APC 2006 Annual Report Download - page 118

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Consolidated financial statements at December 31, 2006
Note 12 - Income tax
Whenever possible, Group entities file consolidated tax returns. Schneider Electric SA files a consolidated tax
return with its French subsidiaries held directly or indirectly through Schneider Electric Industries SAS.
12.1 - Analysis of income tax expense for the year
2006 2005 2004
Current taxes
France (38.1) (15.7) (13.5)
International (393.6) (314.8) (265.9)
Total (431.7) (330.5) (279.4)
Deferred taxes
France (197.2) (93.8) (72.7)
International 93.8 (3.2) (13.0)
Total (103.4) (97.0) (85.8)
Income tax (expense)/benefit (535.1) (427.5) (365.2)
Note 11 - Other receivables and prepaid expenses
Dec. 31, Dec. 31, Jan. 1, Dec. 31,
2006 2005 2005 2004
Other receivables 311.5 183.1 203.6 203.6
Précompte
Equalization tax credit* 50.0 76.0 - -
Carryback credit 97.0 97.0 97.0 97.0
Other tax credits 421.0 298.0 148.0 148.0
Derivative instruments - 14.8 21.7 -
Pension assets** - 7.0 - -
Prepaid expenses 115.3 107.1 80.5 80.5
Total 994.8 783.0 550.8 529.1
*Including long-term portion: €25.3 million in 2006 and €50.7 million in 2005
**Pension assets were reclassified under current financial assets at December 31, 2006.
116
The
précompte
equalization tax credit corresponds to a 76 million payment to the French Treasury to cover the
exceptional 25% exit tax on dividends distributed in 2005 following the repeal of the equalization tax and
avoir
fiscal
tax credit. The credit amounted to 51 million in 2006 after Schneider Electric was reimbursed the first one
third of the amount.
The Group also has a 97 million carry back credit with the French Treasury in addition to tax loss carry forwards
recorded under deferred tax assets (note 12). This credit can be deducted from income tax payable in 2007 or
can be reimbursed as at January 1,2008.