Annual report 2016

NOTE 9
INCOME TAXES
 
     
Specification of income tax expenses
   
NOK 1 000
2016
2015
     
Tax payable of net profit
   
Income tax payable for the year
198 432
269 023
Adjustments of prior periods
9 953
25 556
Total tax payable
208 385
294 579
     
Deferred tax expense
   
Change in deferred tax recognised in the income statement
41 440
106 459
Effects of changes in tax rates and prior years' taxes
-38 929
-82 748
Total deferred tax
2 511
23 711
     
Income tax expense
210 897
318 290
     
Tax payable in the balance sheet
   
NOK 1 000
2016
2015
Tax payable of the year
198 432
269 023
Tax liability from prior years
35 799
132 078
Advance tax paid
-35 083
-246 745
Translation differences
-2 070
-10 604
Tax payable
197 079
143 752
     
Reconciliation of nominal to effective tax rate
NOK 1 000
2016
2015
Profit before tax
998 497
1 627 409
Estimated income tax expense at nominal tax rate (25%)
249 628
439 400
Losses and other deductions without any net tax effect
-3 973
17 754
Non-taxable net income (-) / costs (+) from securities
-65 594
-285 351
Other non-taxable income
- 72
-8 768
Impairment of goodwill
3 899
54 000
Adjustments of prior periods
-30 087
-57 192
Tax effect of other permanent differences
57 095
158 446
Income tax expense
210 897
318 290
     
Effective tax rate
21.1 %
19.6 %
     
Tax recognised directly in equity
   
NOK 1 000
2016
2015
Actuarial loss on pension obligations (note 19)
-3 402
988
Cash flow hedges (note 28)
3 270
-21 497
Total tax recognised in total comprehensive income
- 132
-20 509
     
Deferred tax asset and deferred tax liability
   
NOK 1 000
2016
2015
Inventories
-50 888
10 971
Receivables
17 763
7 202
Stocks and bonds
-245 597
-400 934
Other differences
53 753
34 925
Tangible assets
-45 793
-2 446
Investment properties
-274 349
-177 712
Intangible assets
-146 431
-151 087
Net pensions
48 615
49 554
Tax losses to carry forward
304 360
329 854
Total
-338 568
-299 674
Reassment of deferred tax assets
-348 597
-289 722
Net carrying value at 31 December of deferred tax assets (+)/liabilities (-)
-687 165
-589 396
     
Deferred tax assets recognised in balance sheet
251 594
257 916
Deferred tax liabilities recognised in balance sheet
-938 759
-847 312
Net carrying value at 31 December of deferred tax assets (+)/liabilities (-)
-687 165
-589 396
     
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 the deferred tax asset to be utilised.
     
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.
     
Gross tax losses to carry forward with expiration years
   
NOK 1 000
 
2016
2016
 
5
2017
 
-
2018
 
-
After 2018
 
240 166
Without expiration
 
826 967
Total tax losses to carry forward
 
1 067 139
     
Change in net deferred tax in balance sheet
   
NOK 1 000
2016
2015
Net carrying value at 1 January
-589 396
-598 146
Translation differences
-3 996
49 720
Acquisition and disposal of subsidiary
-39 927
3 251
Recognised in income statement during the period
-53 714
-23 711
Tax recognised in other comprehensive income
- 132
-20 509
Net carrying value at 31 December
-687 165
-589 396
     
Ferd made a settlement with the authorities on 8 April 2016 and won the case in the question of deductability for carried interest for the income year 2013. As previous years were not part of the settlement, the deductions for the years before 2013 are not finally clarified, and we cannot recognise deferred tax assets related to these years in the balance sheet.

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