Page 94 - Loomis Annual Report 2017

90
Notes – Group
Loomis Annual Report 2017
Depreciation, amortization and impairment
SEK m 2016
Acquisition-related intangible assets 62 Other intangible assets 39 Buildings 30 Machinery and equipment 1,036 (of which for machinery and equipment
attributable to nancial leasing) (28)
Total depreciation, amortization and
impairment 1,167
Depreciation, amortization and impairment for the year are reported in the statement of income as follows:
SEK m 2016
Production expenses 977 Selling and administrative expenses 128 Acquisition-related intangible assets 62 Total depreciation, amortization and
impairment 1,167
Impairment testing on Goodwill is reported in Note 15.
Provisions have been made for estimated tax charges that may arise as a result of tax audits. For further information refer to Note 34 section “Other legal proceedings”.
In 2017, other than in the US, there was no major change in corporate income tax rates in the countries in which Loomis conducts the majority of its operations. In December 2017 it was announced that the federal tax rate in the USA was to be reduced from 35 percent to 21 percent. The deferred tax liabili- ties, that Loomis had in the balance sheet, were therefore reval- ued and a positive tax income of SEK 70 million was reported.
The corporate tax rates in the countries in which Loomis has signi cant business operations are as follows:
% 2016 USA 1) 40 Spain 25 France 33 Sweden 22 UK 20 Switzerland 2) 20–22
1) The corporate income tax rate includes federal as well as state tax. The federal tax was 35 percent in 2017. From January 1, 2018 the federal tax rate was reduced to 21 percent. The state tax rates vary between states.
2) The Swiss corporate income tax rates comprise federal, cantonal and communal taxes. Federal tax is levied at a at rate of 8.5 percent. Cantonal and communal tax rates vary.
Balance sheet
Deferred tax assets and deferred tax liabilities were attributable to:
NOTE 12
2017
1,052
55
41
32
(37)
1,180
2017
40
25
33
22
19
20–22
2017
993
132
55
1,180
NOTE 13
SEK m
Interest income
Financial income and expenses, net
2016
12
Deferred tax assets, SEK m
Machinery and equipment
Pension provisions and employee- related liabilities
Liability insurance related claims reserves Provisions for restructuring
Loss carryforwards
Other temporary differences
Total deferred tax assets
Netting
Deferred tax assets, net
Deferred tax liabilities, SEK m
Machinery and equipment
Pension provisions and employee- related liabilities
Liability insurance related claims reserves Intangible xed assets
Other temporary differences
Total deferred income tax liabilities Netting
Deferred tax liabilities, net
Deferred tax assets/tax liabilities, net
Dec. 31, 2016
114
312 55 26 35 147 689 –263 426
Dec. 31, 2016
329
3
– 209 143 683 –263 421 5
2017
13
2
-
15
-108
(-2)
-
-14
-2
-124
-109
Dec. 31, 2017
115
256
26
11
30
156
595
–177
418
Translation differences, net1) –
Other nancial income –
Financial income 12
Interest expenses –111
(of which interest expenses for nancial
leasing) (–1)
Translation differences, net 1) –3 Bank charges –13 Other nancial expenses –2 Financial expenses –129 Financial income and expenses, net –117 1) Translation differences included in operating income are reported in Note 10.
Dec. 31, 2017
212
4
–
182
149
546
–177
369
49
NOTE 14 Income tax Statement of income
Tax expense
SEK m
Tax on income before taxes – current taxes
– deferred taxes
Total tax expense
2016 %
–459 –26.5 –18 –1.0
–477 –27.5
2017
%
–513
–27.3
59
–3.1
–454
–24.1
Total tax rate on income before taxes amounted to –24.1 per- cent (–27.5). Further details regarding tax expense are shown in the table below.
2017
%
–414
–22.0
83
4.4
–123
–6.5
–454
–24.1
SEK m
Tax based on Swedish tax rate
Difference between tax rate in Sweden and weighted
tax rates for foreign subsidiaries
Non-deductible expenses/non- taxable income, net
Total tax expense
2016 %
–382 –22.0 73 4.2
–168 –9.7
–477 –27.5