FFP_REGISTRATION_DOCUMENT_2017

5

FINANCIAL STATEMENTS

Consolidated financial statements

11.2 RECONCILIATION BETWEEN THE STATUTORY TAX RATE IN FRANCE AND THE EFFECTIVE TAX RATE IN THE CONSOLIDATED FINANCIAL STATEMENTS

31/12/2017

31/12/2016

(in percentage)

Statutory tax rate in France

25.8 (2.4)

(28.9)

Effect of companies accounted for under the equity method

3.1

Income taxable at reduced rates Other permanent differences

(23.8) (1.3) (1.7)

17.4 (2.5)

EFFECTIVE TAX RATE IN THE CONSOLIDATED FINANCIAL STATEMENTS

(10.9)

Capital gains on the securities of mostly property-related companies are taxed at 19%. Deferred tax assets and liabilities have been calculated accordingly. Permanent differences arise mainly from unrealised capital gains in the securities portfolio.

The current tax expense corresponds to income tax payable to the French tax authorities in respect of the financial year. The basic rate of corporate income tax is 34.43% in France given the additional contribution. France’s 2018 finance act reduced the tax rate in France to 25.825% from 2022, including the additional contribution.

NOTE 12

EARNINGS PER SHARE

Earnings per share are shown at the bottom of the consolidated income statement. They were calculated on the basis of all shares making up the share capital, i.e. 25,072,589 shares. There are no financial instruments giving eventual access to the capital.

NOTE 13

DETAILS OF OTHER COMPREHENSIVE INCOME

31/12/2017

31/12/2016

Before tax

Tax

After tax

Before tax

Tax

After tax

(in thousands euros)

Impact of equity-accounted companies on comprehensive income Remeasurements of available-for-sale securities at fair value

(5,963)

-

(5,963)

(2,588)

-

(2,588)

340,731

(17,366)

323,365

18,801

7,086

25,887

Remeasurements of derivative instruments at fair value

4,949

(1,615)

3,334

(2,269)

182

(2,087)

Exchange differences

(13,603)

-

(13,603)

1,725

-

1,725

Other remeasurements taken directly to equity

(17,152) 308,962

1,531

(15,621) 291,512

2,302

6,789

9,091

TOTAL

(17,450)

17,971

14,057

32,028

NOTE 14

INTANGIBLE ASSETS

Carrying amount at 01/01/2017

Carrying amount at 31/12/2017

Additions

Disposals Net amortisation

(in thousands euros)

Intangible assets

12 12

40 40

- -

(10) (10)

42 42

TOTAL

132

FFP

2017 REGISTRATION DOCUMENT