Nokia 2003 Annual Report Download - page 146
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Notes to the Consolidated Financial Statements (Continued)
24. Deferred taxes
2003 2002
EURm EURm
Deferred tax assets:
Intercompany profit in inventory ....................................... 40 48
Tax losses carried forward ............................................. 36 109
Warranty provision .................................................. 157 118
Other provisions ..................................................... 179 183
Other temporary differences ........................................... 233 168
Untaxed reserves .................................................... 98 105
Total deferred tax assets ................................................ 743 731
Deferred tax liabilities:
Untaxed reserves .................................................... (33) (33)
Fair value gains/losses ................................................ (22) (25)
Other .............................................................. (186) (149)
Total deferred tax liabilities .............................................. (241) (207)
Net deferred tax asset .................................................. 502 524
The tax (charged)/credited to shareholders’ equity is as follows:
Fair value and other reserves, fair value gains/losses ......................... (22) (25)
Deferred income tax liabilities have not been established for withholding tax and other taxes that
would be payable on the unremitted earnings of certain subsidiaries, as such earnings are
permanently reinvested. At December 31, 2003 the Group had loss carry forwards of EUR 75
million (EUR 91 million in 2002) for which no deferred tax asset was recognized due to
uncertainty of utilization of these loss carry forwards. These loss carry forwards will expire in
years 2005 through 2010.
25. Short-term borrowings
Short-term borrowings consist primarily of borrowings from banks denominated in different
foreign currencies. The weighted average interest rate at December 31, 2003 and 2002 was 6.73%
and 6.01%, respectively.
26. Accrued expenses
2003 2002
EURm EURm
Social security, VAT and other taxes ...................................... 501 385
Wages and salaries .................................................... 170 212
Prepaid income ....................................................... 276 196
Other ............................................................... 1,521 1,818
Total ............................................................... 2,468 2,611
Other includes various amounts which are individually insignificant.
F-37