Note 14 Taxes

Recognized in the income statement

Group, MSEK 2023 2022
Koncernen, Mkr 2023 2022
Current tax expenses/income Aktuell skattekostnad/skatteintäkt
Tax expenses for the year Årets skattekostnad -372 -478
Adjustment of tax attributable to previous years Justering av skatt hänförlig till tidigare år -3 -5
-375 -483
Deferred tax expenses/income Uppskjuten skattekostnad/skatteintäkt
Temporary differences Temporära skillnader -180 -104
Capitalized tax value of loss carry-forwards during the year Under året aktiverat skattevärde i underskottsavdrag 1 19
Utilisation of capitalized tax value of loss carry-forwards Utnyttjande av aktiverat skattevärde i underskottsavdrag -7 -18
Revaluation of recognized deffered tax values Omvärdering av redovisade värden av uppskjutna skatter -37 –
Tax reduction investments in equipment Skattereduktion investeringar i inventarier – -23
-223 -126
Total recognized tax expenses in the Group Totalt redovisad skattekostnad i koncernen -598 -609

Tax attributable to other comprehensive income

Pre-tax Tax After tax Pre-tax Tax After tax
Group, MSEK 2023 2022
Före skatt Skatt Efter skatt Före skatt Skatt Efter skatt
Koncernen, Mkr 2023 2022
Translation difference for the year foreign operations Årets omräkningsdifferens utländska verksamheter -145 – -145 210 – 210
Joint ventures´ other comprehensive income Joint ventures övrigt totalresultat -4 – -4 19 – 19
Cash flow hedges Kassaflödessäkringar 18 -4 14 2 -1 1
Other comprehensive income Övrigt totalresultat -131 -4 -135 231 -1 230

Reconciliation of effective tax

Group, MSEK 2023 2022
Koncernen, Mkr 2023 2022
Pre-tax profit Resultat före skatt 2,586 % 2,440 %
Tax in accordance with tax rate for the parent company Skatt enligt gällande skattesats för moderbolaget -533 20.6 -503 20.6
Effect of other tax rates for foreign subsidiaries Effekt av andra skattesatser för utländska dotterföretag 10 -0.4 6 -0.2
Non-deductible expenses Ej avdragsgilla kostnader -71 2.8 -81 3.3
Tax exempt income Ej skattepliktiga intäkter 82 -3.2 87 -3.6
Deductible non profit-influencing items Avdragsgilla/skattepliktiga, ej resultatpåverkande poster -5 0.2 -56 2.3
Revaluation of recognized deffered tax values Omvärdering av redovisade värden av uppskjutna skatter -37 1.4 – –
Utilized non-capitalized loss carry-forwards Utnyttjade ej aktiverade underskottsavdrag 3 -0.1 0 0.0
Tax attributable to previous years Skatt hänförlig till tidigare år -3 0.1 -5 0.2
Increase in loss carry-forwards without corresponding capitalization of deferred tax Ökning av underskottsavdrag utan motsvarande aktivering av uppskjuten skatt -76 2.9 -82 3.4
Effect net profit of joint ventures Effekt nettoresultat joint ventures 32 -1.2 25 -1.0
Recognized effective tax Redovisad effektiv skatt -598 23.1 -609 25.0

Reported on the balance sheet, deferred tax recoverables and tax liabilities

Deferred tax recoverables Deferred tax liabilities Net Changes recognized in profit/loss for the year
Group, MSEK 2023 2022 2023 2022 2023 2022 2023 2022
Uppskjuten skattefordran Uppskjuten skatteskuld Netto Förändringar redovisade i årets resultat
Koncernen, Mkr 2023 2022 2023 2022 2023 2022 2023 2022
Intangible assets Immateriella anläggningstillgångar -91 -95 -91 -95 3 0
Tangible assets Materiella anläggningstillgångar -854 -833 -854 -833 -27 -15
Of which rights of use Varav nyttjanderätter -435 -389 -435 -389 -42 0
Investment property Förvaltningsfastigheter -6 -5 -6 -5 -1 0
Of which rights of use Varav nyttjanderätter -4 -4 -4 -4 0 –
Financial fixed assets Finansiella anläggningstillgångar 4 2 4 2 2 0
Project and development properties Projekt- och exploateringsfastigheter -1,265 -1,470 -1,265 -1,470 190 -253
Of which rights of use Varav nyttjanderätter -34 -67 -34 -67 33 –
Inventories Varulager 0 5 0 5 -5 6
Accounts receivable Kundfordringar 27 18 27 18 9 -5
Worked-up not invoiced income Upparbetad ej fakturerad intäkt 85 79 85 79 12 -81
Other receivables Övriga fordringar 9 18 9 18 -9 -55
Interest-bearing liabilities Räntebärande skulder 1,714 2,083 1,714 2,083 -366 521
Of which rights of use Varav nyttjanderätter 468 457 468 457 7 10
Provisions for pensions Pensionsavsättningar 193 207 193 207 -14 -67
Provisions Avsättningar 201 134 201 134 67 -17
Invoiced income not worked-up Fakturerad ej upparbetad intäkt -127 -178 -127 -178 51 -86
Other liabilities Övriga skulder 110 302 110 302 -192 -43
Loss carry-forwards Underskottsavdrag 118 159 118 159 -32 0
Tax allocation reserves Periodiseringsfonder -644 -732 -644 -732 88 -8
Safety reserve Säkerhetsreserv – -1 – -1 1 –
Tax reduction investments in equipment Skattereduktion investeringar i inventarier – -23
Tax recoverables/tax liabilities Skattefordringar/-skulder 2,461 3,007 -2,987 -3,314 -526 -307
Offset Kvittning -2,364 -2,827 2,364 2,827 – –
Net Netto 97 180 -623 -487 -526 -307 -223 -126

