Volvo 2000 Annual Report Download - page 63

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61
Minority interests in profit (loss) and in equity consist
mainly of Henlys Group’s participation in Prévost Car Inc
(49%) and the minority interests in Volvo Aero Norge AS
(22%) and in The AGES Group, ALP (14%). Through
September 1998, minority interests in profit (loss) also
included Hitachi Construction Machinery Company’s par-
ticipation in Euclid-Hitachi Heavy Equipment Inc (40%).
Specification of deferred tax assets and tax liabilities
1998 1999 2000
Deferred tax assets:
Tax loss carryforwards, gross 1,085 1,031 1,698
Other tax deductions 60 154 303
Shares and participations 109 55 3
Internal profit on inventory 551 223 221
Provision for doubtful receivables 227 186 157
Provision for warranties 1,103 552 555
Provision for pensions and other post-employment benefits 476 653 708
Provision for restructuring measures 562 277 206
Other deductible temporary differences 2,556 650 1,026
6,729 3,781 4,877
Valuation allowance (1,084) (379) (613)
Deferred tax assets after deduction for valuation allowance 5,645 3,402 4,264
Deferred tax liabilities:
Accelerated depreciation on property, plant and equipment 1,557 989 1,180
Accelerated depreciation on leasing assets 897 855 1,432
LIFO valuation of inventory 442 206 167
Untaxed reserves 1,924 900 721
Other taxable temporary differences 956 1,004 1,501
5,776 3,954 5,001
Deferred tax liabilities, net 131 552 737
Deferred taxes are recognized after taking into account offsetting possibilities.
Value in Value in Value in
balance balance Subsidaries balance
sheet sheet Invest- Sales/ acquired and Translation Reclassi- sheet
Acquisition costs 1998 1999 ments scrapping divested differences fications 2000
Goodwill 7,199 6,929 – – 108 308 (22) 7,323
Entrance fees, aircraft
engine programs 1,248 1,293 413 (32) – 3 1 1,678
Other intangible assets 170 1,727 103 (17) – 80 (4) 1,889
Total intangible assets 8,617 9,949 516 (49) 108 391 (25) 10,890
Buildings 16,055 10,575 771 (174) 67 387 418 12,044
Land and
land improvements 3,303 2,633 163 (63) – 69 (12) 2,790
Machinery and equipment 151,642 24,235 3,602 (1,161) (277) 601 (24) 26,976
Construction in progress
including advance payments 4,194 1,368 378 (10) – (2) (346) 1,388
Total buildings, machinery
and equipment 75,194 38,811 4,914 (1,408) (210) 1,055 36 43,198
Assets under
operating leases 27,639 16,516 5,709 (3,202) – 1,145 (914) 19,254
Total tangible assets 102,833 55,327 10,623 (4,610) (210) 2,200 (878) 62,452
1 Machinery and equipment pertains mainly to production equipment.
Note 11 Minority interests
Note 12 Intangible and tangible assets