229 / 266
229
2014 Registration Document
Company financial statement year ended December 31, 2014
6
Notes to the Company Financial Statements
Note 12
Taxes
UNRECOGNIZED DEFERRED TAXES
CHANGE IN UNRECOGNIZED DEFERRED TAXES
Permanent and temporary differences
December 31, 2013
Changes
December 31, 2014
Assets
Liabilities
Assets
Liabilities
Assets
Liabilities
1. Temporarily non-deductible
expenses
W
Provisions for pension obligations
6
3
9
W
Provisions for impairment
of receivables
W
Provisions for contingencies
and charges
W
Other
8
(4)
4
2. Temporarily non-taxable revenue
W
Capital gains on mergers and asset
contributions qualifying for rollover relief
338
8
346
TOTAL
14
338
(1)
(4)
13
346
BREAKDOWN OF NET INCOME AND CORRESPONDING TAX
(in € millions)
Before tax
Tax
After tax
Recurring income before profit-sharing
1,816
321
2,137
Non-recurring income
2,386
(198)
2,188
Group relief
115
115
Book income
4,202
238
4,440
Note 13
Subsequent events
On January 22, 2015, the Group obtained a new €2,500 million five-
year bank facility (expiring in January 2020) with two one-year extension
options from a pool of 22 banks.
This facility replaces two existing facilities, for €1,591 million and
€1,458 million, expiring in July 2017 and November 2018 respectively.
The operation contributed to the ongoing strategy to secure the Group’s
long-term financing sources by extending the average maturity of its
facilities (from 3.4 years to 4.7 years at the end of January 2015), and
reduce the related borrowing costs, while aligning their amount with the
Group’s needs.
On January 27, 2015, the Group carried out a new €750 million10.3-
year 1.25% bond issue due June 2025. The issue’s settlement date was
February 3, 2015.
The issue has consolidated the Group’s long-term financing, extended
the average maturity of its bond debt (from 4.1 years to 4.7 years at the
end of February 2015) and further reduced its borrowing costs.
No events have occurred since the year-end that would have a material
impact on the Financial Statements.