195 / 354
20
Financial Information concerning the Group’s Assets and Liabilities, Financial Condition andResults
Group Consolidated Financial Statements
195
Worldline
2016 Registration Document
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%.
●
Net Financial Result
Note 8
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”).
Income tax expenses
Note 9
CURRENTANDDEFERREDTAXES
(in € million)
December 31, 2016
12 months ended
December 31, 2015
12 months ended
Current taxes
-43.2
-32.7
Deferred taxes
-10.5
-6.2
Total
-53.7
-38.8
EFFECTIVETAXRATE
The difference between the French standard tax rate and the Group Effective tax rate is explained as follows:
(in € million)
12 months ended
December 31, 2016
12 months ended
December 31, 2015
Profit before tax
204.0
142.2
French standard tax rate
34.4%
38.0%
Theoretical tax charge at French standard rate
-70.2
-54.0
Impact of permanent differences
26.2
8.2
Differences in foreign tax rates
8.1
12.2
Movement on recognition of deferred tax assets
-9.6
2.7
Equity-based compensation
-2.3
-1.0
Change in deferred tax rates
-0.6
-2.3
Withholding taxes
-1.9
-1.0
CVAE net of tax
-3.2
-2.4
French Tax credit
1.8
1.8
Other
-2.0
-3.0
Group tax expense
-53.7
-38.8
Effective tax rate
26.3%
27.3%