FINANCIAL REPORT 2014

2.6.9.2. Reconciliation of theoretical tax rate and effective tax rate

31.12.2014

(in thousands of euros)

Base

Tax rate

Tax

Income before tax, goodwill impairment, discontinued operations and share of profit in equity-accounted entities

150 888

38.00%

57 337

Impact of permanent differences

12 585

Impact of different tax rates on foreign subsidiaries

-8 458

Impact of losses of the year, utilisation of tax loss carryforwards and temporary differences

202

Impact of reduced tax rate

-24 588

Impact of other items

3 663

EFFECTIVE TAX RATE AND TAX EXPENSE

27.00%

40 741

31.12.2013

(in thousands of euros)

Base

Tax rate

Tax

Income before tax, goodwill impairment, discontinued operations and share of profit in equity-accounted entities

234 434

38.00%

89 085

Impact of permanent differences

4 990

Impact of different tax rates on foreign subsidiaries

-14 890

Impact of losses of the year, utilisation of tax loss carryforwards and temporary differences

697

Impact of reduced tax rate

-24 807

Impact of other items

-193

EFFECTIVE TAX RATE AND TAX EXPENSE

23.41%

54 882

2.7. NOTES TO THE BALANCE SHEET

2.7.1.

CASH DUE FROM CENTRAL BANKS

31.12.2014

31.12.2013t

(in thousands of euros)

Assets

Liabilities

Assets

Liabilities

Cash

5

5

Central Banks (1)

185 273

608 057

CARRYING AMOUNT

185 278

0

608 062

0

(1) Accrued interest included

2.7.2. FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS Financial assets at fair value through profit or loss

(in thousands of euros)

31.12.2014

31.12.2013

Financial assets held for trading

504 884

240 362

CARRYING AMOUNT

504 884

240 362

26