for deferred tax expense (6,074) (7,339)
Total tax expense on income 19,833 18,197