APC 2004 Annual Report Download - page 84
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82
12.2 - Effective tax rate
(in millions of euros)
At Dec. 31, 2004 At Dec. 31, 2003
Net income 564.6 432.8
Tax (expense) benefit (333.1) (127.3)
Amortization of goodwill (217.1) (190.7)
Minority interests (30.1) (21.5)
N
et income of companies accounted for by the equity method
(3.6) (18.1)
Income before tax and amortization of goodwill 1,148.5 790.4
Statutory tax rate 35.43% 35.43%
Income tax expense calculated at the statutory rate (35.43%) (406.9) (280.0)
Reconciliation items:
Difference between French and foreign tax rates 50.9 37.9
Adjustment of tax loss carryforwards
France
(note 12.4)
- 114.6
International - (8.4)
Impact of tax rate reduction in France applicable
in 2005 and 2006 (14.3) -
Unrecognized tax losses arising in current year (8.6) -
Utilization of unrecognized tax loss carryforwards 9.8 7.7
Tax credits 24.4 29.1
Income (expenses) taxed at reduced rates 2.6 (0.1)
Other permanent differences 9.0 (28.1)
Actual net tax (expense) benefit (333.1) (127.3)
Effective tax rate 29.01% 16.11%
12.3 - Deferred taxes
(in millions of euros)
At Dec. 31, 2004 At Dec. 31, 2003
Temporary differences – Assets
Tax credits and tax loss carryforwards 463.2 497.3
Accruals for pensions and other post-retirement
benefit obligations 94.9 118.9
Allowance for doubtful debts and inventory losses 68.4 85.1
Other reserves/ accruals 81.6 74.4
Restructuring provision 25.1 41.0
Others 137.1 125.4
Total deferred tax assets 870.3 942.1
Temporary differences – Liabilities
Untaxed reserves (98.6) (75.3)
Others (120.4) (211.8)
Total deferred tax liabilities (219.0) (287.1)
Net deferred tax assets 651.3 655.0
Deferred tax assets recorded in respect of tax loss carryforwards at December 31, 2004 essentially concern
France and other European countries where certain tax losses can be carried forward indefinitely.