ANNUAL REPORT INTRUM JUSTITIA A N N U A L R EP O R T 2 0 ...
ANNUAL REPORT INTRUM JUSTITIA A N N U A L R EP O R T 2 0 ...
ANNUAL REPORT INTRUM JUSTITIA A N N U A L R EP O R T 2 0 ...
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
GROUP<br />
2010 2009<br />
Reconciliation SEK M % SEK M %<br />
Earnings after financial items 639.3 588.4<br />
Income tax calculated at standard<br />
rate in Sweden, 26.3 percent<br />
–168.1 26.3 –154.8 26.3<br />
Effect of different tax rates<br />
in other countries<br />
62.1 –9.7 70.1 –11.9<br />
Tax effect of tax-exempt income<br />
and non-deductible expenses<br />
–10.5 1.6 –28.1 4.8<br />
Unrecognized tax assets<br />
pertaining to loss carryforwards<br />
Utilized previously unrecognized<br />
–56.1 8.8 –99.3 16.9<br />
tax assets pertaining to loss<br />
carryforwards<br />
5.9 –0.9 2.6 –0.4<br />
Adjustments to previous<br />
years and other<br />
–20.6 3.2 61.7 –10.6<br />
Total tax on net earnings<br />
for the year<br />
–187.3 29.3 –147.8 25.1<br />
Unrecognized tax assets for loss carryforwards relate to the positive tax effect<br />
during the year, which arise through utilization of loss carryforwards that had<br />
never previously been recognized as deferred tax assets, and the negative tax<br />
effect during the year that is due to losses in countries where there has been<br />
no recognition of deferred tax assets as it is not likely enough that sufficient<br />
taxable surpluses will arise within a foreseeable future. Adjustments to previous<br />
years and other includes the two above-mentioned non-recurring items.<br />
Corresponding reconciliation for the Parent Company:<br />
PARENT COMPANY<br />
2010 2009<br />
Reconciliation SEK M % SEK M %<br />
Earnings after financial items –339.8 1 116.7<br />
Income tax calculated at standard<br />
rate in Sweden, 26.3 percent<br />
89.4 26.3 –293.7 26.3<br />
Tax effect of tax-exempt income<br />
and non-deductible expenses<br />
Effect on deferred tax assets of<br />
change in tax rate in Sweden<br />
Total tax on net earnings<br />
for the year<br />
–66.0 –19.4 –294.6 26.4<br />
–7.4 2.2 663.1 –59.4<br />
16.0 4.7 74.8 –6.7<br />
Tax-exempt income in the Parent Company consists of share dividends and<br />
similar transfers from subsidiaries as well as gains on intra-Group share sales.<br />
The Parent Company has accumulated loss carryforwards of SEK 1,100.0<br />
M (715.6) at year-end 2010 as a result of both income items and unrealized<br />
translation differences recognized in other comprehensive income.<br />
When differences arise between the tax value and carrying value of assets<br />
and liabilities, a deferred tax asset or tax liability is recognized. Such temporary<br />
differences arise mainly for provisions for pensions and fixed assets.<br />
Deferred tax assets include the value of loss carryforwards in the instances<br />
where they are likely to be utilized to offset taxable surpluses within the foreseeable<br />
future.<br />
Asset/<br />
Liability<br />
GROUP<br />
2010 2009<br />
Income/<br />
Expense<br />
Asset/<br />
Liability<br />
Income/<br />
Expense<br />
Legal outlays 14.2 –1.6 15.8 1.5<br />
Purchased debt –12.8 1.5 16.0 22.8<br />
Intangible assets –27.9 –0.1 –22.9 5.7<br />
Loss carryforwards 39.1 –42.9 82.0 –15.7<br />
Provisions for pensions 4.8 –0.5 5.3 –0.4<br />
Other –20.8 17.7 –14.0 1.8<br />
Total –3.4 –25.9 82.2 15.7<br />
Deferred tax assets 75.9 –43.1 117.2 –12.3<br />
Deferred tax liabilities –79.3 17.2 –35.0 28.0<br />
Total –3.4 –25.9 82.2 15.7<br />
NOTE 9<br />
EARNINGS PER SHARE<br />
Net earnings for the year attributable to<br />
Parent Company’s shareholders (SEK M)<br />
Number of shares outstanding<br />
at beginning of year<br />
Increase in share capital through<br />
exercise of employee stock options<br />
Number of shares outstanding<br />
at year-end<br />
Weighted average number of<br />
shares during the year before dilution<br />
Dilution effect attributable to employee<br />
stock option program<br />
Weighted average number of shares<br />
during the year after dilution<br />
Notes<br />
The deferred tax assets and income tax liabilities are expected to be due for<br />
payment in over one year.<br />
The Group has loss carryforwards that can be utilized against future<br />
earnings totaling SEK 2,289.2 M (1,962.6). Of this amount, SEK 129.5 M<br />
(287.7) serves as the basis of the deferred tax assets of SEK 39.1 M (82.0)<br />
recognized in the balance sheet, since the tax loss carryforwards are expected<br />
to be utilized against taxable earnings in the years ahead. Deferred tax<br />
assets are recognized for companies in Germany, Belgium, Denmark, Norway<br />
and Slovakia. The recognition is based on an assessment of the possibility<br />
of achieving positive taxable earnings again over the next few years.<br />
The loss carryforwards for which no deferred tax assets are recognized<br />
relate to the UK and other countries, totaling SEK 326.7 M (359.2).<br />
Tax items reported in other<br />
comprehensive income or directly against shareholders’ equity<br />
GROUP PARENT COMPANY<br />
SEK M 2010 2009 2010 2009<br />
Current tax attributable to<br />
Group contributions received<br />
– – –16.1 –143.3<br />
Total 0.0 0.0 –16.1 –143.3<br />
GROUP<br />
2010 2009<br />
452.0 440.5<br />
79,744,651 79,342,171<br />
– 402,480<br />
79,744,651 79,342,171<br />
79,744,651 79,658,944<br />
– 23,029<br />
79,744,651 79,681,973<br />
Earnings per share before dilution (SEK) 5.67 5.53<br />
Earnings per share after dilution (SEK) 5.67 5.53<br />
The Group’s Employee Stock Option Program 2003/2009 entailed new share<br />
issues during the year when option holders exercised their options. The last<br />
options were exercised in May 2009 and the program has thus been concluded.<br />
The dilution effect has been calculated according to the rules in IAS 33<br />
Earnings per Share and consists of the difference between the number of shares<br />
added through the option program and the number of shares at market value<br />
that correspond to the subscription proceeds.<br />
The Group also has a Performance-Based Share Program introduced in<br />
2008, where up to 136,710 shares can be subscribed by employees of the<br />
Group during the periods May 15, 2010–May 15, 2012 and May 15, 2011–<br />
May 15, 2013. The shares can be purchased by employees provided that certain<br />
performance conditions have been met, including in terms of growth in<br />
earnings per share. The performance conditions were not met for the shares<br />
in any part of the program and the rights expired without value. They did not<br />
imply any dilution effect in 2009 or 2010.<br />
61