Income Statement Infratek ASA

Select note    
NOTE 7
TAX EXPENSE
  
Amounts in thousand NOK
2011
2010
after restatement
2010
before restatement
Pre-tax profit
75 611
54 826
55 809
Permanent differences
(95 671)
218
218
Non-taxed gain on sales of shares
-
-
-
Non-taxed Group contribution recognized as financial income
  
(19 000)
(19 000)
Taxable Group contribution recognized against acquisition cost
-
-
-
Change in temporary differences
(1 704)
2 111
1128
Tax basis before application of loss carryforward
(21 764)
38 155
38 155
Applied tax loss carryforward
  
-
-
Taxable income
(21 764)
38 155
38 155
       
Specification of tax expense for the year:
      
Tax payable
-
(10 683)
(10 683)
Tax on share issue expenses recognized in equity
(332)
-
-
Tax on Group contribution recognized in acquisition cost
-
-
-
Change in deferred tax asset (recognized)
6 184
591
316
Ordinary tax expense
5 852
(10 093)
(10 368)
Taxation rate, 31 December
28%
28%
28%
       
Amounts in thousands NOK
2011
2010
after restatement
2010
before restatement
Deferred tax/deferred tax benefit:
      
Pension liabilities
3 971
5 675
3 095
Temporary differences that affect tax payable:
3 971
5 675
3 095
Tax loss carryforward
21 764
-
-
Basis, deferred tax/(deferred tax benefit)
25 735
5 675
3 095
Deferred tax/(deferred tax benefit)
(7 206)
(1 589)
(867)
       
Reconciliation of effektive tax rate:
      
Amounts in thousand NOK
2011
2010
after restatement
2010
before restatement
Pre-tax profit
75 611
54 826
55 809
Expected tax expense, 28% nominal taxation rate
(21 171)
(15 351)
(15 628)
Incorrect tax cost 2010
(332)
-
-
Effect of non-taxed Group contribution
27 286
5 320
5 320
Impact of reversed pension effect recognized in OCI
568
-
-
Effect of permanent differences
(499)
(62)
(62)
Tax expense
5 852
(10 093)
(10 368)
       
Effective tax rate
7.7 %
18.4 %
18.6 %