CDON Group Annual Report 2010

Annual Report 2010

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Note 8 Tax

Group            
Distribution of tax expense (SEK thousands)         2010 2009
Current tax expense            
Tax expense for the year         -27 117 -34 824
Adjustment of tax attributable to prior years         360 -286
Total         -26 757 -35 110
             
Deferred tax            
Deferred tax on temporary differences         1 162 2 275
Total         1 162 2 275
             
Total recognised tax expense in the Group         -25 595 -32 835
             
Reconciliation of tax expense (SEK thousands)     2010 % 2009 %
Profit before tax     115 829   113 331  
Tax as per applicable tax rate for parent company     -30 463 -26,3 -29 634 -26,3
Effect of other tax rates for foreign subsidiaries     -17 0,0 -25 0,0
Non-taxable income     1 352 1,2 - -
Non-deductible expenses     -363 -0,3 -1 043 -0,9
Utilization of previously uncapitalised deficit deduction     5 424 4,7 - -
Losses on which deferred tax was not recognised     -1 888 -1,6 -3 458 -3,1
Revalued loss carry-forward     - - 1 611 1,4
Tax attributable to prior years     360 0,3 -286 -0,3
Effective tax/tax rate     -25 595 -22,1 -32 835 -29,1
             
(SEK thousands)         31 december 2010 31 december 2009
Deferred tax liability            
Equipment, tools, and installations         298 664
Intellectual property rights         15 195 14 387
Convertible bonds         11 255 -
Total         26 748 15 051
             
Net deferred tax         -26 748 -15 051
             
The changes in net temporary differences are recognised below:
  2010
(SEK thousands) Opening balance, 1 January Deferred tax income Acquisition of subsidiaries Recognised in equity Other Closing balance, 31 December
             
Temporary differences:            
Equipment, tools, and installations -664 161     205 -298
Intellectual property rights -14 387 851 -1 659     -15 195
Non-current liabilities - 150   -11 405   -11 255
Total -15 051 1 162 -1 659 -11 405 205 -26 748
             
          2009  
(SEK thousands)       Opening balance, 1 January Deferred tax expense/income Closing balance, 31 December
Loss carry-forwards       1 364 -1 364 -
             
Temporary differences:            
Equipment, tools, and installations       -2 516 1 852 -664
Intellectual property rights       -16 174 1 787 -14 387
Total       -17 326 2 275 -15 051
             
At 31 December 2010, recognised loss carry-forwards without expiration date in the Group were SEK 0 thousand (0). The 2010 annual accounts include the tax value of a deferred income tax asset in all countries where it is considered probable that the loss carry-forward will be able to be used against taxable surplus. As a result, deferred tax asset is not recognised for some countries.
Loss carry-forwards for which no deferred tax asset is recognised, per expiration date         2010 2009
No expiry date         7 179 23 364
Expiration date 2019         5 588 -
Total         12 767 23 364
             
Parent company            
Distribution of tax expense (SEK thousands)         2010 2009
Current tax on year’s profit         6 532 1 119
Total tax expense         6 532 1 119
             
Deferred tax            
Deferred tax on temporary differences         150 -
Total         150 -
             
Total recognised tax expense in parent company         6 682 1 119
             
Reconciliation of tax expense (SEK thousand)     2010 % 2009 %
Loss before tax     -26 080   -20 002  
Tax as per applicable tax rate for parent company     6 859 -26,3 5 261 -26,3
Non-deductible expenses     -169 0,6 -4 142 20,7
Other     -158 0,6 - -
Effective tax/tax rate     6 532 -25,0 1 119 -5,6
             
Changes in temporary differences are reported below:
      2010
(SEK thousands)     Opening balance, 1 January Deferred tax revenue Recognised in equity Closing balance, 31 December
Temporary differences:            
Non-current liabilities     - 150 -11 405 -11 255
Total     - 150 -11 405 -11 255

CDON Group AB, P.O. Box 385, Bergsgatan 20 (visiting address), SE-201 23 Malmö, Sweden