Annual report 2012 - Comrod

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Annual report 2012 38/92Strategies and values | Group | Parent company | Corporate governance | ContactAnnual report Financial statement NotesNote 6 - Financial items(NOK 1000) 2012 2011Interest income 176 653Net gain on derivatives at fair value 2 865 3 255Other finance income 2 392Currency gains 6 357 10 583Total finance income 9 400 14 882Currency losses 5 838 11 731Interest expense 4 843 4 193Other finance expense 919 585Total finance expense 11 600 16 509Net financial items -2 200 -1 627note 7 income taxTax expense of the year appears as following: 2012 2011Tax payable on taxable income for the year 330 4 704Recognised change in deferred tax -3 767 -6 861Tax recognized in other comprehensive income -299 -94Adjustment of taxes from previous years 3 313Tax expenses for the year -3 756 -1 938Reconciliation of actual vs calculated tax expenses:Tax expenses for the year -3 756 -1 93828% of net income before tax -9 442 -7 813Difference 5 686 5 876Changes in deferred tax assets not recognized in the balance sheet -2 611 0Adjustment of taxes from previous years 3 -346Permanent differences and difference related to differences in tax rates -3 078 -5 529Unexplained 0 0Tax payable in tax expenses for the year appears as following:Profit before tax -32 275 -26 197Permanent differences relating to items recognized in other comprehensive income 1 288 229Other permanent differences 11 627 20 464Recognised change in temporary differences and tax losses carry forward 20 591 22 302Basis tax payable 1 231 16 798Payable tax regarding net income of the year 316 4 70438
Annual report 2012 39/92Strategies and values | Group | Parent company | Corporate governance | ContactAnnual report Financial statement NotesCont. note 7 income taxTax expense of the year appears as following: 2012 2011Tax payable in the balance sheet appears as following:Outstanding tax payable on net income for the year 316 4 704Prepaid income tax 17 0Outstanding tax reduction regarding the “Skattefunn” tax incentive scheme -365 -692Tax payable in the balance sheet -32 4 002Deferred tax assetsDeferred tax assetsPension liability 5 011 4 925Property, plant and equipment 2 877 0Inventories and trade receivables 836 3 265Forward currency contracts 0 911Provisions / other current liabilites 420 420Other temporary differences* 9 597 4 878Deferred tax assets - gross 18 741 14 400Deferred tax asset not recognized 2 611 0Deferred tax assets - net 16 130 14 400Deferred tax liabilitiesIntangible assets 2 893 3 568Property, plant and equipment 0 1 761Forward currency contracts 802 0Unrealized currency profit non current liabilites 0 0Other temporary differences 34Deferred tax liabilities - gross 5 725 7 383Net recognised deferred tax liabilities (-) 10 405 7 017*Other temporary differences is mainly related to tax losses carry forward.Included in the above is net recognised deferred tax assets related to Comrod France SAS of 3 265 TNOK as of December 31, 2012.Deferred tax asset not recognized is related as a whole to Comrod France SAS.Included in the above is the following deferred tax relating to changes in pensions recognized in othercomprehensive income.-3 060 -3 300Deferred tax assets are recognized only to the extent that the entity has sufficient taxable temporary differences.39
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Annual report 2012 - Comrod

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