Volvo 2002 Annual Report Download - page 44

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42/43
The Volvo Group
Notes to consolidated financial statements
Specification of deferred tax assets and tax liabilities 2000 2001 2002
Deferred tax assets:
Tax-loss carryforwards, gross 1,698 5,464 5,725
Other tax deductions 303 501 343
Internal profit on inventories 221 359 280
Provisions for doubtful receivables 157 596 536
Provisions for warranties 555 1,203 997
Provisions for pensions and other post-employment benefits 708 4,641 4,971
Provisions for restructuring measures 206 895 622
Other deductible temporary differences 1,029 3,510 2,950
4,877 17,169 16,424
Valuation allowance (613) (2,676) (3,063)
Deferred tax assets after deduction for valuation allowance 4,264 14,493 13,361
Deferred tax liabilities:
Accelerated depreciation on property, plant and equipment 1,180 2,081 2,059
Accelerated depreciation on leasing assets 1,432 2,542 684
LIFO valuation of inventories 167 916 1,075
Product and software development – 571 951
Untaxed reserves 721 543 564
Other taxable temporary differences 1,501 1,143 1,329
5,001 7,796 6,662
Deferred tax assets (liabilities), net (737) 6,697 6,699
Deferred taxes are partially recognized in the balance sheet on a net basis after taking into account offsetting possibilities.
Note 11 Minority interests
Note 12 Intangible and tangible assets
Minority interests in net income (loss) and in shareholders’ equity
consisted mainly of the minority interests in Volvo Aero Norge AS
(22%) and in Volvo Aero Services LP (previously The AGES Group,
ALP, 5%). The Henlys Group’s holding (49%) in Prévost Holding BV
was reported as minority interest up to the third quarter 2001. As of
October 1, 2001, Henlys’ ownership interest was increased to 50%
and Prévost Holding BV is from this date consolidated by the propor-
tionate method.
Value in Value in Value in
balance balance Subsidaries balance
sheet sheet Invest- Sales/ acquired and Translation Reclassi- sheet
Acquisition costs 2000 2001 ments scrapping divested 4differences fications 2002
Goodwill 7,323 15,974 – (269) 135 (963) (90) 14,787
Entrance fees, aircraft engine programs 1,678 2,089 272 – – 4 (249) 2,116
Product and software development – 2,039 1,664 – – 11 235 3,949
Other intangible assets 1,889 2,263 75 (47) – (159) (10) 2,122
Total intangible assets 10,890 22,365 2,011 (316) 135 (1,107) (114) 22,974
Buildings 12,044 17,049 982 (335) 134 (1,123) (19) 16,688
Land and land improvements 2,790 4,592 159 (259) 21 (355) 11 4,169
Machinery and equipment 126,976 39,135 3,259 (1,723) 72 (3,036) 718 38,425
Construction in progress
including advance payments 1,388 2,752 402 (1) – (294) (748) 2,111
Total buildings, machinery and equipment 43,198 63,528 4,802 (2,318) 227 (4,808) (38) 61,393
Assets under operating leases 19,254 42,077 5,424 (4,572) 451 (4,043) 30 39,367
Total tangible assets 62,452 105,605 10,226 (6,890) 678 (8,851) (8) 100,760