APC 2003 Annual Report Download - page 86

Download and view the complete annual report

Please find page 86 of the 2003 APC annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 145

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145

Consolidated and Parent Company Financial Statements
84
13.2 - Effective tax rate
(
€
millions)
2003 2002
Net income 432.8 422.0
Tax (expense) benefit (127.3) 295.0
Amortization of goodwill (190.7) (192.6)
Minority interests (21.5) (24.9)
Net income of companies accounted for by the equity method (18.1) (28.2)
Income before tax and amortization of goodwill 790.4 372.7
Statutory tax rate 35.43 % 35.43 %
Income tax (expense) benefit calculated at the statutory rate (280.0) (132.0)
Reconciliation items:
Difference between French and foreign tax rates 37.9 49.6
Reserve on Legrand investment - 496.0
Adjustment of tax loss carryforwards (note 13.4)
France 114.6 (53.0)
International (8.4) -
Unrecognized tax losses arising in current year - (67.9)
Utilization of unrecognized tax loss carryforwards 7.7 2.7
Tax credits 29.1 29.3
Income (expenses) taxed at reduced rates (0.1) 4.3
Other permanent differences (28.1) (34.0)
Actual net tax (expense) benefit (127.3) 295.0
Effective tax rate 16.11 % (79.15) %