56 JOTUN A/S Note 5 continues INCOME TAX Specification of deferred tax Deferred tax liability consists of tax liabilities that are payable in the future. The table below lists the timing differences between tax accounting and financial accouting. Temporary differences (NOK thousand) 2014 2013 Non-current assets 55 360 54 587 Current assets 12 332 18 325 Liabilities -137 405 -132 862 Net temporary differences -69 714 -59 950 Tax rate 27 % 27 % Deferred tax asset recognised in the statement of financial position 18 823 16 187 Jotun Powder Coatings (N) AS had a deffered tax asset of NOK 4 million in 2013. Note 6 INTANGIBLE ASSETS Technology Software Development (NOK thousand) cost Total Cost Balance as of 1 January 2013 96 495 109 982 71 326 277 803 Additions and internal development 5 334 36 964 17 036 59 334 Disposals - - -4 933 -4 933 Balance at 31 December 2013 101 829 146 946 83 429 332 204 Additions Jotun Powder Coatings (N) AS per 31.12.13 - - 22 617 22 617 Additions and internal development - 21 532 24 963 46 495 Disposals -96 495 - -1 833 -98 328 Balance at 31 December 2014 5 334 168 478 129 177 302 988 Amortisation/impairment Balance as of 1 January 2013 -96 495 -76 315 -4 348 -177 158 Amortisation -933 -8 094 -4 911 -13 938 Disposals - - 138 138 Balance at 31 December 2013 -97 428 -84 409 -9 121 -190 958 Amortisation Jotun Powder Coatings (N) AS per 31.12.13 - - -3 118 -3 118 Amortisation -1 067 -9 178 -7 762 -18 007 Disposals 96 495 - 106 96 601 Balance at 31 December 2014 -2 000 -93 587 -19 896 -115 482 Net book value Balance at 31 December 2014 3 334 74 891 109 281 187 505 Balance at 31 December 2013 4 400 62 537 74 308 141 245 Figures specified from Jotun Powder Coatings (N) AS relates to the balances per 31.12.2013 that where merged into Jotun A/S in 2014. All new aquisitions and amortisations for the year 2014 is included in additions and amortisation specification for present year. Amortisable intangible assets are amortised over the following lifetimes: Asset category Useful life Technology 5 years Software 8 years Development costs up to 10 years See Group’s note 7 for further information.
Jotun Annual Report 2014
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