Note 10 Taxes
|
Group | Parent Company | ||
---|---|---|---|---|
|
20121) | 2013 | 2012 | 2013 |
Current taxes | -1,338 | -1,240 | -102 | -53 |
Deferred taxes | 549 | 1,008 | 93 | 818 |
Taxes included in income for the period | -789 | -232 | -9 | 765 |
Taxes related to OCI | 49 | -607 | -5 | -6 |
Taxes included in total comprehensive income | -740 | -839 | -14 | 759 |
Deferred taxes in 2013 include a positive effect of SEK 8m (-5) due to changes in tax rates. The consolidated accounts include deferred tax liabilities of SEK 123m (128) related to untaxed reserves in the Parent Company.
Theoretical and actual tax rates
% | 20121) | 2013 |
---|---|---|
Theoretical tax rate | 30.2 | 30.5 |
Non-taxable/non-deductible income statement items, net | -1.8 | -4.5 |
Non-recognized tax losses carried forward | 1.6 | 9.3 |
Utilized non-recognized tax losses carried forward | -3.8 | -6.1 |
Other changes in estimates relating to deferred tax | 3.6 | -21.9 |
Withholding tax | 1.3 | 11.1 |
Other | -6.1 | 7.2 |
Actual tax rate | 25.0 | 25.6 |
The theoretical tax rate for the Group is calculated on the basis of the weighted total Group net sales per country, multiplied by the local statutory tax rates.
Non-recognized deductible temporary differences
As of December 31, 2013, the Group had tax loss carry-forwards and other deductible temporary differences of SEK 9,534m (8,455), which have not been included in computation of deferred tax assets. The non-recognized deductible temporary differences will expire as follows:
|
December 31, 2013 |
---|---|
2014 | 407 |
2015 | 24 |
2016 | 51 |
2017 | 145 |
2018 | 107 |
And thereafter | 3,407 |
Without time limit | 5,393 |
Total | 9,534 |
Changes in deferred tax assets and liabilities
The table below shows the movement in net deferred tax assets and liabilities.
Net deferred tax assets and liabilities
|
Excess of depreciation |
Provision for warranty | Provision for pension1) | Provision for restructuring | Inventories | Recognized unused tax losses |
Accrued expenses and prepaid income | Other | Total deferred tax assets and liabilities1) | Set-off tax |
Net deferred tax assets and liabilities1) |
---|---|---|---|---|---|---|---|---|---|---|---|
Opening balance, January 1, 2012 | -399 | 206 | 829 | 447 | -250 | 477 | 560 | 723 | 2,593 | — | 2,593 |
Recognized in total comprehensive income | 90 | -125 | 170 | -96 | 3 | 251 | 34 | 273 | 600 | — | 600 |
Acquisition of operations | — | — | — | — | — | — | — | -24 | -24 | — | -24 |
Exchange-rate differences | 26 | -5 | -13 | -15 | 15 | -59 | -28 | -51 | -130 |
|
-130 |
Closing balance, December 31, 2012 | -283 | 76 | 986 | 336 | -232 | 669 | 566 | 921 | 3,039 | — | 3,039 |
Of which deferred tax assets | 107 | 171 | 1,432 | 336 | 153 | 669 | 573 | 1,657 | 5,098 | -942 | 4,156 |
Of which deferred tax liabilities | -390 | -95 | -446 | — | -385 | — | -7 | -736 | -2,059 | 942 | -1,117 |
Opening balance, January 1, 2013 | -283 | 76 | 986 | 336 | -232 | 669 | 566 | 921 | 3,039 | — | 3,039 |
Recognized in total comprehensive income | 53 | 51 | -610 | 164 | -9 | 101 | -29 | 651 | 372 | — | 372 |
Exchange-rate differences | -2 | -13 | 31 | 27 | -2 | 15 | -21 | -87 | -52 | — | -52 |
Closing balance, December 31, 2013 | -232 | 114 | 407 | 527 | -243 | 785 | 516 | 1,485 | 3,359 | — | 3,359 |
Of which deferred tax assets | 131 | 190 | 561 | 527 | 141 | 785 | 516 | 2,175 | 5,026 | -641 | 4,385 |
Of which deferred tax liabilities | -363 | -76 | -154 | — | -384 | — | — | -690 | -1,667 | 641 | -1,026 |
Other deferred tax assets include tax credits related to the production of energy-efficient appliances amounting to SEK 573m (241).
StopSearchHereCEO Statement
![](../../styles/images/elux-ceo-small.jpg)
In 2013 we continued to deliver above our growth target and delivered 4.5% in organic sales growth.
CEO Statement
![](../../styles/images/elux-ceo-small.jpg)
I'm convinced that raising product efficiency for the growing middle class is where long-term shareholder value creation lies.
Our products
![](../../styles/images/our-products.png)
Electrolux is the only appliance manufacturer in the industry to offer complete solutions for both consumers and professionals. The focus is on innovative and energy-efficient products in the premium segments.
Sustainability
Achieving the Group's vision of sustainability leadership is crucial to realizing the business strategy. The objective is to develop smarter, more accessible, resource-efficient solutions that meet people's needs and improve their lives. Read the comprehensive sustainability performance review.
Awards & recognition
![](../../styles/images/awards-puff.png)
Financial Reporting
Net sales for the Electrolux Group in 2013 amounted to SEK 109,151m, as against SEK 109,994m in the previous year. The organic sales growth was 4.5%, while currencies had an impact of -5.3%.