As of 31 december 2011 telenor asa had 23 954 781

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Unformatted text preview: evious years’ current income tax Income tax expense Effective tax rate in % (1 837) - (179) 1 624 (1) 2 (391) 5.95% (1 739) 5 (15) (790) (2 539) 40.88% Profit before taxes /PAGE 95/ TELENOR ANNuAL REPORT 2011 notes to the financial statements / Telenor ASA NOK in millions 2011 Temporary differences as of 31 December Non-current assets interest element in connection with fair value hedges of liabilities Other non-current receivables Other derivatives 1) Provisions for loss on guarantees Currency revaluation reserves Other accruals for liabilities Pension liabilities Group contribution unutilised tax credits carried forward Total before cash flow hedge Cash flow hedge Total Net deferred tax assets (28%) Recorded to other comprehensive income 2) 2010 75 (1 313) (40) (104) (6 072) 369 (83) (341) (3 900) (39) (11 448) (72) (11 520) 3 225 80 (1 276) (957) 172 279 (80) (335) (5 400) (29) (7 546) (69) (7 615) 2 132 Changes (5) (37) 917 (276) (6 072) 90 (3) (6) 1 500 (10) (3 902) (3) (3 905) 1 093 (10) Change in deferred taxes 1 083 1) The other derivatives used to hedge liabilities and cash flows and changes in value are recognised in the income statement. 2) deferred taxes recognised in other income items in total income is primarily related to tax on the value change in derivatives that are designated as hedging instruments in cash flow hedges. Other comprehensive income elements are presented gross in the comprehensive income with the related tax effect on a separate line. In 2011, Telenor ASA will claim a tax deduction of realised losses on loans and guarantees related to Cinclus Technology AS for a total amount of NOK 683 million, see note 6 where the losses are discussed in more details. In the calculation of this year’s taxable income appears NOK 664 million as change in temporary differences, and the rest, NOK 19 million is recognised in the net profit. As a result of change in tax rules related to deduction of loss on loan to subsidiaries, with effect from 6 October 2011, a temporary difference related to the provision on such loans was reversed in 2011 with a total of NOK 252 million. The amount was reversed as non-deductible tax expense. In 2010, the Norwegian tax authorities reassessed taxable income in Telenor ASA for the fiscal years 2006 and 2007, regarding the gain on a Total Return Swap Agreement with OJSC VimpelCom shares as the underlying object. The reassessment increased the tax expense and payable tax by NOK 815 million. Telenor ASA has made payments according to the reassessment, but has appealed. / 08 / Goodwill and intangible assets 2011 Amorti Accumulated sations and sations and cost impairment impairment amount 01.01.11 Additions losses losses 31.12.11 NOK in millions Goodwill licenses and legal rights (12–15 years) software purchased (5 years) Work in progress Total goodwill and intangible assets 20 538 382 24 964 - - 37 (16) 21 Accumulated - (39) (68) - (107) amorti - (295) (331) - (626) Carrying 20 243 88 8 359 2010 Amorti Accumulated sations and sations and cost impairment impairment amount 01.01.10 Additions losses losses 31.12.10 20 535 359 9 923 - 3 23 15 41 NOK in millions Goodwill licenses and legal rights (12–15 years) software purchased (5 years) Work in progress Total goodwill and intangible assets Accumulated - (37) (50) - (87) amorti - (256) (263) - (519) Carrying 20 282 118 24 444 /page 96/ telenor annual report 2011 notes to the financial statements / Telenor ASA / 09 / Property, plant and equipment 2011 Accumulated Accumulated depreciation and depreciation and amount NOK in millions cost 01.01.11 Additions disposals impairment losses impairment losses 31.12.11 40 26 66 1 7 8 Accumulated Accumulated depreciation and depreciation and amount NOK in millions cost 01.01.10 Additions disposals impairment losses impairment losses 31.12.10 42 24 66 - 2 2 iT-equipment (3–5 years) Other equipment (0–5 years) Total - (3) (3) (3) (2) (5) (37) (18) (55) Carrying 4 12 16 2010 iT-equipment (3–5 years) Other equipment (0–5 years) Total (2) - (2) (4) (2) (6) (34) (19) (53) Carrying 7 7 14 / 10 / Other financial assets NOK in millions 2011 2010 Capital contribution in Telenor Pension Fund 1) Other financial assets external Total other non-current financial assets 120 1 204 1 324 120 1 199 1 319 short-term interest-bearing receivables external short-term interest-bearing receivables Group companies Receivables Group companies short term placement > 3 months Other current financial assets external Other current financial assets Group companies Total other current financial assets 2 1 333 634 1 691 423 6 4 089 5 991 428 394 28 1 846 1) The amount capitalised in the statement of financial position is the cost price, which equals fair value. Telenor AsA’s ownership in the Pension Fund is 40% of the core capital. Telenor Eiendom Holding As owns the remaining 60%. /PAGE 97/ TELENOR ANNuAL REPORT 2011 notes to the financial statements / Telenor ASA / 11 / Equity and dividends Allocation...
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