Volvo 2001 Annual Report Download - page 69

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65
Minority interests in net income (loss) and in sharehold-
ers’ equity consisted mainly of the Henlys Group’s partici-
pation in Prévost Holding BV (49%) and the minority
interests in Volvo Aero Norge AS (22%) and in Volvo
Aero Services LP (previously The AGES Group, ALP)
(14%). As from October 1, 2001, Volvo’s participating
interest in Prévost Holding BV amounted to 50% and is
accounted for using the proportionate method. As a con-
sequence, effective October 1, 2001 minority is reported.
Specification of deferred tax assets and tax liabilities
1999 2000 2001
Deferred tax assets:
Tax-loss carryforwards, gross 1,031 1,698 5,464
Other tax deductions 154 303 501
Internal profit on inventory 223 221 359
Provision for doubtful receivables 186 157 596
Provision for warranties 552 555 1,203
Provision for pensions and other post-employment benefits 653 708 4,641
Provision for restructuring measures 277 206 895
Other deductible temporary differences 705 1,029 3,510
3,781 4,877 17,169
Valuation allowance (379) (613) (2,676)
Deferred tax assets after deduction for valuation allowance 3,402 4,264 14,493
Deferred tax liabilities:
Accelerated depreciation on property, plant and equipment 989 1,180 2,081
Accelerated depreciation on leasing assets 855 1,432 2,542
LIFO valuation of inventory 206 167 916
Product and software development – – 571
Untaxed reserves 900 721 543
Other taxable temporary differences 1,004 1,501 1,143
3,954 5,001 7,796
Deferred tax assets (liabilities), net (552) (737) 6,697
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 1999 2000 ments scrapping divested differences fications 2001
Goodwill 6,929 7,323 – – 7,848 702 101 15,974
Entrance fees, aircraft
engine programs 1,293 1,678 450 – – 28 (67) 2,089
Product and software
development – – 2,039 – – – – 2,039
Other intangible assets 1,727 1,889 85 (4) 239 110 (56) 2,263
Total intangible assets 9,949 10,890 2,574 (4) 8,087 840 (22) 22,365
Buildings 10,575 12,044 1,177 (231) 3,198 824 37 17,049
Land and
land improvements 2,633 2,790 170 (73) 1,428 273 4 4,592
Machinery and equipment 124,235 26,976 4,178 (1,542) 7,835 1,596 92 39,135
Construction in progress
including advance payments 1,368 1,388 188 (142) 1,638 120 (440) 2,752
Total buildings, machinery
and equipment 38,811 43,198 5,713 (1,988) 14,099 2,813 (307) 63,528
Assets under
operating leases 16,516 19,254 5,852 (3,954) 16,959 3,464 502 42,077
Total tangible assets 55,327 62,452 11,565 (5,942) 31,058 6,277 195 105,605
1 Machinery and equipment pertains mainly to production equipment.
Note 11 Minority interests
Note 12 Intangible and tangible assets