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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

1) Amounts for 2012 have been restated where applicable as a consequence of the amended standard for pension accounting, IAS 19 Employee Benefits.

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

1) Amounts for 2012 have been restated where applicable as a consequence of the amended standard for pension accounting, IAS 19 Employee Benefits.

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

1) Amounts for 2012 have been restated where applicable as a consequence of the amended standard for pension accounting, IAS 19 Employee Benefits.

Other deferred tax assets include tax credits related to the production of energy-efficient appliances amounting to SEK 573m (241).

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CEO 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%.