 

Recognized in the income statement

Parent company, MSEK 2023 2022
Moderbolaget, Mkr 2023 2022
Current tax expenses/income Aktuell skattekostnad/skatteintäkt
Tax expenses for the year Årets skattekostnad -258 -388
-258 -388
Deferred tax expenses/income Uppskjuten skattekostnad/skatteintäkt
Temporary differences Temporära skillnader -11 -46
-11 -46
Total recognized tax expenses in the parent company Totalt redovisad skattekostnad i moderbolaget -269 -434

 

Reconciliation of effective tax

Parent company, MSEK 2023 2022
Moderbolaget, Mkr 2023 2022
Pre-tax profit Resultat före skatt 4,476 % 2,907 %
Tax according to tax rate for the parent company Skatt enligt gällande skattesats för moderbolaget -922 20.6 -599 20.6
Non-deductible expenses Ej avdragsgilla kostnader -24 0.5 -11 0.4
Tax exempt income Ej skattepliktiga intäkter 682 -15.2 210 -7.3
Deductible non profit-influencing items Avdragsgilla/skattepliktiga, ej resultatpåverkande poster -5 0.1 -34 1.2
Recognized effective tax Redovisad effektiv skatt -269 6.0 -434 14.9

Reported on the balance sheet, deferred tax recoverables and tax liabilities

Deferred tax recoverables Changes recognized in profit/loss for the year
Parent company, MSEK 2023 2022 2023 2022
Uppskjuten skattefordran Förändringar redovisade i årets resultat
Moderbolaget, Mkr 2023 2022 2023 2022
Provisions for pensions Pensionsavsättningar 82 93 -11 -41
Other liabilities Övriga skulder 1 1 0 -5
Net Netto 83 94 -11 -46

 

Unrecognized deferred tax recoverables regarding loss carry-forwards

Ongoing correspondence with 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. The judgement per 2023-12-31 as well as 2022-12-31 is that there are no uncertainties regarding the deductability of loss carry-forwards in Sweden and because of that tax recoverables of loss carry-forwards are recognized as assets without any adjustments.

In the Norwegian operations the ability to use loss carry-forwards of  SEK 1 168 million (964) remains uncertain. They have not been capitalized. The fiscal value of the non-capitalized loss carry-forward is SEK 257 million (212).

In the Danish operations the ability to use loss carry-forwards of SEK 48 million (27) is uncertain. They have not been capitalized. The fiscal value of the non-capitalized loss carry-forward is SEK 10 million (6).

Pillar Two

OECD’s Model Rules for Pillar Two apply to the Group. Pillar Two legislation has been adopted in Sweden where Peab AB is domiciled. Since the legislation came into force on January 1, 2024 the Group has no relevant tax exposure per balance sheet day December 31, 2023. The Group applies the temporary exception to the requirements to recognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes, provided in the amendments to IAS 12 issued in May 2023. According to this legislation the Group is required to pay an additional tax for the difference between the effective tax rate calculated according to GloBE rules for each jurisdiction and the minimum tax rate of 15%.

Peab does not operate in low-tax countries and in all the countries where Peab does operate the tax rate is at least 19%. The Group is currently evaluating its exposure to Pillar Two but it would appear that Peab can apply the temporary relief rules in the regulations. The Group does not anticipate any, or very little, additional tax.