97
2013
Annual Report
33
Details of payments for commercial transactions made in 2013 and 2012 in relation to the maximum legal
period set out in Law 15/2010 of 5 July 2010 are as follows:
At 31 December 2013 the outstanding balance payable to suppliers which exceeded the maximum legal period
amounted to Euros 2,650 thousand (Euros 9 thousand in 2012). At the date these annual accounts were
authorised for issue, the Company had settled this amount.
The maximum legal period stipulated by Law 15/2010 of 5 July 2010 is 60 days for 2013 and 75 days for 2012.
NOTE 16
.- Taxation
16.1.
Income Tax and Taxation
A reconciliation of net income and expenses for 2013 with the taxable income is as follows:
A reconciliation of net income and expenses for 2012 with the taxable income is as follows:
Temporary differences originate mainly from differences in the accrual of expenses between the tax and
accounting treatments of provisions for impairment of receivables.
The accrued income tax expense is the result of applying the prevailing tax rate of 28% to the sum of pre-tax
profits and the amount of permanent differences originating during the year.
In 2013 the Company has capitalised loss carryforwards of Euros 40.3 million (Euros 32.9 million in 2012). At 31
December 2013, unused loss carryforwards, incurred in 2011, amount to Euros 75,688 thousand (Euros 114,052
thousand in 2012).
Thousands
of Euros
%
Thousands
of Euros
%
Within the maximum legal period
208,283
92.2% 419,938
98.3%
Other
17,618
7.8%
7,349
1.7%
Total payments for the year
225,901
100% 427,287 100.0%
Weighted average late payment days
21
26
31.12.2013
31.12.2012
Increases
Decreases
Total
Profit before tax
57,366
Permanent differences
211
-
211
Temporary differences
453
(435)
18
Taxable income
57,595
Increases
Decreases
Total
Profit before tax
53,345
Permanent differences
22
-
22
Temporary differences
475
(6,772)
(6,297)
Taxable income
47,070
