2014 Annual report

NOTE 8

INCOME TAXES

NOK 1 000

The tax expense comprises:

Income tax payable

Change in deferred tax

Tax concerning prior periods

Tax effect of net rendered group contribution

Tax expense

Tax payable in balance sheet

NOK 1 000

Tax payable of the year

Tax payable from prior years

Tax payable in balance sheet

Reconciliation of nominal to effective tax rate

NOK 1 000

Profit before tax

Expected tax expense according to nominal tax rate (27%)

Non-taxable gain/loss and return on securities

Unrealised changes in value of securities

Adjustment of tax from prior periods

Efffect of change in tax rate

Adjustment of deferred tax from previous periods *)

Tax effect of other permanent differences

Tax expense

Effective tax rate

Deferred tax

NOK 1 000

Receivables

Shares and bonds

Tangible assets

Provisions

Net pensions

Tax loss to carry forward*

Balance sheet value at 31 Dec., deferred tax liability

Change in net deferred tax recognised in balance sheet

NOK 1 000

Balance sheet value at 1 January

Charged in period

Merged (cf. note 19)

Tax set-off against total comprehensive income (estimate deviation, pensions)

Balance sheet value at 31 December

*As a consequence of changed legislation for carried interest in PE funds, Ferd's tax basis from such investments is changed. The taxation for the period back to 2007 will be changed with increased deduction as a result. This increased deduction will not be considered in the tax basis until Ferd has received a final decision from the tax authorities.