Electrolux 2011 Annual Report Download - page 129

annual report 2011 notes all amounts in SEKm unless otherwise stated
Note 10 Taxes
Net deferred tax assets and liabilities
Excess
of depre-
ciation
Provision
for war-
ranty
Provision
for pen-
sion
Provision
for
restruc-
turing
Obsole-
scense
allow-
ance
Unrea-
lized
profit in
stock
Recog-
nized
unused
tax
losses Other
Total
deferred
tax
assets
and
liabilities
Set-off
tax
Net
deferred
tax
assets
and
liabilities
Opening balance, January 1, 2010 –676 274 404 228 107 47 315 1,175 1,874 — 1,874
Recognized in total
comprehensive income 200 –30 –155 259 –16 3 –73 252 440 — 440
Exchange-rate differences 37 –12 –19 –25 –5 –7 –9 –99 –139 — –139
Closing balance, December 31, 2010 –439 232 230 462 86 43 233 1,328 2,175 —2,175
Of which deferred tax assets 82 258 535 462 95 43 233 2,173 3,881 –900 2,981
Of which deferred tax liabilities –521 –26 –305 — –9 — — –845 –1,706 900 –806
Opening balance, January 1, 2011 –439 232 230 462 86 43 233 1,328 2,175 — 2,175
Recognized in total
comprehensive income 65 –33 –162 –13 –1 2 228 67 153 — 153
Acquisition of operations –36 5 — — 5 — — –339 –365 — –365
Other — — — — — — — –43 –43 — –43
Exchange-rate differences 11 2 21 –2 2 –1 16 –116 –67 — –67
Closing balance, December 31, 2011 –399 206 89 447 92 44 477 897 1 853 — 1 853
Of which deferred tax assets 109 256 515 447 100 44 477 2,092 4,040 –1,060 2,980
Of which deferred tax liabilities –508 –50 –426 — –8 — — –1,195 –2,187 1,060 –1,127
Other deferred tax assets include tax credits related to the production of energy-efficient appliances amounting to SEK 331m (1,036).
The theoretical tax rate for the Group is calculated on the basis of the
weighted total Group net sales per country, multiplied by the local
statutory tax rates.
Non-recognized deductible temporary differences
As of December 31, 2011, the Group had tax loss carry-forwards
and other deductible temporary differences of SEK 6,739m
(4,461), which have not been included in computation of deferred
tax assets. The non-recognized deductible temporary differences
will expire as follows:
December 31,
2011
2012 277
2013 281
2014 237
2015 13
2016 348
And thereafter 4,328
Without time limit 1,255
Total 6,739
Changes in deferred tax assets and liabilities
The table below shows net deferred tax assets and liabilities.
Deferred tax assets and deferred tax liabilities amounted to the
net deferred tax assets and liabilities in the balance sheet.
Group Parent Company
2011 2010 2011 2010
Current taxes –973 –1,779 –307 –165
Deferred taxes 257 470 116 –170
Taxes included in income
for the period –716 –1,309 –191 –335
Deferred tax related to OCI –104 –30 6 7
Taxes included in total
comprehensive income –820 –1,339 –185 –328
Deferred taxes in 2011 include a positive effect of SEK 7m (–16)
due to changes in tax rates. The consolidated accounts include
deferred tax liabilities of SEK 157m (165) related to untaxed reserves
in the Parent Company.
Theoretical and effective tax rates
%2011 2010
Theoretical tax rate 31.2 31.3
Non-taxable/non-deductible income
statement items, net –2.5 2.6
Non-recognized tax losses carried forward 2.9 2.1
Utilized non-recognized tax losses carried forward –5.0 –6.7
Other changes in estimates relating to deferred tax 6.5 –11.2
Withholding tax 1.3 1.0
Other –8.6 5.6
Effective tax rate 25.8 24.7
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