PARENT COMPANY >
FINANCIAL STATEMENTS AND EXPLANATORY NOTES
334
| 2012 annual report prysmian group
Prysmian S.p.A. collected a total of Euro 150,000 thousand in dividends from the subsidiary Prysmian Cavi e Sistemi S.r.l. in 2012.
These are detailed as follows:
Current income taxes report a positive Euro 20,010 thousand in
2012, compared with Euro 41,538 thousand in 2011, and reflect
the net benefits of not paying tax on tax losses transferred
from some Italian companies under the group tax election.
Please refer to Note 4 for information about deferred taxes.
Taxes charged on profit before taxes differ from those
calculated using the theoretical tax rate applying to the
Company for the following reasons:
Since 2006 the Company, along with all its Italian resident
subsidiaries, has opted to file for tax on a group basis,
pursuant to art. 117 et seq of the Italian Income Tax Code,
with the Company acting as the head of this group. The
intercompany transactions arising under such a group tax
filing are governed by specific rules and an agreement
between the participating companies, which involve common
procedures for applying the tax laws and regulations.
These rules were updated in 2008 to reflect the amendments
and additions introduced by Law 244 of 24 December 2007
(Finance Act 2008) and Legislative Decree 112 of 25 June 2008.
These rules were amended on 26 March 2012 to incorporate
in the transactions between the head of the tax group and
the individual participating companies, the amendments
introduced by Legislative Decree 201/2011 and the Ministerial
Decree dated 14 March 2012 concerning Aid for Economic
Growth.
Prysmian S.p.A. acts as the head of the tax group and
calculates a single taxable base for companies in the Italian
tax group; this has the benefit of being able to offset taxable
profits against tax losses in a single tax return, thereby
19. DIVIDENDS FROM SUBSIDIARIES
20. TAXES
(in thousands of Euro)
2012
2011
Current income taxes
(20,010)
(41,538)
Deferred income taxes
(1,206)
(829)
Total
(21,216)
(42,367)
(in thousands of Euro)
2012
Tax rate
2011
Tax rate
Profit before taxes
90,922
57,065
Theoretical tax expense at Parent Company’s nominal tax rate
25,004
27.5%
15,693
27.5%
Dividends from subsidiaries
(39,188)
(43.1%)
(42,148)
(73.9%)
Other permanent differences
854
0.9%
8,178
14.3%
Utilisation of credit for tax paid abroad in prior years
-
0.0% (24,987)
(43.8%)
Other
(1,235)
(1.4%)
7,224
12.7%
Net effect of group tax filing for the year
(6,651)
(7.3%)
(6,327)
(11.1%)
Effective income taxes
(21,216)
(23.3%)
(42,367)
(74.2%)
