Consolidated Financial Statements >
CONSOLIDATED FINANCIAL STATEMENTS AND EXPLANATORY NOTES
242
| 2012 annual report prysmian group
26. SHARE OF INCOME FROM INVESTMENTS IN ASSOCIATES AND DIVIDENDS FROM
OTHER COMPANIES
This is detailed as follows:
“Other companies” refer to the results of minor equity investments totalling Euro 5 million, of which Euro 2 million relates
to the interest in ELKAT Ltd., Euro 2 million to the interest in Tianjin YOFC XMKJ Optical Communications Co. Ltd and Euro 1
million to the interest in Eksa Sp. Zo.o..
(in millions of Euro)
2012
2011
Kabeltrommel Gmbh & Co.K.G.
3
2
Oman Cables Industry SAOG
9
4
Other companies
5
3
Total
17
9
27. TAXES
These are detailed as follows:
The following table reconciles the effective tax rate with the Parent Company’s theoretical tax rate:
(in millions of Euro)
2012
2011
Current income taxes
105
68
Deferred income taxes
(32)
(24)
Total
73
44
(in millions of Euro)
2012
Tax rate
2011
Tax rate
Profit/(loss) before taxes
244
(101)
Theoretical tax expense at Parent Company’s nominal tax rate
67
27.5%
(28)
(27.5%)
Differences in tax rates of foreign subsidiaries
4
1.7%
(4)
(4.3%)
Differences in tax rate of companies in profit/loss
-
-
8
8.0%
Utilisation of unrecognised carryforward tax losses
(45)
(18.5%)
(7)
(7.0%)
Unrecognised deferred tax assets
30
12.5%
21
20.9%
Net increase (release) of provision for tax disputes
(3)
(1.2%)
(1)
(1.0%)
IRAP (Italian regional business tax)
13
5.4%
10
9.9%
Taxes on distributable reserves
4
1.7%
-
-
Utilisation of prior year credit for taxes paid abroad
-
-
(25)
(24.9%)
Antitrust
-
-
56
55.7%
Asset impairment
3
1.2%
6
6.0%
Deferred tax assets from prior years recognised and utilised
in current year
(2)
(1.2%)
(2)
(2.0%)
Non-deductible costs/ (non-taxable income) and other
2
0.9%
10
9.8%
Effective income taxes
73
30.0%
44
43.6%
