Note 10 Taxes
|
Group | Parent Company | ||
---|---|---|---|---|
|
20121) | 2013 | 2012 | 2013 |
Current taxes | -1,338 | -1,240 | -102 | -53 |
Deferred taxes | 549 | 1,008 | 93 | 818 |
Taxes included in income for the period | -789 | -232 | -9 | 765 |
Taxes related to OCI | 49 | -607 | -5 | -6 |
Taxes included in total comprehensive income | -740 | -839 | -14 | 759 |
Deferred taxes in 2013 include a positive effect of SEK 8m (-5) due to changes in tax rates. The consolidated accounts include deferred tax liabilities of SEK 123m (128) related to untaxed reserves in the Parent Company.
Theoretical and actual tax rates
% | 20121) | 2013 |
---|---|---|
Theoretical tax rate | 30.2 | 30.5 |
Non-taxable/non-deductible income statement items, net | -1.8 | -4.5 |
Non-recognized tax losses carried forward | 1.6 | 9.3 |
Utilized non-recognized tax losses carried forward | -3.8 | -6.1 |
Other changes in estimates relating to deferred tax | 3.6 | -21.9 |
Withholding tax | 1.3 | 11.1 |
Other | -6.1 | 7.2 |
Actual tax rate | 25.0 | 25.6 |
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 statutory tax rates.
Non-recognized deductible temporary differences
As of December 31, 2013, the Group had tax loss carry-forwards and other deductible temporary differences of SEK 9,534m (8,455), which have not been included in computation of deferred tax assets. The non-recognized deductible temporary differences will expire as follows:
|
December 31, 2013 |
---|---|
2014 | 407 |
2015 | 24 |
2016 | 51 |
2017 | 145 |
2018 | 107 |
And thereafter | 3,407 |
Without time limit | 5,393 |
Total | 9,534 |
Changes in deferred tax assets and liabilities
The table below shows the movement in net deferred tax assets and liabilities.
Net deferred tax assets and liabilities
|
Excess of depreciation |
Provision for warranty | Provision for pension1) | Provision for restructuring | Inventories | Recognized unused tax losses |
Accrued expenses and prepaid income | Other | Total deferred tax assets and liabilities1) | Set-off tax |
Net deferred tax assets and liabilities1) |
---|---|---|---|---|---|---|---|---|---|---|---|
Opening balance, January 1, 2012 | -399 | 206 | 829 | 447 | -250 | 477 | 560 | 723 | 2,593 | — | 2,593 |
Recognized in total comprehensive income | 90 | -125 | 170 | -96 | 3 | 251 | 34 | 273 | 600 | — | 600 |
Acquisition of operations | — | — | — | — | — | — | — | -24 | -24 | — | -24 |
Exchange-rate differences | 26 | -5 | -13 | -15 | 15 | -59 | -28 | -51 | -130 |
|
-130 |
Closing balance, December 31, 2012 | -283 | 76 | 986 | 336 | -232 | 669 | 566 | 921 | 3,039 | — | 3,039 |
Of which deferred tax assets | 107 | 171 | 1,432 | 336 | 153 | 669 | 573 | 1,657 | 5,098 | -942 | 4,156 |
Of which deferred tax liabilities | -390 | -95 | -446 | — | -385 | — | -7 | -736 | -2,059 | 942 | -1,117 |
Opening balance, January 1, 2013 | -283 | 76 | 986 | 336 | -232 | 669 | 566 | 921 | 3,039 | — | 3,039 |
Recognized in total comprehensive income | 53 | 51 | -610 | 164 | -9 | 101 | -29 | 651 | 372 | — | 372 |
Exchange-rate differences | -2 | -13 | 31 | 27 | -2 | 15 | -21 | -87 | -52 | — | -52 |
Closing balance, December 31, 2013 | -232 | 114 | 407 | 527 | -243 | 785 | 516 | 1,485 | 3,359 | — | 3,359 |
Of which deferred tax assets | 131 | 190 | 561 | 527 | 141 | 785 | 516 | 2,175 | 5,026 | -641 | 4,385 |
Of which deferred tax liabilities | -363 | -76 | -154 | — | -384 | — | — | -690 | -1,667 | 641 | -1,026 |
Other deferred tax assets include tax credits related to the production of energy-efficient appliances amounting to SEK 573m (241).
StopSearchHereCEO Statement
In 2013 we continued to deliver above our growth target and delivered 4.5% in organic sales growth.
CEO Statement
I'm convinced that raising product efficiency for the growing middle class is where long-term shareholder value creation lies.
Our products
Electrolux is the only appliance manufacturer in the industry to offer complete solutions for both consumers and professionals. The focus is on innovative and energy-efficient products in the premium segments.
Sustainability
Achieving the Group's vision of sustainability leadership is crucial to realizing the business strategy. The objective is to develop smarter, more accessible, resource-efficient solutions that meet people's needs and improve their lives. Read the comprehensive sustainability performance review.
Awards & recognition
Financial Reporting
Net sales for the Electrolux Group in 2013 amounted to SEK 109,151m, as against SEK 109,994m in the previous year. The organic sales growth was 4.5%, while currencies had an impact of -5.3%.