8.9. Employee expense FOR THE YEAR ENDED 31 DECEMBER
8.11. Income tax /Deferred tax 2010
2009
2008
Income taxes recognized in the income statement can be detailed as follows:
IN MILLION EUR
Employee remuneration
1,090.7
1,004.9
1,033.7
Compensation for termination of allowances
(1.0)
(35.9)
38.4
Social security contributions
209.6
221.2
212.4
Other personnel costs
15.2
11.4
9.7
1,314.5
1,201.5
1,294.2
As at 31 December 2010, the headcount of bpost amounted to 33,616 (2009: 34,180) and is composed as follows: • Statutory personnel: 21,254 (2009: 22,363)
FOR THE YEAR ENDED 31 DECEMBER
2010
2009
2008
IN MILLION EUR
Tax expense included: Current tax expenses
(121.0)
(61.7)
(64.9)
4.6
0.3
9.2
Adjustment recognized in the current year in relation to the current tax of prior years Deferred tax expense relating to the origination
• Contractual personnel: 12,362 (2009: 11,817)
and reversal of temporary differences Total tax expense
11.0 (105.4)
(20.3)
(36.4)
(81.7)
(92.1)
The number of operational FTE at year-end amounted to 28,618 (2009: 29,618) and is composed as follows: • Statutory personnel: 17,737 (2009: 19,114)
The reconciliation of the effective tax rate with the aggregated weighted nominal tax rate can be summarized
• Contractual personnel: 10,881, whereof 54 students (2009: 10,504 – Students were not on payroll of bpost,
as follows:
but considered as interims). FOR THE YEAR ENDED 31 DECEMBER
The average FTE number for 2010 is 29,324, whereof 338 students (2009: 30,030).
2010
2009
2008
IN MILLION EUR
8.10. Financial income and financial cost
Tax expense using statutory tax rate
107.1
126.7
Profit before income tax
315.0
372.6
106.7 313.9
Statutory tax rate
33.99%
33.99%
33.99%
Reconciling items between statutory and effective tax
The following amounts have been included in the income statement line for the reporting periods presented: FOR THE YEAR ENDED 31 DECEMBER
2010
2009
2008
IN MILLION EUR
Financial income
11.1
22.1
62.5
Financial costs
(31.7)
(27.8)
(19.4)
Net financial result
(20.6)
(5.6)
43.1
Tax effect of rates in other jurisdictions
-
-
-
Tax effect of non tax deductible expenses
7.8
18.3
14.3
Notional interest deduction
(8.9)
(10.3)
(10.8)
Tax release prior year
(4.6)
(0.3)
(9.2)
Tax effect of tax losses utilized by subsidiaries
(2.9)
(0.6)
(4.0)
Subsidiaries in loss situation
1.0
2.0
0.8
BPO / Certipost (*) (equity method)
(9.0)
(1.6)
(0.5)
Interco adjustments
7.6
0.0
7.7
Other:
Financial income FOR THE YEAR ENDED 31 DECEMBER
2010
2009
2008
IN MILLION EUR
Interest income from financial assets at fair value through P&L, designated as such upon initial recognition
0.8
7.9
52.2
Interest income from liquidities put at the disposal of the State
6.1
10.5
4.8
Interest income from short term bank deposits
1.2
1.1
1.3
Interest income from current accounts
0.5
0.1
0.9
Gain from exchange differences
2.0
2.1
2.7
Other
0.5
0.5
0.6
Financial Income
11.1
22.1
62.5
Other differences
7.3
(52.4)
(12.9)
Total
105.4
81.7
92.1 (92.1)
Tax using effective rate (current period)
(105.4)
(81.7)
Profit before income tax
315.0
372.6
313.9
Effective tax rate
33.5%
21.9%
29.3%
(*) Certipost was accounted for according to the equity-method for five months in 2008. From May 2008, it was accounted for at 100%
As of 31 December 2010, bpost recognized a net deferred income tax asset of 81.9 million EUR. This net deferred income tax asset is composed as follows: AS AT 31 DECEMBER
Financial cost FOR THE YEAR ENDED 31 DECEMBER
2009
2008
2010
2009
2008
Deferred tax assets
IN MILLION EUR
Employee benefits
75.1
77.8
91.9
Interest expense from financial liabilities at fair value through P&L,
Provisions
21.1
19.6
16.2
designated as such upon initial recognition
1.4
3.0
5.5
Other
22.8
16.0
32.6
119.1
113.4
140.6
Financial costs on benefit obligations (IAS 19)
26.8
23.5
8.9
Total deferred tax asset
Loss from exchange differences
2.1
3.5
2.8
Impairment current/financial assets
(0.9)
(3.4)
0.8
Deferred tax liabilities
Other finance costs
2.3
1.1
1.4
Property plant and equipment
30.9
34.2
37.1
19.4
Intangible assets
4.6
6.4
6.6
Other
1.6
2.2
6.1
Total deferred tax liabilities
37.2
42.8
49.9
Net deferred tax asset
81.9
70.7
90.7
Financial costs
74
2010
IN MILLION EUR
31.7
27.8
bpost annual financial report 2010
75