Electrolux 2014 Annual Report Download - page 108

Note 8 Leasing
The Group generally owns its production facilities. The Group rents
some warehouse and office premises under leasing agreements and has
also leasing contracts for certain office equipment. Most leasing agree-
ments in the Group are operational leases and the costs are recognized
directly in the income statement in the corresponding period.
Finance leases are capitalized at the inception of the lease at the
lower of the fair value of the leased property or the present value of the
minimum lease payments. Leased assets are depreciated over their use-
ful lives. If there is no reasonable certainty that the lessee will obtain
ownership by the end of the lease term, the assets are fully depreciated
over the shorter of the lease term or remaining useful life.
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
 
– ,
– 
Total ,
Expenses in  for rental payments (minimum leasing fees) amounted
to SEK m (). Among the Group’s operating leases there are
neither material contingent expenses, nor restrictions.
Note 9 Financial income and financial expenses
Group Parent Company
   
Financial income
Interest income
From subsidiaries — —  
From others    
Dividends from subsidiaries — — , ,
Other financial income   — 
Total financial income   , ,
Financial expenses
Interest expenses
To subsidiaries — — – –
To others – – – –
On loans and forward contracts
as hedges for foreign net
investments — — — —
On other loans and borrow-
ings, net  – – 
Pension interest expenses, net – – — —
Other financial expenses – – – –
Total financial expenses – – – –
Interest expense to others, for the Group and Parent Company, includes
gains and losses on derivatives used for managing the Group’s interest
fixing. For information on financial instruments, see Note  on page
.
Note 10 Taxes
Group Parent Company
   
Current taxes –, – – –
Deferred taxes ,   
Taxes included in income for
the period – –  
Taxes related to OCI –  – –
Taxes included in total
comprehensive income –   
There were no material effects of changes in tax rates in  or .
The consolidated accounts include deferred tax liabilities of SEK m
() related to untaxed reserves in the Parent Company.
Theoretical and actual tax rates
%  
Theoretical tax rate . .
Non-taxable/non-deductible income statement
items, net –. –.
Non-recognized tax losses carried forward . .
Utilized non-recognized tax losses carried forward –. –.
Other changes in estimates relating to deferred tax –. –.
Withholding tax . .
Other . –.
Actual tax rate . .
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 stat-
utory tax rates.
Non-recognized deductible temporary differences
As of December , , the Group had tax loss carry-forwards and
other deductible temporary differences of SEK ,m (,), which
have not been included in computation of deferred tax assets. The
non-recognized deductible temporary differences will expire as follows:
December , 
 
 
 
 
 
And thereafter ,
Without time limit ,
Total ,

 ELECTROLUX ANNUAL REPORT 
All amounts in SEKm unless otherwise stated