Annual Report 2008 - Securitas

92 Annual report
Notes and comments to the consolidated financial statements
Note 13. Depreciation and amortization
MSEK 2008 2007 2006
Software licences 50.1 45.4 45.8
Other intangible assets 18.1 11.3 7.5
Buildings 16.0 16.2 15.2
Machinery and equipment 755.7 702.7 707.5
Total depreciation and amortization 839.9 775.6 776.0
DEPrEcIATION AND AMOrTIZATION FOr THE yEAr IS DISTrIBUTED
IN THE STATEMENT OF INCOME AS BELOW:
MSEK 2008 2007 2006
Depreciation of tangible
non-current assets
Production expenses 543.8 491.3 488.5
Selling and administrative expenses 227.9 227.6 234.2
Total depreciation of
tangible non-current assets 771.7 718.9 722.7
Amortization of intangible assets
Production expenses 27.4 14.8 6.9
Selling and administrative expenses 40.8 41.9 46.4
Total amortization of
intangible assets 68.2 56.7 53.3
Total depreciation and
amortization 839.9 775.6 776.0
Note 14. Net financial items
MSEK 2008 2007 2006
Interest income on financial assets at
fair value through profit and loss 22.0 21.1 7.6
Interest income on loans and
receivables 297.0 284.0 301.7
Interest income on derivatives
designated for hedging 205.7 161.6 224.3
Total interest income 524.7 466.7 533.6
Revaluation of financial instruments 2.7 – –
Other financial income 11.2 – –
Exchange rate differences, net 1 2.0 – 2.9
Total financial income 540.6 466.7 536.5
Interest expense on financial liabilities
at fair value through profit and loss –27.3 –10.2 –6.6
Interest expense on liabilities
designated for hedging –336.3 –493.0 –407.2
Interest expense on derivatives
designated for hedging –186.8 –71.0 –
Interest expense on other
financial liabilities –433.9 –346.4 –503.0
Total interest expense –984.3 –920.6 –916.8
Revaluation of financial instruments – –6.7 –35.8
Other financial expense –25.9 –20.3 –48.1
Exchange rate differences, net 1 – –1.0 –
Total financial expense –1‚010.2 –948.6 –1‚000.7
Share in income of associated
companies – 2.2 1.2
Finance net –469.6 –479.7 –463.0
Of which revaluations estimated with
the use of valuation methods 1.1 –3.9 –35.8
1 Exchange rate differences included in operating income are reported in Note 11.
Securitas Annual report 2008
Note 15. Taxes
Statement of income
TAX EXPENSE
MSEK 2008 % 2007 % 2006 %
Tax on income before
taxes
– current taxes –651.8 –24.9 –425.2 –22.5 –454.3 –27.4
– deferred taxes –75.3 –2.9 –109.9 –5.8 14.1 0.9
Total tax expense –727.1 –27.8 –535.1 –28.3 –440.2 –26.5
The Swedish corporate tax rate was 28 percent in 2008, 2007 och 2006.
The total tax rate on income before taxes was 27.8 percent (28.3 and
26.5). The 2008 tax rate adjusted for tax on items affecting comparability,
was 27.8 percent.
The 2007 tax rate was 28.3 percent. Adjusted for non-deductible impairment
of goodwill and tax on items affecting comparability the tax rate
was 23.9 percent. Adjusted also for a revaluation charge of deferred tax
assets pertaining to tax losses due to German tax reform the underlying
rate, which is the relevant rate for comparison, was 21.5 percent in 2007.
The 2006 tax rate adjusted for tax on items affecting comparability, was
23.9 percent.
DIFFErENcE BETwEEN STATUTOry SwEDISH TAX rATE
AND AcTUAL TAX EXPENSE FOr THE GrOUP
MSEK 2008 % 2007 % 2006 %
Tax based on Swedish
tax rate –733 –28.0 –529 –28.0 –465 –28.0
Difference between tax
rate in Sweden and
weighted tax rates for
foreign subsidiaries 118 4.5 219 11.6 226 13.6
Tax related to previous
years –87 –3.3 43 2.3 –39 –2.3
capital gains taxation
from Group internal
restructuring – – – – –46 –2.8
Non-deductible items
affecting comparability – – – – –75 –4.5
Non-deductible impairment
losses of goodwill – – –98 –5.2 – –
write down of tax losses
in Germany – – –107 –5.7 – –
valuation of previously
unvalued tax losses 43 1.6 – – – –
revaluation of deferred
tax on tax losses
following a change in
tax rate 1 –38 –1.4 –55 –2.9 – –
Other non-deductible
items –36 –1.4 –12 –0.6 –44 –2.6
Other tax exempt items 6 0.2 4 0.2 3 0.1
Actual tax expense –727 –27.8 –535 –28.3 –440 –26.5
1 2008 concerns Sweden and 2007 concerns Germany.
Provisions have been made for taxes from anticipated dividends coming
from the subsidiaries to the Parent company next year. Tax expense that
may arise from dividends out of the remaining distributable earnings have
not been provided for. If distributed the tax expense arising would amount
to MSEK 13.
Balance sheet
cUrrENT TAX ASSETS/LIABILITIES
2008 2007 2006
current tax assets 505.6 378.6 234.9
current tax liabilities 487.4 392.6 374.7
Current tax assets/liabilities, net 18.2 –14.0 –139.8