ANNUAL REPORT 2017 Director-General's Statement
ANNUAL REPORT 2017 LFV is with you on the travel
ANNUAL REPORT 2017 This is LFV
ANNUAL REPORT 2017 The Year in Brief
ANNUAL REPORT 2017 Operating Environment and Marke
t
ANNUAL REPORT 2017 Strategy and Objectives
ANNUAL REPORT 2017 Customer Focus
ANNUAL REPORT 2017 Environment
ANNUAL REPORT 2017 Aviation Safety
ANNUAL REPORT 2017 Innovation
ANNUAL REPORT 2017 Cooperation and Partnerships
ANNUAL REPORT 2017 Employees
ANNUAL REPORT 2017 Board of Director's Report
ANNUAL REPORT 2017 Income Statement, Comments on t
he Income Statement
ANNUAL REPORT 2017 Balance Sheet
ANNUAL REPORT 2017 Comments on the balance sheet a
nd funds statements
ANNUAL REPORT 2017 Financing
ANNUAL REPORT 2017 Accounting and Valuation Princi
ples
ACCOUNTING AND VALUATION PRINCIPLES VIGNETTE real
interest rate bonds, for the period of 1 October to 30 September of the year before. In 2015 and 2016 SPV abandoned the use of the Swedish Financial Supervisory Authority’s rate and instead decided on an interest rate floor of -0.3 (0.0) per cent for the state-owned enterprises. The year’s provisions for the pension liability have been reported as costs together with the premiums paid. The interest portion of the year’s pension costs are reported under financial items. The interest portion includes the index-linking of pension benefits and a change of the calculation basis as a result of changed interest rate assumptions. The pension liability includes commitments with respect to both active staff and retirees. One hundred per cent of conditional commitments with respect to staff who have a retirement age prior to 65 years are included in the liability, as these pension provisions are assessed to become fully utilised. The state-owned enterprise pays special payroll tax on pension payments. Provisions for special payroll tax have therefore been reported on the pension liability at the end of the financial year. Liabilities for pensions, which LFV has pursuant to the above are reported under Provisions. Contingent liabilities Contingent liabilities are recognised obligations arising from past events, which are not recognised as a liability or provision since that obligation cannot be measured with sufficient reliability, or it is not probable that an outflow of resources will be required to settle the obligation. Contingent liabilities are also recognised as potential obligations arising from past events, whose existence are confirmed only if one or more uncertain future events, not wholly within the agency’s control, are occurring or not occurring. Taxes, tax equivalent and dividend LFV’s subsidiaries recognise current taxes and thus pay income tax. The corporation tax rate in Sweden is 22 per cent. The state-owned enterprise LFV has no tax liability for income tax, but LFV applies Chapter 10 in ESV’s Special provisions for state-owned enterprises and complies with the government’s regulations concerning what is known as tax equivalent, which means that state-owned enterprises are to provide an amount to the central government equivalent to the income tax that would have been payable if the organisation had been a limited company. The current tax equivalent for the year is calculated on the basis of the profit reported in the group accounts with deductions for fiscal arrangements equivalent to the balance sheet allocations a limited company can utilise, with supplements for nondeductible items and non-taxable revenue. Deductions are also made for the income tax paid by subsidiaries. The state-owned enterprise reports liabilities regarding the calculated tax equivalent for the financial year. The final amount of tax equivalent for the year which is to be paid will be confirmed by the government in conjunction with the ratification of LFV’s annual report for 2017. Both the state-owned enterprise and the Group recognise deferred tax on differences between reported values and values for tax purposes and temporary differences, as well as deferred tax as a result of intended appropriation calculated on the year’s income. The deferred tax of the year refers to calculated deductible tax losses and temporary differences for valuation of receivables. The equity part of, on the one hand, the subsidiaries untaxed reserves and, on the other, the utilised part of the state-owned enterprise’s opportunity to over-depreciate assets is included in the restricted reserves reported partly in the state-owned enterprise's accounts, partly in the consolidated accounts. LFV ANNUAL REPORT 2017 49 LFV pays special payroll tax on pension costs and is liable for value added tax in accordance with the Swedish Value Added Tax Act. Since 2009, LFV has not had the right to deduct VAT attributable to exercising its official authority, which refers to LFV’s imposition of air traffic charges. However, LFV receives compensation for input VAT as per the Ordinance (2002:831) concerning Authorities’ Rights to Compensation for Input VAT. LFV is to issue a dividend for the financial year 2017, equivalent to 15 per cent of income after tax equivalent. The final amount of the dividend will be confirmed by the government in conjunction with the ratification of LFV’s annual report for 2017. Other The limit for allocations in the annual accounts of accrued operating revenue and operating costs for 2017 is SEK 30,000. With regard to rounding off amounts stated in the annual report, the figures reported have in some cases been rounded off, which means that tables, graphs and calculations do not always tally. Figures between 0 and 0.5 are reported in tables as 0. A dash indicates that there is no value.
ANNUAL REPORT 2017 Notes
ANNUAL REPORT 2017 Investments
ANNUAL REPORT 2017 Reporting in Accordance with Pe
rformance Plan
ANNUAL REPORT 2017 Reporting in Accordance with Ap
propriation Directions
ANNUAL REPORT 2017 Risk Management
ANNUAL REPORT 2017 Dividend Proposal
ANNUAL REPORT 2017 Audit Report
ANNUAL REPORT 2017 Board of Directors
ANNUAL REPORT 2017 Group Management
ANNUAL REPORT 2017 Five Years at a Glance
ANNUAL REPORT 2017 Abbreviations and Explanations