191 / 204
Rothschild & Co | Annual Report 2017
189
1. Overview
4. Financial statements
3.
Management report
2. Business review
Note 17 – Charge/recovery of provisions on other income transactions
In thousands of euro
01/04/17
31/12/17
(9 months)
01/04/16
31/03/17
(12 months)
Provisions on exchange rate risk
1
(18)
Recoveries of provisions on other income transactions
15
3,466
TOTAL
16
3,448
Note 18 – Interest expense
In thousands of euro
01/04/17
31/12/17
(9 months)
01/04/16
31/03/17
(12 months)
Interest on medium-term borrowings
566
502
Other interest expense
16
102
Exchange losses
122
3,993
TOTAL
704
4,597
Note 19 – Income from capital transactions
In thousands of euro
01/04/17
31/12/17
(9 months)
01/04/16
31/03/17
(12 months)
Capital gains on disposals of investments in Group and other companies and portfolio holdings
3,024
6,644
Recoveries of impairment of investments in Group and other companies and portfolio holdings
–
678
Capital losses on disposals of investments in Group and other companies and portfolio holdings
–
(9,346)
Charges for impairment of investments in Group and other companies and portfolio holdings
(646)
(15)
TOTAL
2,378
(2,039)
Note 20 – Income tax
On 6 October 2017, the Supreme Court in France judged the 3% tax paid by French companies on dividend distributions to be contrary to the French
Constitution. The decision of the Supreme Court gave rise to a return of the tax paid, together with the payment of interest. The Group has claimed a
repayment of dividend tax it has paid, of €5.4 million. The timing of the reimbursement is expected to be in 2018.
For the nine-month period ended 31 December 2017, net tax income amounted to €9.0 million. This amount can be broken down into a tax income of €3.7
million primarily received from subsidiaries which are consolidated for tax purposes (including a €17.4 million net tax income reduced by €13.7 million of
charges), as well as the claim described above.
VI Other information
A. Employees
For the nine-month period ended 31 December 2017, the average headcount of 18 people included 15 executives and 3 other employees compared to 19
people during the previous period.
B. Compensation of management bodies
In respect of their functions as corporate officers of R&Co for 2017, members of the Supervisory Board entitled to compensation under the terms fixed by the
Supervisory Board received compensation of €278 thousand.