Annual Report 2009 - Husqvarna Group

68 Husqvarna Annual Report 2009 Notes
Amounts in SEKm unless otherwise stated.
NOTE 8
Financial income and expense
NOTE 9
Taxes
Group
Parent Company
2009 2008 2009 2008
Financial income
Interest income
from subsidiaries — — 93 869
from others 23 37 7 2
Exchange-rate
differences 9 85 974 —
whereof:
on loans 524 1,017 364 —
on hedging of foreign
net investments — — 946 —
on cashflow hedges,
currency derivatives 15 –3 –22 —
on derivatives
held for trading –530 –929 –314 —
Dividends
from subsidiaries — — 1,822 412
from others — — — —
Other financial income 4 — — —
Total financial income 36 122 2,896 1,283
Financial expenses
Interest expense
to subsidiaries — — –24 –211
to others –424 –693 –364 –624
whereof:
on loans –257 –628 –221 –769
on hedging of foreign
net investments 1 –112 –114 –112 –114
on cashflow hedges,
interest derivatives –13 — –13 —
on derivatives held for
trading –42 49 –42 48
Exchange-rate
differences — — — –660
whereof:
on loans — — — 1,159
on hedging of foreign
net investments — — — –687
on cashflow hedges — — — –1
on derivatives held for
trading — — — –1,131
Other financial expenses –78 –23 –24 –15
Total financial
expenses –502 –716 –412 –1,510
Financial income and
expenses, net –466 –594 2,484 –227
1) Financial expenses on hedging of foreign net investments include
interest expenses from derivatives used for hedging net investments
SEK –18m (21) and interest expenses from loans in foreign
currencies used for hedging net investments SEK –94m (–135).
Group
Parent Company
2009 2008 2009 2008
Current taxes –188 –276 –221 –336
Deferred taxes –3 –203 –17 46
Total –191 –479 –238 –290
Calculated taxes on Group Contributions for 2009 are
included with SEK –239m (–329) in the Parent Company. The
deferred tax assets in the Parent Company totaled SEK 42m
(86) and relate mainly to pensions, restructuring provisions
and derivative instruments.
The Group accounts include deferred tax liabilities of
SEK –237m (–237) referring to untaxed reserves in the Parent
Company.
Theoretical and actual tax rates
Group
% 2009 2008
Theoretical tax rate 31.8 31.4
Losses for which deductions
have not been made 8.6 7.3
Non-taxable/non-deductible
income statement items, net –7.7 –8.6
Changes in estimates relating to
deferred tax –1.5 –1.7
Utilized tax loss carry-forwards –7.1 –3.5
Effect of tax rate change –0.9 –0.3
Withholding tax 0.7 1.3
Other –6.5 1.2
Actual tax rate 17.4 27.1
The theoretical tax rate for the Group is calculated on the
basis of the weighted total Group’s net sales per country,
multiplied by the local statutory tax rates.
Tax loss carry-forwards and other tax credits
As of 31 December 2009, the Group has tax loss carry-forwards,
other deductible temporary differences and tax
credits of SEK 1,958m (2,039), which have not been included
in computation of deferred tax assets. The tax loss carryforwards
will expire as follows:
2009
2010 3
2011 —
2012 —
2013 3
2014 29
Subsequent years 263
Without time limit 1,026
Total 1,324
The change from the previous year as regards deductible
temporary differences was SEK –8m (–161), excluding unused
tax losses not recognized in the balance sheet.
As of 31 December 2009, the Group had deferred taxes
recognized in equity totalling SEK –252m (170). Deferred
taxes recognized in the income statement amounted to
SEK –3m (–203). Exchange-rate differences amounted to
SEK 42m (–100).