Note 14 Taxes

Recognized in the income statement

Group, MSEK	2017	2016
Current tax expenses/income
Tax expenses for the year	-548	-380
Adjustment of tax attributable to previous years	7	-9
	-541	-389
Deferred tax expenses/income
Temporary differences	129	77
Capitalized tax value of loss carry-forwards during the year	3	0
Utilisation of capitalized tax value of loss carry-forwards	-30	-117
Changed tax rates	-1	-2
Revaluation of reported deferred tax values	52	108
	153	66
Total reported tax expenses in the Group	-388	-323

 

Parent company, MSEK	2017	2016
Current tax expenses/income
Tax expenses for the year	-520	-345
	-520	-345
Deferred tax expenses/income
Temporary differences	11	11
	11	11
Total reported tax expenses in the parent company	-509	-334

Reconciliation of effective tax

Group, MSEK	2017	2017 (%)	2016	2016 (%)
Pre-tax profit	2,445		2,050
Tax in accordance with tax rate for the parent company	-538	22.0	-451	22.0
Effect of other tax rates for foreign subsidiaries	1	-0.0	-1	0.0
Non-deductible expenses	-106	4.3	-89	4.4
Tax exempt income	172	-7.0	84	-4.1
Deductible non profit-influencing items	8	-0.3	11	-0.5
Revaluation of reported deferred tax values	52	-2.1	108	-5.2
Utilized non-capitalized loss carry-forwards	2	-0.1	14	-0.7
Tax attributable to previous years	7	-0.3	-9	0.4
Changed tax rates	-1	0.0	-2	0.1
Increase in loss carry-forwards without corresponding capitalization of deferred tax	-24	1.0	-6	0.3
Effect net profit of joint ventures	39	-1.6	18	-0.9
Reported effective tax	-388	15.9	-323	15.8

 

Parent company, MSEK	2017	2017(%)	2016	2016 (%)
Pre-tax profit	2,526		1,555
Tax according to tax rate for the parent company	-556	22.0	-342	22.0
Non-deductible expenses	-1	0.0	-1	0.1
Tax exempt income	40	-1.6	1	-0.1
Deductible non profit-influencing items	8	-0.3	8	-0.5
Reported effective tax	-509	20.1	-334	21.5

Tax attributable to other comprehensive income

	Pre-tax	Tax	After tax	Pre-tax	Tax	After tax
Group, MSEK	2017			2016
Translation difference for the year foreign operations	-55	-4	-59	166	12	178
Financial assets available-for-sale	-55		-55	153		153
Cash flow hedges	112	-12	100	31	-11	20
Other comprehensive income	2	-16	-14	350	1	351

Reported on the balance sheet

Deferred tax recoverables and tax liabilities

	Deferred tax recoverables		Deferred tax liabilities		Net		Changes reported in profit for the year
Group, MSEK	2017	2016	2017	2016	2017	2016	2017
Intangible assets			-68	-62	-68	-62	6
Tangible assets			-396	-338	-396	-338	-52
Investment property			-11		-11		-13
Financial fixed assets	0			-41	0	-41	41
Project and development properties			-6	-5	-6	-5	21
Work-in-progress	2	4			2	4	-2
Inventories	1	1			1	1	0
Accounts receivable	17	3			17	3	15
Worked-up but not invoiced income			-75	-66	-75	-66	-7
Other receivables			-1	-2	-1	-2	0
Interest-bearing liabilities	102	95			102	95	5
Provisions for pensions	107	82			107	82	25
Provisions	79	63			79	63	17
Invoiced income not yet worked-up	275	244			275	244	31
Other liabilities	224	163			224	163	63
Loss carry-forwards	151	134			151	134	22
Tax allocation reserves			-289	-116	-289	-116	-173
Safety reserve			-308	-462	-308	-462	154
Tax recoverables/tax liabilities	958	789	-1,154	-1,092	-196	-303
Offset	-943	-720	-943	720	–	–
Net	15	69	-211	-372	-196	-303	153

 

	Deferred tax recoverables		Deferred tax liabilities		Net		Changes reported in profit for the year
Parent company, MSEK	2017	2016	2017	2016	2017	2016	2017
Provisions for pensions	107	97			107	97	10
Other liabilities	3	2			3	2	1
Net	110	99	–	–	110	99	11

Unreported deferred tax recoverables regarding loss carry-forwards

Ongoing correspondence between the Swedish Tax Authorities as well as assessments made together with external experts on the deductability of individual deductions have been taken into consideration when evaluating deferred tax recoverables. Deferred tax attributable to deductions where the right to deduct is uncertain has not been reported as an asset. The value of the deferred tax in Sweden which has not been reported as an asset per 2017-12-31 is SEK 137 million (187).

In the Norwegian operations the ability to use loss carry-forwards of  SEK 504 million (417) remains uncertain. They have not been capitalized. The fiscal value of the non-capitalized loss carry-forward is SEK 116 million (100).

Changed tax rates

As of 2017 the tax rate in Norway has changed to 23 percent from 24 percent which was the tax rate during 2017. 2016 the tax rate was 25 percent in Norway.