2010 REGISTRATION DOCUMENT (3.4 Mo) - Groupe Casino

CONSOLIDATED FINANCIAL STATEMENTSNotes to the consolidated fi nancial statements3Note 8.1.2. Reconciliation of theoretical and actual tax expenseFor 2010 and 2009, the reconciliation of the Group’s effective tax rate is based on the standard French tax rate of 34.43%, as follows:€ millions 2010 2009Profit before tax and share of profits of associates 953 828Standard French tax rate 34.43% 34.43%Income tax at the standard French tax rate (328) (285)Impact of tax rate differences 17 43Theoretical impact of zero-rated temporary differences (see note 8.1.3) 105 36• Tax credit on deduction of notional interest charges4 6• Investment tax credit for France and International18 7• Recognition and write-off of losses(2) (6)• Reversal of provision for taxes- 4• Tax credits available for corporate philanthropy and apprenticeship contracts5 -• CVAE net of income tax(35) -• Other2 (6)ACTUAL INCOME TAX EXPENSE (214) (201)Effective tax rate paid by the Group 22.4% 24.3%Note 8.1.3. Main zero-rated temporary differences€ millions 2010 2009Unrecognised deferred tax assets on tax losses available for carry forward (7) (33)Mercialys tax-exempt profit 94 46Stock options (19) (15)Brazil and Colombia dilution 7 18Non-taxable disposals 205 58Non-taxable negative goodwill 67 -GPA (tax amnesty) - 44Non-deductible expenses - (15)Other (41) 3TOTAL 306 106Standard French tax rate 34.43% 34.43%TAX EFFECT OF ZERO-RATED TEMPORARY DIFFERENCESAT STANDARD FRENCH TAX RATE 105 36Note 8.2. Deferred taxesNote 8.2.1. Change in deferred tax assets€ millions 2010 2009 adjustedAt 1 January 140 110Benefit (expense) for the period on continuing operations 83 (62)Benefit (expense) for the period on discontinued operations - (3)Impact of changes in exchange rates and scope of consolidation, reclassifications (106) 89Deferred tax assets recognised directly in equity (4) 3Reclassification of non-current assets held for sale - 3AT 31 DECEMBER 113 140Registration Document 2010 | Casino Group81