We - KappAhl

Note 9 cont
Reconciliation of effective tax
Group
SEK m
31 Aug 2009
(%)
31 Aug 2009 31 Aug 2008
(%)
31 Aug 2008
profit before tax 442.9 597.8
tax at effective tax rate for parent company –28.0 –124.0 –28.0 –167.4
Effect of other tax rates for foreign subsidiaries –0.8 –3.7 0.3 1.9
non-deductible expenses –1.2 –5.5 –0.8 –4.6
non-taxable income 2.0 9.0 1.3 8.0
Effect of changed tax rate in Sweden –0.8 –3.7 – –
other 0.1 0.5 0.0 –0.1
Effective tax –28.8 –127.4 –27.1 –162.0
Reconciliation of effective tax
Parent Company
SEK m
31 Aug 2009
(%)
31 Aug 2009 31 Aug 2008
(%)
31 Aug 2008
profit before tax 315,0 45,1
tax at effective tax rate for parent company –28.0 –88.2 –28.0 –12.6
Share dividend 37.9 119.3 86.3 38.9
Effective tax 9.9 31.1 58.3 26.3
Reported in the balance sheet
Deferred tax assets and liabilities
Group Deferred tax assets Deferred tax liabilities Net
SEK m 31 Aug 2009 31 Aug 2008 31 Aug 2009 31 Aug 2008 31 Aug 2009 31 Aug 2008
non-current assets 80.1 60.2 –165.1 –177.6 –85.0 –117.4
provisions 2.7 8.5 –9.8 –4.4 –7.1 4.1
Untaxed reserves – – –105.4 –91.9 –105.4 –91.9
loss carry-forwards 278.0 275.4 – – 278.0 275.4
current assets and liabilities – 0.7 – –10.8 – –10.1
Deferred tax asset/deferred tax liability 360.8 344.8 –280.3 –284.7 80.5 60.1
offset –273.8 –275.4 273.8 275.4 – –
Net deferred tax asset/tax liability 87.0 69.4 –6.5 –9.3 80.5 60.1
the major part of the tax loss carry-forwards of SEK 278 million reported in the balance sheet in 2006/2007 arose in connection with the acquisition of two companies
with tax losses. consequently tax losses totalling SEK 274 million are blocked and cannot be utilised until the 2012/2013 financial year. the tax loss carry-forwards will be
possible to use fully against estimated future tax surpluses generated, which justifies the valuation of loss carry-forwards in the balance sheet. See also information given in
note 31.
Parent Company Deferred tax assets Deferred tax liabilities Net
SEK m 31 Aug 2009 31 Aug 2008 31 Aug 2009 31 Aug 2008 31 Aug 2009 31 Aug 2008
provisions and hedge accounting 17.4 – – –7.0 17.4 –7.0
loss carry-forwards – 1.0 – – – 1.0
Deferred tax asset/deferred tax liability 17.4 1.0 – –7.0 17.4 –6.0
offset – –1.0 – 1.0 – –
Tax assets/liabilities, net 17.4 0 – –6.0 17.4 –6.0
the parent company’s changes between the years have been reported as deferred tax expense/credit.
56 financial information Kappahl 2008/2009