63
b) Reconciliationof the accountingprofit to the income tax expense
The reconciliation of the accounting profit to the income tax expense is as follows:
Thousands of euros
2013
2012
Consolidated profit before tax
47,807
11,904
Permanent differences
7,312
(13,179)
Tax losses incurred prior to the formation of the tax
group used in 2013
(4,029)
(15)
Adjusted profit (loss)
51,090
(1,290)
Tax rate
30.00%
30.00%
Adjusted profit (loss) multiplied by tax rate
15,327
(387)
Tax credits
(13,198)
(18,944)
Current income tax expense (benefit)
2,129
(19,331)
Deferred tax expense
(87)
(22)
Income tax adjustment
(289)
(652)
Total tax expense (benefit)
1,753
(20,005)
Effective tax rate
3.67%
(168.05%)
The 2013 permanent differences include mainly negative consolidation differences (EUR 1,038
thousand) and, with a positive sign, non-deductible impairment losses on equity instruments
(EUR 6,388 thousand), other non-deductible expenses (EUR 1,153 thousand) and donations
(EUR 809 thousand).
The negative consolidation differences arise from changes in the scope of consolidation (- EUR
202 thousand), the share of results of companies accounted for using the equity method (-
EUR 1,073 thousand), increased amortisation of the trademark under IFRSs (- EUR 289
thousand) and accounting elimination differences (+ EUR 2,602 thousand).
The tax credits indicated in the table above were earned by the Group in 2013 for investment
in audiovisual production and donations to not-for-profit organisations (EUR 12,915 thousand
and EUR 283 thousand, respectively).
“Income Tax Adjustment” includes the difference between the projected income tax expense
recognised in 2012 and the effective tax return filed.
The deferred tax expense relates to the tax effect of the deferred tax liability under IFRSs (see
Note 22-e).
