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NOTE 14
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INCOME TAXES
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Specification of income tax expense
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NOK 1 000
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2012
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2011
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Tax payable of net profit
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Income tax payable for the year
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138 917
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63 635
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Adjustments of prior periods
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8 826
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- 5 387
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Total tax payable
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147 743
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58 248
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Deferred tax expense
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Change in deferred tax recognised in the income statement
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34 990
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- 24 645
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Effects of changes in tax rates and prior years' taxes
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3 881
|
678
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Total deferred tax
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38 872
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- 23 967
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Income tax expense
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186 615
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34 280
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Reconciliation of nominal to effective tax rate
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NOK 1 000
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2012
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2011
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Profit before tax
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3 612 680
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- 28 065
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Estimated income tax expense at nominal tax rate (28 %)
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1 011 550
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- 7 858
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Losses and other deductions without any net tax effect
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7 039
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- 11 518
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Non-taxable income related to securities
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- 810 164
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87 992
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Other non-taxable income, incl. value changes in investment property
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- 26 049
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- 43 594
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Effect of changes in tax legislation and tax rates
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- 268
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- 1 704
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Adjustment of prior periods
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12 707
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- 4 598
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Tax effect of other permanent differences
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- 8 201
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15 561
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Income tax expense
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186 615
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34 280
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Effective tax rate
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5,2 %
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-122,1 %
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Tax recognised in other comprehensive income
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NOK 1 000
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2012
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2011
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Actuarial losses on pension obligations
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959
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14 333
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Cash flow hedges
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2 378
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10 458
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Total tax recognised in other comprehensive income
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3 337
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24 791
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Deferred tax assets and liabilities
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NOK 1 000
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2012
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2011
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Inventories
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21 414
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24 899
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Receivables
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6 678
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6 510
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Stocks and bonds
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10 636
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- 23 622
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Other differences
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32 266
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- 78 658
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Fixed assets
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- 153 123
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- 37 867
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Intangible assets
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- 128 457
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- 107 403
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Net pensions
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65 931
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70 207
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Tax losses to carry forward
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190 785
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223 341
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Total
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46 130
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77 409
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Unrecognised deferred tax assets
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- 233 373
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- 252 294
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Net carrying value at 31 December of deferred tax assets (+)/liabilities (-)
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- 187 243
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- 174 885
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Deferred tax assets are reviewed on each balance sheet date, and is reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow for a part or all of the deferred tax asset to be utilised.
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Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the liability shall be settled or the asset be realised, based on tax rates and legislation prevailing at the balance sheet date.
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Tax losses to carry forward, gross
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NOK 1 000
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2012
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2013
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10 071
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2014
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12 445
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2015
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13 794
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After 2015
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232 136
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Without expiration
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623 832
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Total tax losses to carry forward
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892 278
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Change in net deferred tax in balance sheet
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NOK 1 000
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2012
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2011
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Carrying value at 1 January
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- 174 885
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- 109 394
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Currency differences
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- 1 529
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1 546
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Acquisition of subsidiary
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- 30 464
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- 98 882
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Recognised in income statement during the period
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- 38 872
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23 967
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Tax recognised in other comprehensive income
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3 337
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24 791
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Other changes *
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55 170
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- 16 913
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Carrying value at 31 December
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- 187 243
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- 174 885
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*) Other changes mainly relate to implementation effects, the tax effect of internal gains and corrections of previous years' errors.
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