Electrolux 2012 Annual Report Download - page 48

annual report 2012 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
Inven-
tories
Recog-
nized
unused
tax
losses
Accrued
expense
and
prepaid
income Other
Total
deferred
tax assets
and
liabilities
Set-off
tax
Net
deferred
tax assets
and
liabilities
Opening balance, January 1, 2011 –439 232 230 462 –256 233 606 1,107 2,175 —2 ,175
Recognized in total
comprehensive income 65 –33 –162 –13 42 228 –44 70 153 —153
Acquisition of operations –36 5 — — –23 — — –311 –365 —–365
Other ———————–43 –43 —–43
Exchange-rate differences 11 221 –2 13 16 –2 –100 –67 —–67
Closing balance, December 31, 2011 –399 206 89 447 –250 477 560 723 1 853 — 1 853
Of which deferred tax assets 109 256 515 447 156 477 562 1,518 4,040 –1,060 2,980
Of which deferred tax liabilities –508 –50 –426 —–406 —–2 –795 –2,187 1,060 –1,127
Opening balance, January 1, 2012 –399 206 89 447 –250 477 560 723 1 853 — 1 853
Recognized in total
comprehensive income 90 -125 29 –96 3251 34 273 459 —459
Acquisition of operations ———————–24 –24 —–24
Exchange-rate differences 26 –5 –13 –15 15 –59 –28 –51 –130 —–130
Closing balance, December 31, 2012 –283 76 105 336 –232 669 566 921 2 ,158 —2 ,158
Of which deferred tax assets 107 171 582 336 153 669 573 1,657 4,248 –942 3,306
Of which deferred tax liabilities –390 –95 –477 —–385 —–7 –736 –2,090 942 –1,148
Other deferred tax assets include tax credits related to the production of energy-efficient appliances amounting to SEK 241m (331).
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, 2012, the Group had tax loss carry-forwards
and other deductible temporary differences of SEK 8,455m
(6,739), which have not been included in computation of deferred
tax assets. The non-recognized deductible temporary differences
will expire as follows:
December 31,
2012
2013 200
2014 131
2015 107
2016 58
2017 170
And thereafter 4,392
Without time limit 3,397
Total 8,455
Changes in deferred tax assets and liabilities
The table below shows the movement in net deferred tax assets
and liabilities.
Group Parent Company
2012 2011 2012 2011
Current taxes –1,338 –973 –102 –307
Deferred taxes 459 257 93 116
Taxes included in income
for the period –879 –716 –9 –191
Taxes related to OCI –2 –104 –5 6
Taxes included in total
comprehensive income –881 –820 –14 –185
On November 21, 2012, the Swedish parliament enacted a reduc-
tion of the corporate income tax rate from 26.3 to 22%, with an
effective date of January 1, 2013. The revaluation per December 31,
2012, of Swedish deferred tax assets and liabilities has involved a
positive effect of SEK 2m. In total, deferred taxes in 2012 include
a negative effect of SEK –5m (7) due to changes in tax rates. The
consolidated accounts include deferred tax liabilities of SEK 128m
(157) related to untaxed reserves in the Parent Company.
Theoretical and effective tax rates
%2012 2011
Theoretical tax rate 30.2 31.2
Non-taxable/non-deductible income
statement items, net –1.8 –2.5
Non-recognized tax losses carried forward 1.6 2.9
Utilized non-recognized tax losses carried forward –3.8 –5.0
Other changes in estimates relating to deferred tax 3.6 6.5
Withholding tax 1.3 1.3
Other –5.8 –8.6
Effective tax rate 25.3 25.8
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