Scania Annual Report 2011

102
notes to the consolidated financial statements
NOTE 8 Taxes, continued
2011 2010 2009
Reconciliation of effective tax Amount % Amount % Amount %
Income before tax 12,612 12,533 1,602
Tax calculated using Swedish tax rate –3,317 26.3 –3,296 26.3 –421 26.3
Tax effect and percentage influence:
Difference between Swedish and foreign tax rates –528 4 –649 5 –296 18
Tax-exempt income 111 –1 291 –2 354 –22
Non-deductible expenses –118 1 –148 1 –161 10
Utilisation of tax value of loss carry-forwards
not previously recognised 3 571 –5 29 0 27 –2
Valuation of tax value of loss carry-forwards
not previously recognised 42 0 383 –3 5 0
Adjustment for taxes pertaining to previous years 16 0 –38 0 23 –1
Changed tax rates 1 0 6 0 –9 1
Other 32 0 –8 0 5 0
Tax recognised –3,190 25 –3,430 27 –473 30
3 During the year, loss carry-forwards have arisen in the Group that have been utilised in full.
Deferred tax assets and liabilities are attributable to the following: 2011 2010 2009
Deferred tax assets
Provisions 710 668 551
Provisions for pensions 962 871 694
Non-current assets 656 543 597
Inventories 570 556 510
Unutilised tax loss carry-forwards 4 597 769 286
Derivatives 148 278 30
Other 1,265 865 802
Offset within tax jurisdictions –3,657 –3,108 –2,651
Total deferred tax assets 5 1,251 1,442 819
Deferred tax liabilities
Property, plant and equipment 3,868 3,526 3,225
Tax allocation reserve 6 605 593 415
Other 52 74 184
Offset within tax jurisdictions –3,657 –3,108 –2,651
Total deferred tax liabilities 868 1,085 1,173
Net deferred tax assets (–) / tax liabilities (+), net amount –383 –357 354
4 Of the deferred tax assets attributable to unutilised tax loss carry-forwards, SEK 467 m. may be utilised without time constraints.
5 Deferred tax assets related to tax loss carry-forwards are recognised to the extent that it is likely that the loss carry-forwards can
be utilised to offset profits in future tax returns. Deferred tax assets related to unutilised tax loss carry-forwards of SEK 13,389 m.
(13,601 and 108, respectively) were not assigned a value. Most of these were not assigned a value because these tax loss
carry-forwards may only be utilised in relation to a limited portion of operations. Tax loss carry-forwards with time limits totalled
SEK 22 m., of which SEK 9 m. expire in 2015, SEK 13 m. expire in 2016.
6 In Sweden, tax laws permit provisions to an untaxed reserve called a tax allocation reserve. Deductions for provisions to this
reserve are allowed up to a maximum of 25 percent of taxable profits. Each provision to this reserve may be freely withdrawn
and face taxation, and must be withdrawn no later than the sixth year after the provision was made.
financial reports Scania 2011