Odfjell SE Annual Report 2012

odfjell se
Taxes payable:
(USD 1 000) 2012 2011
Net result before taxes 203 302 (27 197)
Permanent differences (16 382) 15 275
Changes temporary differences 7 318 13 259
Currency adjustments 1) 4 670 (3 078)
Basis taxes payable 198 909 (1 741)
Group contribution with no tax effect (225 712) –
Group contribution with tax effect 237 –
Basis taxes payable after Group contribution (26 566) –
Taxes payable:
Taxes payable 28% (7 438) (488)
Reduction due to Group contribution – –
Net taxes payable (7 438) (488)
1)
Since Odfjell SE is a subject to the Norwegian tax regime, the tax payable is estimated in NOK. The foreign currency conversion will cause currency adjustments.
Specification of deferred taxes (deferred tax assets):
(USD 1 000) 2012 2011
Non-current assets (5 918) (5 065)
Other long-term temporary differences 557 559
Differences related to currents assets 486 (769)
Financial instruments (26 735) (18 518)
Tax-loss carried forward (26 566) (1 202)
Contingent tax liability related to non-taxable gain 1) 13 679 12 733
Net temporary differences (44 496) (12 262)
Tax rate 28% 28%
Total deferred tax (deferred tax assets) (12 459) (3 433)
1)
Contingent tax liability is related to business transfer to 100% owned subsidiaries Odfjell Management AS and Odfjell Maritime Services AS. The gain is nontaxable
pursuant to regulations of tax free transfer between companies in the same Group.
Regarding uncertain use of future deferred tax assets, is this not recognized in the balance sheet.
A reconciliation of the effective rate of tax and the tax rate in Odfjell SE’s country of registration:
(USD 1 000) 2012 2011
Result before taxes 203 303 (27 197)
Tax assessed at the tax rate in Odfjell SE’s country of registration (28% in 2012 and 2011) (56 925) 7 615
Tax related to non-taxable income and expenses 67 786 (4 277)
This years loss without deferred tax assets (8 117) (2 159)
Group contribution - tax effect (66) –
Currency adjustments (2 678) 7
Other adjustments – (120)
Tax income (expense) – 1 058
Effective tax rate 1) 0.00% (3.89%)
1)
Effective tax rate in % is tax income/expense divided by result before taxes.
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odfjell annual report 2012