Note 15 – Income tax

The major components of income tax are:

Group
2015 2014 2013
Current tax
Current tax expense -7 189 -3 005 -2 485
Adjustments of previous year 509 -49 0
Total current tax – 6 680 -3 054 -2 485
Deferred tax
Origination and reversal of temporary differences 520 -769 -2 830
Capitalised tax loss carry forward 117 1 300 2 345
Utilised tax loss carry forward -669 2 181 0
Total deferred tax -32 2 712 -485
Total income tax -6 712 -342 -2 970

Reconciliation of effective tax rate:

Group
2015 2014 2013
Accounting profit before income tax 26 696 15 938 11 613
Tax calculated using Swedish tax rate 22% -5 873 -3 506 -2 555
Difference between Swedish and foreign tax rates -200 -297 -358
Non-taxable income 357 117 665
Non-deductible expenses -2 203 -275 -1 011
Utilisation of previously not recognised tax losses 1 491 409 1 475
Tax losses not recognised -793 -1 733 -995
Revaluation of tax losses 0 4 992 -191
Adjustment of previous years current income tax 509 -49 0
Effective income tax group -6 712 -342 -2 970
Total income tax for the period -6 712 -342 -2 970

In addition to above, deferred income tax has been charged to other comprehensive income with -0.2 MEUR (2014: 1.2, 2013: -0.1) relating to re-measurement losses on defined benefit plans.

Deferred tax assets and deferred tax liabilities relates to the following:

Group
2015 Assets Liabilities
Tax losses carry forward 11 059 0
Provisions for defined benefit pensions 4 752 0
Property, plant and equipment 0 1 777
Untaxed reserves 0 521
Other 1 046 701
Total 16 857 2 999

 

Groups
2014 Assets Liabilities
Tax losses carry forward 10 550 0
Provisions for defined benefit pensions 4 109 0
Property, plant and equipment 0 1 137
Untaxed reserves 0 1 122
Other 627 750
15 286 3 009
Group
2013 Assets Liabilities
Tax losses carry forward 7 222 0
Provisions for defined benefit pensions 2 617 0
Property, plant and equipment 267 90
Untaxed reserves 0 1 184
Other 1 005 1 308
Total 11 111 2 582

Deferred tax assets are recognized for tax losses carry forwards to the extent that it is probable that they can be utilized to reduce future taxable profits. Recognised tax losses carry forward are relating to the following countries:

2015 2014 2013
MEUR Tax rate MEUR Tax rate MEUR Tax rate
Sweden 34 22% 36 22% 20 22%
France 9 33% 8 33% 8 33%
Austria 2 25%

Tax losses carry forward in Sweden, France and Austria may be utilized against future tax income and are not limited in time. In France and Austria there is a maximum amount to be used each year.

In addition to the above recognized tax losses carry forwards, the Group has unrecognized tax losses carry forward in France 53 MEUR (2014: 53, 2013: 54) and Norway 17 MEUR (2014: 18, 2013: 20), that might be utilized to reduce future taxable profits but are not recognized due to uncertainty of the possibility to generate enough taxable profits in the near future. No tax losses carry forward are limited in time.

Reconciliation of net deferred tax assets:

2015 2014 2013
Opening balance as at 1 January 12 277 8 529 9 038
Tax expense for the period recognized in profit or loss -32 2 712 -485
Tax income for the period recognized in other comprehensive income -184 1 189 -118
Acquisitions 1 664 0 0
Other 102 0 127
Translation differences 31 -153 -33
Closing balance as at 31 December 13 858 12 277 8 529