English - DFDS

DFDS annual report 2009 NOTEs 91
Parent Company
DKK ‘000
Consolidated
DKK ‘000
2007 2008 2009 Note 26 Corporation tax 2007 2008 2009
0 0 0 Balance at 1 January 16,585 8,794 17,258
- - - Foreign exchange adjustment 181 -1,690 426
0 0 0 Tax for the year recognised in the income statement 26,128 24,515 23,795
0 0 0 Adjustment, previous years in the income statement 66,423 5,578 -68,670
0 0 0 Corporation taxes paid in the year -19,575 -23,726 -25,056
0 0 0 Transferred to liabilities related to assets held for sale -134 0 0
- - - Transferred to other interest-bearing liabilities -80,814 3,787 70,324
0 0 0 Corporation tax at 31 December 8,794 17,258 18,077
Corporation tax recognised in the balance sheet
0 0 0 Current corporation tax receivables 13,722 6,515 8,307
0 0 0 Current corporation tax 22,516 23,773 26,384
0 0 0 Total corporation tax 8,794 17,258 18,077
New tonnage tax regulations in Norway
The Norwegian government has passed an act on a new regulation of tonnage tax for taxation of Norwegian shipping companies. The new act is effective as of 2007.
2007
The transitional provisions for the new regulation imply taxation of untaxed equity (result) generated under the existing system for taxation of shipping companies recognised
by the end of 2006. Based on the approved act calculations show a tax cost of DKK 104.6 million for DFDS. The discounted value of this amounts to DKK 80.8 million,
which has been recognised in the income statement for 2007. Provisions to use 1/3 of the amount for environmental improvements latest in 2016 are available, of which
unutilised amounts must be paid as taxes in 2016.
The tax must be paid evenly over the next 10 years with annually 1/10 of 2/3 of the total amount. The total annual cash flow effect is estimated to be lower, as the Norwegian
tax payables are anticipated to be reduced as a consequence of the new Norwegian tonnage tax.
2009
The deadline for using 1/3 of the amount for environmental improvements has been removed. Therefore there is no longer basis for recognising this part in non-current
liabilities. Reversal of this reduces the non-current liabilities NOK 19.9 million. The reversal is recognised in the income statement as an adjustment to previous years tax.
It is instead reported as a contingent liability, see Note 36.
On 12 February 2010 the Supreme Court in Norway made the decision that the charge of tax concerning the transition to the new regulation of tonnage tax in 2007
was against the Norwegian constitution. As a result of this the recognised corporation tax is reversed and the paid instalments can be recovered. Therefore the paid instalments
are recognised in the income statement as ’adjustment of tax related to previous years’ and is recognised as other receivables.
Parent Company
DKK ‘000
Consolidated
DKK ‘000
2007 2008 2009 Note 27 Information on financial instruments 2007 2008 2009
Carrying amount per category of financial instruments
19,499 28,259 10,892 Financial assets used for hedge 24,445 28,259 10,892
1,740,754 1,514,974 2,363,985 Loans and receivables (assets) 1,496,561 1,147,943 989,091
24,488 16,157 28,835 Financial assets available for sale 25,808 17,453 30,094
-47,836 -119,382 -76,492 Financial liabilities used for hedge -49,374 -148,989 -80,148
-4,168,705 -4,067,847 -4,446,093 Financial liabilities measured at amortised cost -5,326,222 -4,549,090 -5,083,006
-2,431,800 -2,627,839 -2,118,873 Total -3,828,782 -3,504,424 -4,133,077
Note 27 continued on the next page >>>