New Wave Group AB Annual report 2017 EN | Page 77

NOTE 10 CURRENCY EXPOSURE IN OPERATING RESULT
NOTE 11 FINANCIAL INCOME AND COSTS
NOTE 12 TAX ON RESULT FOR THE YEAR
FINANCIAL INFORMATION THE GROUP
NOTE 10 CURRENCY EXPOSURE IN OPERATING RESULT
NOTE 11 FINANCIAL INCOME AND COSTS
The table shows currency exposed operating result per currency .
SEK million
2017
2016
Operating result Euro , EUR
143.5
119 . 5
Canadian dollar , CAD
-12.2
1.6
Swiss franc , CHF
80.6
180.1
US dollar , USD
61.3
59.8
Nowegian krone , NOK
26.9
27.7
Danish krone , DKK
19.2
17.1
Chinese yuan , CNY
14.8
12.6
Polish zloty , PLN
4.6
3.0
Hong Kong dollar , HKD
49.9
49.9
British pound , GBP
0.3
-1.5
Total operating result in foreign currencies
389.1
469.9
SEK million
2017
2016
Interest income
2.9
1.7
Interest on overdue accounts receivable
2.2
1.4
Translation differences on short-term receivables
-0.4
-0.6
Interest expense
-54.2
-61.2
Interest on overdue accounts payable
-0.1
-0.1
Translation differences on liabilities
-1.1
-0.3
Other financial expenses
-1.2
-0.9
Total
-51.9
-59.9
NOTE 12 TAX ON RESULT FOR THE YEAR
SEK million
2017
2016
Current tax
-71.4
-50.6
Tax attributable to previous years
-0.4
-1.7
Total
-71.8
-52.3
Deferred tax relating to temporary differences and and loss carry-forward
8.6
-11. 3
Totally recorded tax expense
-63.2
-63.6
The Group ' s tax expense for the year amounted to SEK 63.2 million ( SEK 63.6 million ) or 15.2 % ( 18.7 %) on result before tax .
Reconciliation of actual tax Reconciliation between the groups weighted average tax rate , based on each respective countries tax rate , and the groups actual tax :
SEK million
2017
%
2016
%
Result before tax
417.3
340.3
Tax expense based on respective country ' s tax rate
-81.0
-18.6
-51.9
-15.3
Tax effects from : Non taxable profit
4.4
1.1
2.8
0.8
Non deductible expenses
-5.7
-1.4
-2.5
-0.7
Tax arrears assessement
-0.4
-0.1
-1.7
-0.5
Regional and other variations regarding tax rates
-2.3
-0.6
-3.6
-1.1
Changed tax rate in the USA *
9.3
2.2
0.0
0.0
Reverse of previous activated loss carry-forward
-5.8
-0.8
-5.6
-1.7
Taking in use previously not activated loss carry-forward
15.6
2.3
4.3
1.3
Not activated loss carry-forward
-1.9
-0.5
-4.0
-1.2
Temporary differences
4.8
1.1
1.2
0.4
Other
-0.2
-0.1
-2.5
-0.7
Effective taxe rate according to consolidated income statement
-63.2
-15.2
-63.6
-18.7
* The reduced corporate tax rate in the USA has decreased the deferred tax asset on temporary differences with SEK 13.6 million and the deferred tax liability on Group values with SEK 22.9 million .
NWG 2017 | 77