Electrolux 2013 Annual Report Download - page 120

Note 8 Leasing
Financial leases
Electrolux has no material financial leases.
Operating leases
The future amount of minimum lease-payment obligations are distrib-
uted as follows:
Operating leases
2014 701
2015–2018 1,814
2019– 428
Total 2,943
Expenses in 2013 for rental payments (minimum leasing fees) amounted
to SEK 757m (779). Among the Group’s operating leases there are
neither material contingent expenses, nor restrictions.
Note 9 Financial income and financial expenses
Group Parent Company
20121) 2013 2012 2013
Financial income
Interest income
From subsidiaries — — 609 319
From others 203 137 49 12
Dividends from subsidiaries — — 1,259 2,004
Other financial income 1 1 1 —
Total financial income 204 138 1,918 2,335
Financial expenses
Interest expenses
To subsidiaries — — –139 –51
To others –804 –646 –684 –557
On loans and forward contracts
as hedges for foreign net
investments — — — —
On other loans and borrowings,
net –1 10 –88 –181
Pension interest expenses, net –174 –126 — —
Other financial expenses –71 –52 –35 –37
Total financial expenses –1,050 –814 –946 –826
1) Amounts for 2012 have been restated where applicable as a consequence of the
amended standard for pension accounting, IAS 19 Employee Benefits.
Interest income from others, for the Group and the Parent Company,
includes gains and losses on financial instruments held for trading. Inter-
est expense to others, for the Group and Parent Company, include gains
and losses on derivatives used for managing the Group’s interest fixing.
For information on financial instruments, see Note 18 on page 123.
Note 10 Taxes
Group Parent Company
20121) 2013 2012 2013
Current taxes –1,338 –1,240 –102 –53
Deferred taxes 549 1,008 93 818
Taxes included in income for
the period –789 –232 –9 765
Taxes related to OCI 49 –607 –5 –6
Taxes included in total
comprehensive income –740 –839 –14 759
1) Amounts for 2012 have been restated where applicable as a consequence of the
amended standard for pension accounting, IAS 19 Employee Benefits.
Deferred taxes in 2013 include a positive effect of SEK8m (–5) due to
changes in tax rates. The consolidated accounts include deferred tax lia-
bilities of SEK123m (128) related to untaxed reserves in the Parent Com-
pany.
Theoretical and actual tax rates
%20121) 2013
Theoretical tax rate 30.2 30.5
Non-taxable/non-deductible income statement
items, net –1.8 –4.5
Non-recognized tax losses carried forward 1.6 9.3
Utilized non-recognized tax losses carried forward –3.8 – 6 .1
Other changes in estimates relating to deferred tax 3.6 –21.9
Withholding tax 1.3 11.1
Other – 6.1 7. 2
Actual tax rate 25.0 25.6
1) Amounts for 2012 have been restated where applicable as a consequence of the
amended standard for pension accounting, IAS 19 Employee Benefits.
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 statu-
tory tax rates.
Non-recognized deductible temporary differences
As of December 31, 2013, the Group had tax loss carry-forwards and
other deductible temporary differences of SEK 9,534m (8,455), which
have not been included in computation of deferred tax assets. The
non-recognized deductible temporary differences will expire as follows:
December 31, 2013
2014 407
2015 24
2016 51
2017 145
2018 107
And thereafter 3,407
Without time limit 5,393
Total 9,534
notes
118 ANNUAL REPORT 2013
All amounts in SEKm unless otherwise stated