| December 31, 2024 | December 31, 2023 | |||||
|---|---|---|---|---|---|---|
| (in millions of euros) | Gross | Tax | Net | Gross | Tax | Net |
| Actuarial gains (and losses) on defined benefit plans | 2 | (1) | 1 | 12 | (3) | 9 |
| Effect of translation adjustments | 519 | – | 519 | (390) | – | (390) |
| Remeasurement of hedging instruments | 63 | (17) | 46 | 46 | (12) | 34 |
| Total | 584 | (18) | 566 | (332) | (15) | (347) |
| (in millions of euros) | December 31, 2024 | December 31, 2023 |
|---|---|---|
| Short-term (less than one year) |
Short-term (less than one year) December 31, 2024 (35) |
Short-term (less than one year) December 31, 2023 4 |
| Long-term (over one year) |
Long-term (over one year) December 31, 2024 100 |
Long-term (over one year) December 31, 2023 110 |
| Net deferred tax assets (liabilities) |
Net deferred tax assets (liabilities) December 31, 2024 65 |
Net deferred tax assets (liabilities) December 31, 2023 114 |
Changes in deferred tax balances break down as follows:
| (in millions of euros) | December 31, 2024 | December 31, 2023 |
|---|---|---|
| Adjustment of asset and liability valuations due to acquisitions |
Adjustment of asset and liability valuations due to acquisitions December 31, 2024 (64) |
Adjustment of asset and liability valuations due to acquisitions December 31, 2023 (36) |
| Restatement of the Champs-Élysées building |
Restatement of the Champs-Élysées building December 31, 2024 (37) |
Restatement of the Champs-Élysées building December 31, 2023 (37) |
| Pensions and other post-employment benefits |
Pensions and other post-employment benefits December 31, 2024 45 |
Pensions and other post-employment benefits December 31, 2023 40 |
| Tax loss carryforwards |
Tax loss carryforwards December 31, 2024 330 |
Tax loss carryforwards December 31, 2023 344 |
| Other temporary differences |
Other temporary differences December 31, 2024 114 |
Other temporary differences December 31, 2023 143 |
| Gross deferred tax assets (liabilities) |
Gross deferred tax assets (liabilities) December 31, 2024 388 |
Gross deferred tax assets (liabilities) December 31, 2023 454 |
| Unrecognized deferred tax assets |
Unrecognized deferred tax assets December 31, 2024 (323) |
Unrecognized deferred tax assets December 31, 2023 (340) |
| Net deferred tax assets (liabilities) |
Net deferred tax assets (liabilities) December 31, 2024 65 |
Net deferred tax assets (liabilities) December 31, 2023 114 |
As of December 31, 2024, deferred tax liabilities include the tax on the revaluation of intangible assets carried out at the time of the acquisitions of Zenith (euro 3 million), Bcom3 (euro 30 million), Digitas (euro 9 million), Sapient (euro 23 million), Citrus (euro 5 million), Profitero (euro 4 million), Mars (euro 53 million), Influential (euro 7 million) as well as the deferred tax linked to the fair value being deemed as the cost of the Champs-Élysées land and building on the date of transition to IFRS.
The Groupe also had tax loss carryforwards that had not been recognized as deferred tax assets in the consolidated balance sheet because of uncertainty as to their availability for use:
| (in millions of euros) | December 31, 2024 | December 31, 2023 |
|---|---|---|
| Amount in unrecognized tax loss carryforwards |
Amount in unrecognized tax loss carryforwards December 31, 2024 1,101 |
Amount in unrecognized tax loss carryforwards December 31, 2023 1,142 |
| Of which carried forward indefinitely |
Of which carried forward indefinitely December 31, 2024 494 |
Of which carried forward indefinitely December 31, 2023 573 |
The Groupe’s tax positions are based on its interpretations of tax regulations and past experience. Each position is assessed individually without offsetting or aggregation with other positions and gives rise to the recognition of a liability when an outflow of resources is deemed probable. The assessment of these tax liabilities corresponds to the best estimate of risk at the reporting date and, where appropriate, includes late-payment interest and any penalties.
Liabilities relating to uncertainty over income tax treatments are recognized as current tax liabilities for euro 164 million as of December 31, 2024, versus euro 216 million at December 31, 2023.
