Annual Report 2012/13 - Clas Ohlson

Note 8
Financial income and expenses
Financial income and expenses are broken down as follows:
Applicable tax rate for income
tax, % 26.6 26.6 26.3 26.3
Effective tax rate, % 21.0 27.3 29.2 32.9
Group 2012/13 2011/12
Interest income 1.9 6.0
Group total 1.9 6.0
Parent Company 2012/13 2011/12
Interest income 2.0 1.0
Interest income. subsidiaries 4.9 21.2
Parent Company total 6.9 22.2
Financial income and expenses are broken down as follows:
Group 2012/13 2011/12
Interest expenses –12.6 –15.6
Parent Company 2012/13 2011/12
Interest expenses –12.6 –15.4
Interest expenses, subsidiaries –3.3 –4.1
Parent Company total –15.9 –19.5
The net financial items for 2012/13 were charged with a nonrecurring item
totalling SEK 6.4 M, pertaining to the excessive internal interest rate recognised
for the years 2007 – 2011.
Note 9
Income tax
Group
Parent Company
2012/13 2011/12 2012/13 2011/12
Tax on net profit for the year
Income tax on net profit for
the year 98.2 113.7 60.1 85.6
Deferred tax
98.2 113.7 60.1 85.6
Deferred tax pertaining to
temporary differences –9.8 38.8 0.0 0.0
Deferred tax pertaining to the
tax value in capitalised loss
carry forwards 0.0 –2.0 0.0 0.0
–9.8 36.8 0.0 0.0
Total reported tax expense 88.4 150.5 60.1 85.6
Reconciliation of applicable
tax rate and effective rate
Reported profit before tax 419.9 551.0 206.1 332.0
Income tax calculated
according to national tax
rates pertaining to profit in
each country (26-28%) –114.0 –147.6 –54.2 –87.3
Tax effect of:
Non-deductible expenses/
non-recognised income –4.2 –3.8 –2.6 –1.4
Temporary differences 0.8 1.2 –1.2 3.1
Effect of changed tax rates in
Sweden 31.1 0.0 0.0 0.0
Adjustment earlier taxation –2.0 –0.3 –2.0 0.0
Recognised tax expense –88.4 –150.5 –60.1 –85.6
Deferred tax items
recognised directly in equity 0.0 0.0 0.0 0.0
Group 2012/13 2011/12
Recognised deferred tax assets and tax liabilities
Equipment, tools, fixtures and fittings –1.9 –1.9
Inter-company profit in inventories –3.9 –5.0
Allocations 6.5 6.6
Pensions 0.3 0.3
Accelerated depreciation –77.5 –85.1
Tax allocation reserve –103.8 –105.1
Deficit in subsidiaries 0.0 0.0
Other 2.7 2.9
Total deferred tax asset (+)
Deferred tax liability (–), net –177.4 –187.2
Deferred tax asset 3.1 3.2
Deferred tax liability –180.5 –190.5
The Group does not have any unrecognised deferred tax assets or tax
liabilities on temporary differences.
Amount Recognised Amount
at start in profit and at the end
Group 2012/13
of year loss of year
Change in deferred tax in temporary
differences during the year
Equipment, tools, fixtures and fittings –1.9 0.0 –1.9
Inter-company profit in inventories –5.0 1.1 –3.9
Allocations 6.6 –0.1 6.5
Pensions 0.3 0.0 0.3
Accelerated depreciation –85.1 7.6 –77.5
Tax allocation reserve –105.1 1.3 –103.8
Other 2.9 –0.2 2.7
Total –187.3 9.8 –177.4
Group 2011/12
Change in deferred tax in temporary
differences during the year
Amount at
start of
year
Recognised
in profit and
loss
Amount at
the end of
year
Equipment, tools, fixtures and fittings –2.1 0.2 –1.9
Inventories 0.0 0.0 0.0
Inter-company profit in inventories –7.7 2.7 –5.0
Allocations 8.2 –1.6 6.6
Pensions 0.2 0.1 0.3
Accelerated depreciation –74.1 –11.0 –85.1
Tax allocation reserve –77.0 –28.1 –105.1
Deficit in subsidiaries 2.0 –2.0 0.0
Other 0.0 2.9 2.9
Total –150.5 –36.8 –187.3
70
Accounts