125
124
Annual Financial Statements
4.21 Other financial results
4.22 Income tax
Income tax for the Group and Company differs from the theoretical amount that would result using the nominal tax
rate prevailing at year end over the accounting profits. The reconciliation of this difference is analysed as follows:
The fluctuations of the foreign exchange currency rates in 2014 and 2013 and the respective effect in the financial
statements are analysed in detail in the Annual Report of the B.o.D. and in p. 13 “Business Risk Management”.
4.20 Financial income / expenses
4.19 Other operating income / expenses
MYTILINEOS GROUP
MYTILINEOS S.A.
31/12/2014
31/12/2013
31/12/2014 31/12/2013
Other operating income
Grants amortization
690
687
-
-
Income from Subsidies
164
560
14
-
Compensations
85
(21,909)
-
-
Profit from foreign exchange differences
50,928
25,707
-
1,801
Rent income
700
711
85
117
Operating income from services
(57)
29
23,307
12,000
Income from reversal of unrealized provisions
1,770
2,538
68
-
Profit from sale of fixed assets
184
40
-
-
Other
15,107
53,891
686
64
Total
69,570
62,254
24,159
13,983
Other operating expenses
Losses from foreign exchange differences
41,374
29,169
2,780
740
Provision for bad debts
1,019
381
768
-
Loss from sale of fixed assets
47
2,054
2
-
Operating expenses from services
5,161
2,058
258
58
Other taxes
97
3,739
15
263
Compensations
8
8
-
-
Total
47,706
37,409
3,824
1,061
MYTILINEOS GROUP
MYTILINEOS S.A.
(Amounts in thousands
€
)
31/12/2014 31/12/2013
31/12/2014 31/12/2013
Financial income
Bank deposits
5,563
3,923
33
106
Customers
3,539
1,085
-
-
Available for sale Investments
-
122
-
-
Loans to related parties
-
-
69
268
Other
103
183
-
-
Total
9,205
5,313
102
374
Financial expenses
Discounts of Employees’ benefits liability due to service termination
29
51
-
-
Bank Loans
47,989
47,863
11,598
10,415
Loans to related parties
-
-
8,441
6,600
Letter of Credit commissions
9,958
11,655
-
-
Factoring
3,110
2,501
-
-
Other Banking Expenses
10,005
13,035
78
40
Total
71,092
75,106
20,118
17,056
MYTILINEOS GROUP
MYTILINEOS S.A.
(Amounts in thousands
€
)
31/12/2014 31/12/2013
31/12/2014 31/12/2013
Other financial results
Profit / (loss) from fair value of other financial instrument
through profit/loss
(1,922)
(1,854)
150
(13,325)
Gain from disposal
(3,079)
(920)
-
222
Fair value profit
-
292
-
-
Fair value losses
-
(307)
-
-
Profit / (loss) from the sale of financial instruments
5,894
979
-
21,072
Income from dividends
4
59
7,797
7,298
Other Income
(89)
183
-
-
Total
808
(1,567)
7,947
15,267
MYTILINEOS GROUP
MYTILINEOS S.A.
(Amounts in thousands
€
)
31/12/2014 31/12/2013
31/12/2014
31/12/2013
Income Tax
20,269
6,645
-
-
Income Tax provision
(523)
254
-
-
Tax Audit differences
-
288
-
-
Deferred taxation
1,887
723
(2,504)
(7,911)
Extraordinary Income Tax
57
80
-
25
Other Taxes
953
5,068
-
5,480
Total
22,643
13,058
(2,504)
2,406
Earnings before tax
136,311
80,378
(4,728)
(15,908)
Nominal Tax rate
0.26
0.26
-
0.26
Tax calculated at the statutory tax rate of 26%
35,566
20,898
-
(4,136)
Nominal Tax Rate Adjustments - Change in Greek Tax Rate
-
(13,381)
-
-
Nominal Tax Rate Difference in foreign Subsidiary
Companies
(1,236)
(2,432)
-
-
Adjustment for statutory revaluation of fixed assets
-
-
-
-
Non taxable income
(36,383)
(13,078)
-
-
Tax on Non taxable reserves
(77)
-
-
-
Non tax deductible expenses
12,812
2,219
-
-
Income tax from land - plot & buildings
946
1,195
-
31
Other taxes
-
241
-
-
Income tax coming from previous years
6,956
-
-
-
Extraordinary Income Tax
57
76
-
25
Other
4,002
17,320
(2,504)
1,674
Effective Tax Charge
22,643
13,058
(2,504)
2,406
