Page 95 - EVRY Annual Report 2012

Annual Accounts Group 95
Tax
Deferred tax/tax asset is calculated on the basis of the differences which exist at year-end between accounting and
taxation values.
Deferred tax/tax asset arises in respect of the following timing differences as of 31 December:
NOK million 2012 2011 2010
Intangible assets 1 601.3 1 442.8 1 295.1
Tangible fixed assets -500.8 -547.0 -596.4
Pension liabilities -217.1 -266.0 -338.3
Profit and loss account 124.7 321.2 376.4
Items recognised as "comprehensive income" -35.3 -39.6 -38.9
Other timing differences 45.8 -218.5 -199.3
Gross timing differences 1 018.6 692.9 498.7
Losses carried forward -700.9 -592.6 -500.2
Basis for deferred tax/(deferred tax asset) 317.7 100.3 -1.5
Deferred tax asset 31.8 10.3 18.7
Deferred tax 106.5 42.3 24.8
The taxation effect of items recognised as “Other income and costs” relates to changes in the market value of financial
derivatives and to translation differences. The tax effect in respect of these items in 2012 amounted to NOK 0.6 million
and NOK -12.8 million respectively. The deferred tax asset in respect of these items amounted to NOK 9.9 million at 31
December 2012.
The group had tax losses carried forward at 31 December 2012 totalling NOK 700.9 million, and the calculated deferred
tax asset related to these losses amounted to NOK 195.7 million. The losses carried forward relate very largely to the
operation of the Norwegian activities. There are no time limits to carrying forward these losses. Losses carried forward
are mainly netted against positive timing differences. The deferred tax asset reported for the group relates almost en-
tirely to activities carried out outside Norway and Sweden, since negative timing differences cannot be netted against
net positive timing differences relating to activities in other countries.
Changes in deferred tax
NOK million 2012 2011 2010
Change in deferred tax to profit and loss 43.5 27.9 -89.8
Deferred tax related to sold/purchased business 3.7 -1.8 -
Other changes in deferred tax not taken to profit and loss 2.2 -0.2 -17.8
Change in deferred tax in the balance sheet 49.4 25.9 -107.5
Tax cost for the year comprises
Tax payable 56.0 83.8 5.9
Change in deferred tax 43.5 27.9 -89.8
Under/over accrual of tax prior year 4.7 - 0.3
Total tax cost 104.2 111.7 -83.6
Effect of permanent differences
28% of pre-tax profit 84.0 99.2 -87.1
Expenses not deductible 6.9 6.8 5.3
Non-deductible impairment of goodwill - 8.0 -
Non-taxable income -1.7 -1.2 -0.9
Losses/tax rate differences abroad -12.6 -4.5 -1.8
Under/over accrual of tax prior year 4.7 - 0.3
Other permanent differences 22.8 3.4 0.6
Tax of the year 104.2 111.7 -83.6
Note 09