Universal Registration Document 2021

/ Effective tax rate

The effective tax rate is obtained as follows:

(in millions of euros)		2021	2020
Pre-tax income of consolidated companies	Pre-tax income of consolidated companies	Pre-tax income of consolidated companies20211,343	Pre-tax income of consolidated companies 2020 768
Impairment losses	Impairment losses	Impairment losses 2021 -	Impairment losses 2020 15
Revaluation of earn-out payments	Revaluation of earn-out payments	Revaluation of earn-out payments 2021 (27)	Revaluation of earn-out payments 2020 17
(Gains)/Losses on disposals⁽¹⁾	(Gains)/Losses on disposals ⁽¹⁾	(Gains)/Losses on disposals ⁽¹⁾2021 (3)	(Gains)/Losses on disposals ⁽¹⁾ 2020 (5)
Restated pre-tax income of consolidated companies	Restated pre-tax income of consolidated companies A	Restated pre-tax income of consolidated companies20211,313	Restated pre-tax income of consolidated companies 2020 795
French tax rate applicable to the parent company	French tax rate applicable to the parent company	French tax rate applicable to the parent company 2021 28.4%	French tax rate applicable to the parent company 2020 32.0%
Expected tax expense on pre-tax income of consolidated companies	Expected tax expense on pre-tax income of consolidated companies	Expected tax expense on pre-tax income of consolidated companies 2021(373)	Expected tax expense on pre-tax income of consolidated companies 2020 (254)
Impact of:	Impact of:	Impact of: 2021	Impact of: 2020
Difference between the French tax rate and foreign tax rates	Difference between the French tax rate and foreign tax rates	Difference between the French tax rate and foreign tax rates 2021 131	Difference between the French tax rate and foreign tax rates 2020 138
Income tax at reduced or increased rates	Income tax at reduced or increased rates	Income tax at reduced or increased rates 2021 (45)	Income tax at reduced or increased rates 2020 (23)
Changes in unrecognized deferred tax assets	Changes in unrecognized deferred tax assets	Changes in unrecognized deferred tax assets 2021 1	Changes in unrecognized deferred tax assets 2020 (41)
Other impacts⁽²⁾	Other impacts⁽²⁾	Other impacts⁽²⁾ 2021 (21)	Other impacts⁽²⁾ 2020 (16)
Income tax in the income statement	Income tax in the income statement	Income tax in the income statement 2021(307)	Income tax in the income statement 2020 (196)
Current tax on reserves accumulated abroad	Current tax on reserves accumulated abroad	Current tax on reserves accumulated abroad 2021 -	Current tax on reserves accumulated abroad 2020 -
Income tax in the restated income statement	Income tax in the restated income statement B	Income tax in the restated income statement2021(307)	Income tax in the restated income statement 2020 (196)
Effective tax rate	Effective tax rate B/A	Effective tax rate202123.4%	Effective tax rate 2020 24.7%

(1) Main gains and losses on disposals which are not taxable or deductible.

(2) Other impacts mainly include those related to tax credits and adjustments to previous financial years

/ Tax effect on other comprehensive income

	December 31, 2021			December 31, 2020
(in millions of euros)	Gross	Tax	Net	Gross	Tax	Net
Actuarial gains (and losses) on defined benefit plans	48	(8)	40	(20)	3	(17)
Effect of translation adjustments and other	629	(10)	619	(767)	45	(722)
Total	677	(18)	659	(787)	48	(739)

/ Schedule of deferred taxes recognized in the balance sheet

(in millions of euros)	December 31, 2021	December 31, 2020
Short-term (less than one year)	Short-term (less than one year) December 31, 2021 (6)	Short-term (less than one year) December 31, 2020 (24)
Long-term (over one year)	Long-term (over one year) December 31, 2021 (93)	Long-term (over one year) December 31, 2020 (87)
Net deferred tax assets (liabilities)	Net deferred tax assets (liabilities)December 31, 2021(99)	Net deferred tax assets (liabilities)December 31, 2020(111)