Volvo 2003 Annual Report Download - page 49

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47
Specification of deferred tax assets and tax liabilities 2001 2002 2003
Deferred tax assets:
Unused tax loss carryforwards 5,464 5,725 5,370
Other unused tax credits 501 343 329
Intercompany profit in inventories 359 280 236
Valuation allowance for doubtful receivables 596 536 523
Provisions for warranties 1,203 997 975
Provisions for post-employment benefits 4,641 4,971 4,687
Provisions for restructuring measures 895 622 370
Other deductible temporary differences 3,510 2,950 2,756
17,169 16,424 15,246
Valuation allowance (2,676) (3,063) (2,718)
Deferred tax assets after deduction for valuation allowance 14,493 13,361 12,528
Deferred tax liabilities:
Accelerated depreciation on property, plant and equipment 2,081 2,059 1,979
Accelerated depreciation on leasing assets 2,542 684 1,062
LIFO valuation of inventories 916 1,075 350
Capitalized product and software development 571 951 1,071
Untaxed reserves 543 564 688
Other taxable temporary differences 1,143 1,329 1,119
7,796 6,662 6,269
Deferred tax assets, net 16,697 6,699 6,259
1 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 (5%). The Henlys Group’s
holding (49%) in Prévost Holding BV was reported as minority inter-
est 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 proportionate method.
Value in Value in Value in
balance balance Acquired and Reclassi- balance
sheet sheet Capital Sales/ divested Translation fications sheet
Acquisition costs 2001 2002 expenditures scrapping operations 4differences and other 2003
Goodwill 15,974 14,787 – (13) 878 (678) 3 14,977
Entrance fees, aircraft engine programs 2,089 2,116 97 – – (12) 20 2,221
Product and software development 2,039 3,949 1,021 – 6 (91) 7 4,892
Other intangible assets 2,263 2,122 58 (504) 43 (93) (30) 1,596
Total intangible assets 22,365 22,974 1,176 (517) 927 (874) 0 23,686
Buildings 17,049 16,688 586 (196) 527 (965) 180 16,820
Land and land improvements 4,592 4,169 113 (55) 183 (335) 49 4,124
Machinery and equipment 139,135 38,425 3,804 (1,321) 947 (2,080) 332 40,107
Construction in progress
including advance payments 2,752 2,111 436 (2) 9 (95) (648) 1,811
Total property, plant and equipment 63,528 61,393 4,939 (1,574) 1,666 (3,475) (87) 62,862
Assets under operating leases 42,077 39,367 5,566 (5,611) 120 (3,021) (2,067) 34,354
Total tangible assets 105,605 100,760 10,505 (7,185) 1,786 (6,496) (2,154) 97,216