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.