FINANCIAL REPORT 2016

2.6.8. COST OF RISK

31.12.2016

31.12.2015

(in thousands of euros)

CHARGE TO PROVISIONS AND IMPAIRMENT

-180

-315

Fixed income available-for-sale financial assets Other assets WRITE-BACKS OF PROVISIONS AND IMPAIRMENT Fixed income available-for-sale financial assets Other assets NET CHARGE TO IMPAIRMENT AND PROVISIONS

-180

-315

168

129

168

129

-12

-186

Recoveries on bad debts written off OTHER NET LOSSES COST OF RISK

-12

-186

2.6.9. INCOME TAX EXPENSE

2.6.9.1. Tax expense

31.12.2016

31.12.2015

(in thousands of euros)

Current tax expense

-46640

-44748

Deferred tax expense

8008

-5815

TAX EXPENSE FOR THE PERIOD

-38632

-50563

2.6.9.2. Reconciliation of theoretical tax rate and effective tax rate

31.12.2016 Base Tax rate

(in thousands of euros)

Tax

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

157100 34.43% -54089

Impact of permanent differences

3632

Impact of different tax rates on foreign subsidiaries

3929

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

-3835

Impact of reduced tax rate

11597

Impact of other items

135

EFFECTIVE TAX RATE AND TAX EXPENSE

24.59% -38632

31.12.2015 Base Tax rate

(in thousands of euros)

Tax

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

164933 38.00% -62675

Impact of permanent differences

-4153

Impact of different tax rates on foreign subsidiaries

9590

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

-12486

Impact of reduced tax rate

13155

Impact of other items

6006

EFFECTIVE TAX RATE AND TAX EXPENSE

30.66% -50563

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