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148
Notes to the financial statements,
Renewable Energy Corporation ASA
REC Annual Report 2011
At December 31, 2011
BEFORE ADJUSTED
BONUS FACTOR
ADJUSTMENT FACTOR
ADJUSTED
PROGRAM EXERCISE PRICE
NO. OPTIONS
2009
2010
EXERCISE PRICE NO. OPTIONS
EXERCISE PRICE NO. OPTIONS
2008
178.59
101 944
1.15
1.19
0.73
1.37
130.53
139 480
2009
52.48
655 018
1.00 1.19
0.84
1.19
44.00
781 299
2010
20.61
1 914 726
1.00 1.00
1.00
1.00
20.61
1 914 726
2011
13.57
2 970 556
1.00 1.00
1.00
1.00
13.57
2 970 556
Total
5 642 244
5 806 061
INCOME TAXES
(NOK INMILLION)
2011
2010
Current income tax benefit (+) / expense (-) for the year
-1
-148
Total deferred tax benefit (+) / expense (-) for the year
282
-277
Total income tax benefit (+) / expense (-) for the year in the income statement
281
-425
The income tax in the income statement differs from the theoretical amount that would arise using the 28 percent corporate tax rate
applicable to profit/loss before taxes
(NOK INMILLION)
2011
2010
Profit/loss before tax
-13 498
2 001
Tax calculated at domestic tax rate of 28 percent
3 780
-560
Income not subject to tax
1
1
Expenses not deductible for tax (permanent differences)
-2 215
-2
Recognition of previosuly not recognized deferred tax assets
0
126
Deferred tax assets not recognized this year
-1 283
0
Adjustment of prior years' income taxes
-1
11
Total income tax benefit (+) / expense (-) for the year in the income statement
281
-425
Effective tax rate
2%
21%
Current income tax
(NOK INMILLION)
2011
2010
Profit/loss before taxes
-13 498
2 001
Impairments and losses on shares and loans - permanent difference
7 914
-36
Other permanent differences
-3
1
Changes in temporary differences
400
-1 437
Basis for current tax in the income statement
-5 187
528
Estimated 28 percent current income tax
1 452
-148
Not recognized current income tax (tax loss carried forward)
-1 452
0
Current income tax benefit (+) / expense (-) in the income statement
0
-148
Basis for current tax in the income statement
-5 187
528
Cost for capital increase, recognized to equity
0
-134
Received repayment of previously paid income taxes
0
247
Group contribution to subsidiaries
0
-641
Tax loss carried forward
5 187
0
Basis for current tax in the balance sheet
0
0
Current tax asset (+) / liability (-)
0
0
L