Investor Presentaiton
d. Differences between the consolidated CUFIN and the reinvested CUFIN and the balances of these same
accounts pertaining to the Group's consolidated companies can give rise to income subject to IT.
In light of the above, at December 31, 2009, the Company recognized a liability corresponding to
CUFIN differences of Ps61,924, to be paid as from 2014. Of this amount, Ps29,011 corresponds to
the change in the aforementioned legislation. Management decided to reflect this amount in the
statement of income.
e. At December 31, 2008, the Company had unamortized consolidated tax losses of Ps544,081 expiring in
2018. Due to the uncertainty regarding the recoverability of the corresponding benefits (approximately
Ps152,342), management decided not to recognize said tax loss as a deferred tax asset until such time
as the events allowing for its recovery take place.
During 2009, the Company amortized Ps225,181 of said losses, generating a tax benefit of Ps63,051.
The balance still unamortized of Ps346,858 (tax effect of approximately Ps104,057) has been accorded
the same tax treatment as in the prior year, due to the uncertainty of the possibilities of recovery.
f. Following is a reconciliation of tax-consolidation-related IT balances.
Initial balance at January 1, 2009
Increases:
IT from differences in CUFIN and reinvested CUFIN
Decreases:
Withdrawal from the tax consolidation regime of merged
controlled companies
Final balance at December 31, 2009
The IT provision at 2009 and 2008 is analyzed as follows:
IT currently payable
Deferred IT
Total provision
Following is a reconciliation between the current and effective IT rate:
Income before tax and discontinued operations
IT at Statutory tax rate
IT at statutory rate
Plus (less) the effect of the following permanent items on IT:
Non-deductible expenses
Effect on reserves
Annual inflation adjustment and other permanent items
Change in tax consolidation
Effect of change in rate
Tax loss amortization
IT at effective rate
Year ending
December 31
2009
2008
Ps 1,309,402
Ps 931,427
28%
28%
366,633
260,800
236
22,982
(60,784)
2,008
363
(85,254)
29,011
5,404
(63,051)
Ps 300,431 Ps
177,917
23%
19%
IT liability
Ps 38,598
At December 31, 2009 and 2008, the main temporary differences on which deferred IT was recognized
are analyzed as follows:
61,924
(37,874)
Ps 62,648
Effective IT rate
Asset and liability provisions
Inventories
Fixed assets - Net
Prepaid expenses
Surplus in cost of shares
Royalties
Other
2009
2008
Ps 336,319
(35,888)
Ps 199,085
Ps 300,431
Ps
(21,168)
177,917
IT rate
Asset tax recoverable
Deferred tax
Deferred tax arising from reinvested tax profit
Total deferred taxes
December 31
2009
2008
Ps 14,132 Ps 16,354
(245,259)
(294,850)
(302,450)
(289,998)
(45,279)
3,467
174,888
148,852
14,081
5,516
29,616
96,424
(360,271)
(314,235)
29.5%
(106,280)
4,343
(101,937)
28%
(87,986)
6,926
(81,060)
(412)
(412)
Ps (102,349)
Ps
(81,472)
CONSISTENCY IN OUR STRATEGY
46View entire presentation