LEGO-Group-Annual-Report-2017.pdf

Dkk 18 million of the lego groups capitalised tax

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DKK 18 million of the LEGO Group’s capitalised tax losses expire after 5 years (DKK 19 million in 2016 expire after 5 years). 2017 (mDKK) Deferred tax assets Deferred tax liabilities Deferred tax net Non-current assets 60 (132) (72) Inventories 229 (128) 101 Receivables 85 (1) 84 Provisions 187 187 Other liabilities 136 (21) 115 Offset (124) 124 Tax loss carry-forwards 18 18 591 (158) 433 2016 (mDKK) Deferred tax assets Deferred tax liabilities Deferred tax net Non-current assets 132 (167) (35) Inventories 271 (138) 133 Receivables 77 (1) 76 Provisions 164 164 Other liabilities 156 (41) 115 Other 121 (22) 99 Offset (329) 329 Tax loss carry-forwards 19 19 611 (40) 571 Note 19 (continued) 35 Notes The LEGO Group — Annual Report 2017
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(mDKK) 2017 2016 The amounts recognised in the balance sheet are calculated as follows: Present value of funded obligations (154) (164) Fair value of plan assets 141 142 (13) (22) Present value of unfunded obligations (171) (176) Net liability recognised in the balance sheet (184) (198) Of which included as part of the liabilities (184) (198) The change in present value of defined benefit obligations for the year is as follows: Present value at 1 January (340) (248) Exchange adjustment to year-end rate 16 17 Pension costs relating to current year (12) (99) Pension costs relating to prior year 17 Interest expenses (9) (11) Remeasurement gains/(losses) (6) (12) Benefits paid 9 13 Present value at 31 December (325) (340) Note 20. Pension obligations Defined contribution plans In defined contribution plans, the LEGO Group recognises in the income statement the premium payments (e.g. a fixed amount or a fixed percentage of the salary) to the inde- pendent insurance companies responsible for the pension obligations. Once the pension contributions for defined contribution plans have been paid, the LEGO Group has no further pension obligations towards current or past employees. The pension plans in the Danish companies and some of the foreign companies are defined contribution plans. In the LEGO Group, DKK 216 million (DKK 239 million in 2016) have been recognised in the income statement as costs relating to defined contribution plans. Defined benefit plans In defined benefit plans, the LEGO Group is obliged to pay a certain pension benefit. The major defined benefit plans in the LEGO Group include employees in Germany and in the US. In the LEGO Group, a net obligation of DKK 184 million (DKK 198 million in 2016) has been recognised relating to the LEGO Group’s obligations towards current or past employees concerning defined benefit plans. The obligation is calculated after deduction of the plan assets. In the LEGO Group, DKK 1 million (DKK 105 million in 2016) has been recognised in the income statement as costs and DKK 3 million (DKK 9 million in 2016) has been expensed in comprehensive income. 36 Notes The LEGO Group — Annual Report 2017
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(mDKK) 2017 2016 The change in fair value of plan assets for the year is as follows: Plan assets at 1 January 142 153 Exchange adjustment to year-end rate (3) (15) Interest income 3 5 Remeasurement gains/(losses) 3 3 Benefits paid (4) (4) Plan assets at 31 December 141 142
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