178
Consolidated Financial Statements
Other operating income in the years ending on 31 De-
cember 2012 and 2011 are broken down as follows:
2012
2011
Supplementary income (1)
2,528,199 3,450,940
Operation benefits
103,718 132,852
Impairment adjustments
reversion
36,246
28,338
Gains in fixed assets
12,490
-
Other operating gains
108,690
23,389
2,789,343 3,635,519
(1) mainly revenues related to contracts with suppliers.
25. NET FINANCING COST
Net financing cost in the years ending on 31st Decem-
ber 2012 and 2011 are broken down as follows:
2012
2011
Interest paid
2,157,199 1,951,928
Interest earned
-838,479 -1,188,834
Currency exchange
differences
50,618
54,020
Payment discounts granted
-
342
Payment discounts
obtained
-11,592 -11,471
Other financial costs and
income
782,576 428,695
2,140,322 1,234,680
26. INCOME TAX
Income tax recognised in the years 2012 and 2011 are
broken down as follows:
Dec-12 Dec-11
Current taxes
1,105,513 2,908,835
Deferred taxes (Note 17)
-414,466 -267,935
691,047 2,640,900
The group’s income tax prior to taxes is not the same as
the theoretical amount that would result from applying
the mean weighted income tax rate to the consolidated
profit, as follows:
2012
2011
Pre-tax profit
3,435,180 9,190,537
Tax calculated at the
appliacble tax rate in
Portugal (26,5%)
910,323 2,435,492
Fiscal effect caused by:
Tax rate difference on the
islandsand archipelagos
-2,987 -46,504
Tax rate difference in other
countries
48,450
38,647
Deferred taxes not
recognised due to
prudence
60,306 101,219
Insufficient/(excess)
estimate in the previous
year
-3,868
-2,580
Correction deferred tax
-
261,227
Unaccounted deferred tax
assets (in previous years)
-83,288
-
Alter. of taxable income
due to fiscal adj. consol.
and other effects
-237,888 -146,601
Income Tax Expenses
691,047 2,640,900
The income tax rate was of 20% (2011: 29%).
