Worldline - Registration Document 2016
Financial Information concerning the Group’s Assets and Liabilities, Financial Condition andResults Group Consolidated Financial Statements
restriction calculated based on the following parameters: 2016 takes into account the effect of the five-year lock-up period As of December 31, 2016, the € 0.3 million cost related to “Sprint”
Risk free interest rate: 0.11%;
●
Borrowing-lending spread: 5%.
●
Note 8
Net Financial Result
Net financial expense amounted to € 5.9 million for the period (compared to € 5.9 million in 2015) and was composed of: A net cost of financial debt of € 0.6 million (€ 1.4 million in ● 2015); and A non-operational financial costs of € 5.3 million. ● Net cost of financial debt of € 0.6 million in 2016 is made of: € 1.4 million of cost of gross debt of the Group’s subsidiaries ● representing an average interest rate of 0.97%; and
subsidiaries representing an average interest rate of 0.40%. € 0.9 million of remuneration of gross cash of the Group’s ● The other financial income/expenses were mainly composed of costs for € 2.0 million (Cf. Note 21 “Pensions and similar foreign exchange losses for € 2.9 million and pension financial benefits”).
Note 9
Income tax expenses
CURRENTANDDEFERREDTAXES
December 31, 2016 12 months ended
December 31, 2015 12 months ended
(in € million)
Current taxes Deferred taxes
-43.2 -10.5 -53.7
-32.7
-6.2
Total
-38.8
20
EFFECTIVETAXRATE The difference between the French standard tax rate and the Group Effective tax rate is explained as follows:
12 months ended December 31, 2016
12 months ended December 31, 2015
(in € million)
Profit before tax
204.0 34.4%
142.2 38.0%
French standard tax rate
Theoretical tax charge at French standard rate
-70.2
-54.0
Impact of permanent differences Differences in foreign tax rates
26.2
8.2
8.1
12.2
Movement on recognition of deferred tax assets
-9.6 -2.3 -0.6 -1.9 -3.2
2.7
Equity-based compensation Change in deferred tax rates
-1.0 -2.3 -1.0 -2.4
Withholding taxes CVAE net of tax French Tax credit
1.8
1.8
Other
-2.0
-3.0
Group tax expense Effective tax rate
-53.7
-38.8
26.3%
27.3%
195
Worldline 2016 Registration Document
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