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.