Investor Presentaiton
CONSOLIDATED FINANCIAL STATEMENTS | NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | NET WORKING CAPITAL
3.6 DEFERRED TAX ASSETS AND LIABILITIES
Deferred tax assets, MEUR
Dec 31, 2021
Tax losses carried forward
1.7
Dec 31, 2020
2.0
Provisions and accruals
267.8
236.7
Pensions
28.6
21.7
Inventory
23.5
24.5
25.7
Property, plant and equipment
16.0
14.7
Other temporary differences for assets
42.8
42.6
9.2
41.0
Offset against deferred tax liabilities
-111.3
-99.8
Total
269.1
242.4
292.3
Total at beginning of period
Translation differences
Change in statement of income
Charged or credited to equity
Acquisitions, divestments and other
Total at end of period
Deferred tax liabilities, MEUR
Property, plant and equipment
Goodwill and intangible assets
Other temporary differences for liabilities
Offset against deferred tax assets
Total
242.4
292.3
21.1
-5.5
11.5
-48.3
-5.9
3.8
0.1
0.1
269.1
242.4
Dec 31, 2019
2.4
193.2
20.8
Accounting principles
Deferred taxes
Deferred taxes are provided for temporary differences
arising between the tax bases of assets and liabilities
and their carrying amounts in financial reporting, and
measured with enacted tax rates. Typical temporary
differences arise from revenue recognition, provisions,
depreciation and amortization, inter-company inventory
margins, defined benefit plans, lease contracts and tax
losses carried forward. Deferred tax assets on unused
tax losses and other temporary differences are
recognized to the extent it is probable that taxable profit
is available to take advantage of the asset in the future.
A deferred tax liability is recognized on the
undistributed profits of subsidiaries where such tax is
applicable and it is expected to realize in the
foreseeable future. Deferred tax assets and liabilities
are offset for presentation purposes when there is a
legally enforceable right to offset income tax
receivables against income tax payables and when the
deferred tax assets and liabilities relate to income taxes
levied by the same taxation authority.
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
29.3
29.0
22.6
72.2
72.0
73.9
96.7
89.3
63.8
-111.3
-99.8
86.9
90.4
160.3
Total at beginning of period
90.4
160.3
Translation difference
0.6
-2.1
Change in statement of income
-6.1
-71.7
Acquisitions, divestments and other
2.0
3.9
Total at end of period
86.9
90.4
Net deferred tax assets and liabilities
182.2
152.0
57
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