STENA METALL AB - Stena Metall Group

Financial review | The Group
7 Income from other securities
The year-earlier figure refers to the gain on the sale of
the shares in Boliden Ltd.
8 Interest income and similar credits
2004/2005 2003/2004
Interest income . . . . . . . . . . . . . . . . . . . . . . 58.3 36.8
Exchange rate differences . . . . . . . 31.3 —
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89.6 36.8
9 Interest expenses and similar charges
2004/2005 2003/2004
Interest expenses . . . . . . . . . . . . . . . . . . –124.5 –69.8
Exchange rate differences . . . . . . . –22.0 –2.5
Writedown of receivable. . . . . . . . . . . –1.1 —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –0.8 —
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –148.4 –72.3
Note 10 Taxes, continued
2004/2005 2003/2004
Reconciliation of reported tax charge
Income before tax. . . . . . . . . . . . . . . . . . . 686.1 609.6
Tax according to Parent Company’s
current tax rate (28%) . . . . . . . . . . –192.1 –170.7
Effect of other tax rates
for foreign subsidiaries . . . . . . . . –12.6 –14.8
Amortization of
consolidated goodwill. . . . . . . . . . . –5.7 –3.2
Other non-deductible expenses –27.2 –60.0
Tax-exempt revenue . . . . . . . . . . . . . . . . 4.6 61.4
Tax loss carryforwards utilized . 1.6 1.0
Tax attributable to previous years –8.0 1.6
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –10.4 7.2
Reported tax charge . . . . . . . . . . . . . . –249.8 –177.5
Tax items posted directly
against shareholders’ equity
Deferred tax attributable to
changes in accounting principles 6.1 —
10 Taxes
2004/2005 2003/2004
Current tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . –211.4 –124.9
Deferred tax. . . . . . . . . . . . . . . . . . . . . . . . . . . –38.4 –52.6
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –249.8 –177.5
Current tax is distributed as follows:
Current tax
Current tax for the period . . . . . . . . –210.8 –128.1
Adjustment of tax for previous years –0.6 3.2
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –211.4 –124.9
Deferred tax
Deferred tax on
temporary differences . . . . . . . . . –31.9 –60.7
Deferred tax claim related
to tax loss carryforwards . . . . . . –6.8 8.1
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 —
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –38.4 –52.6
11 Goodwill
Aug. 31, Aug. 31,
2005 2004
Acquisition value,
opening balance . . . . . . . . . . . . . . . . . . . . . 176.7 290.7
Acquisitions during the year . . . . . . . . 179.6 58.7
Disposal of fully amortized
goodwill. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –9.5 –173.5
Translation differences, etc. . . . . . . . . 6.9 0.8
Acquisition value,
closing balance . . . . . . . . . . . . . . . . . . . . . 353.7 176.7
Accumulated amortization,
opening balance. . . . . . . . . . . . . . . . . . . . . –74.6 –219.4
Amortization for the year . . . . . . . . . . . . –43.3 –28.6
Disposal of fully amortized
goodwill. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5 173.5
Translation differences . . . . . . . . . . . . . . . –1.9 –0.1
Accumulated amortization,
closing balance . . . . . . . . . . . . . . . . . . . . . –110.3 –74.6
Reported value . . . . . . . . . . . . . . . . . . . . . . . . . 243.4 102.1
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