Annual report 2011 - Trelleborg

84
NOTES – GROUP
Note 10
Government grants
sek m 2011 2010
Grants received 7 5
Total 7 5
Note 11
Financial income and expenses
Financial income
sek m 2011 2010
Interest income from interest-bearing receivables 31 15
Exchange-rate gains, net – 3
Total financial income 31 18
Financial expenses
Interest expenses on interest-bearing liabilities –237 –236
Exchange-rate losses, net –3 –
Total financial expenses –240 –236
Total financial income and expenses –209 –218
Note 12
Income tax
sek m 2011 2010
Current tax expenses
Tax expenses for the period –467 –338
Adjustment of tax attributable to prior years –15 –14
Total –482 –352
Deferred tax expenses
Utilization/revaluation of losses carried forward –79 –159
Deferred tax expenses/income on changes in temporary differences –50 4
Total –129 –155
Other taxes –33 –27
Total recognized tax expenses for continuing operations –644 –534
Discontinued operations
Current tax expenses
Tax expenses for the period 0 –17
Adjustment of tax attributable to prior years 0 –1
Deferred tax expenses
Utilization/revaluation of losses carried forward 0 45
Deferred tax expenses/income on changes in temporary differences 2 –40
Other taxes –2
Total recognized tax expenses for the Group –642 –549
Tax items recognized in other comprehensive income
Deferred tax on cash-flow hedges 20 –6
Deferred tax on hedging of net investments 19 –235
Deferred tax in translation differences 7 6
Total 46 –235
Reconciliation of tax in the Group, continuing operations
Profit before tax 2,222 1,818
Calculated Swedish income tax, 26.3% –584 –478
Impact of other tax rates on foreign subsidiaries –22 –38
Non-deductible expenses/non-taxable revenue 1 17
Amortization of goodwill in connection with divestment 7 9
Impact of changed tax rates and tax regulations 5 –2
Reassessment of losses carried forward/temporary differences –6 –27
Tax attributable to prior years –12 12
Total –611 –507
Other taxes –33 –27
Recognized tax for continuing operations –644 –534
At year-end 2011, the Group had losses carried forward in continuing operations of approximately SEK 3,400
M (3,600), of which about SEK 2,400 M (2,700) was taken into account when calculating deferred tax. Losses
carried forward not capitalized include cases where uncertainty exists regarding the tax value.
The item Reassessment of losses carried forward/temporary differences in 2010 was affected by deferred
tax expenses on intangible assets.
Of losses carried forward included in the calculation of deferred tax, SEK 135 M falls due within the next
five-year period.
Annual Report 2011 Trelleborg AB
Note 13
Non-controlling interests – profit and equity
Non-controlling interest
Share of profit for
the year
Equity
sek m 2011 2010 2011 2010
Trelleborg Kunhwa Co. Ltd. 9 12 104 97
Other companies 10 9 62 20
Total 19 21 166 117
Note 14
Property, plant and equipment (PPE)
sek m 2011 2010
Buildings 1,545 1,473
Land and land improvements 493 468
Plant and machinery 3,013 2,854
Equipment, tools, fixtures and fittings 394 379
New construction in progress and advance payments relating to PPE 513 435
Total 5,958 5,609
Depreciation of property, plant and equipment by function
sek m 2011 2010
Cost of goods sold –705 –765
Selling expenses –13 –14
Administrative expenses –48 –55
R&D costs –20 –23
Other operating expenses –11 –10
Total –797 –867
Of which discontinued operations – –22
Impairment of property, plant and equipment by function
sek m 2011 2010
Cost of goods sold –5 –9
Other operating expenses –9 –33
Total –14 –42
Of which discontinued operations – –4
Leasing agreements
The Group has entered into financial and operating lease agreements. Non-current assets held under financial
lease agreements are recorded as property, plant and equipment and future payment obligations are recognized
as a financial liability.
Leasing costs for assets held through financial lease agreements amounted to SEK 1 M (0). Future lease
payments for financial lease agreements fall due as follows:
sek m 2011 2010
Year 1 3 2
Year 2–5 2 3
Later than 5 years 0 –
Leasing costs for assets held through operating lease agreements are classified as operating expenses, and
amounted to SEK 141 M (145). Future payment commitments for non-cancelable lease agreements amounted to
SEK 536 M (539) and fall due as follows:
sek m 2011 2010
Year 1 127 123
Year 2–5 260 248
Later than 5 years 149 168
GRI: EC4