Page 25 - Kitron Annual Report 2011

Basic HTML Version

Notes to the consolidated financial statements
(Amounts in NOK 1000)
2011
2010
Interest income
1 599
1 356
Other financial income
2 974
1 485
Finance income
4 573
2 841
Interest expenses
(13 658)
(9 819)
Other financial expenses
(6 411)
(7 242)
Finance expenses
(20 069)
(17 061)
Net financial items
(15 495)
(14 220)
(Amounts in NOK 1000)
2011
2010
Tax payable
3 296
3 260
Deferred tax (Note 22)
1 342
9 029
Income tax expense
4 638
12 289
The tax on the group’s profit before tax differs from the theoretical amount that would arise using the domestic
tax rate applicable to profits of the consolidated entities as follows:
(Amounts in NOK 1000)
2011
2010
Ordinary profit before tax
23 167
(6 326)
Tax calculated at the domestic rate (28 %)
6 487
(1 771)
Expenses not deducible for tax purposes
925
1 938
Tax loss for which no deferred income tax asset was recognised
1 763
14 159
Effect on different tax rates in countries in which the group operates
(4 537)
(2 037)
Tax cost
4 638
12 289
The income tax expense is calculated using the domestic tax rate. The tax rate is 28,0 % in Norway, 26,3 % in
Sweden, 15,0 % in Lithuania, 25,0 % in China, 16,5 % in Hong Kong, 34,0 % in USA and 15,0 % in Germany.
The tax (charge)/credit relating to components of other comprehensive income is as follows:
2011
2010
Before tax Tax (charge) credit After tax Before tax Tax (charge) credit After tax
Currency translation differences
(2 109)
- (2 109)
(4 465)
- (4 465)
Current tax
-
-
-
-
-
-
Deferred tax
-
-
-
-
-
-
Note 7 Financial items
Note 8 Income tax expense