Volvo 2007 Annual Report Download - page 142
Download and view the complete annual report
Please find page 142 of the 2007 Volvo annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Parent Company AB Volvo
138 Financial information 2007
Notes and comments
Note 10 Intangible and tangible assets
Note 9 Income taxes
Value in Value in
balance sheet Capital Sales/ balance sheet
Acquisition cost 2006 expenditures scrapping 2007
Rights 52 – – 52
Total intangible assets 52 – – 52
Buildings 6 – 0 6
Land and land improvements 3 – – 3
Machinery and equipment 48 1 (3) 46
Total tangible assets 57 1 (3) 55
Value in Value in Net carrying
balance sheet Depre- Sales/ balance sheet value in balance
Accumulated depreciation 2006
2 ciation
1 scrapping 2007
2 sheet 2007
3
Rights 52 – – 52 0
Total intangible assets 52 – – 52 0
Buildings 1 0 0 1 5
Land and land improvements 0 0 – 0 3
Machinery and equipment 40 0 (3) 37 9
Total tangible assets 41 0 (3) 38 17
2006 2007
Current taxes (1,705) (1,024)
Deferred taxes (1) 2
Total income taxes (1,706) (1,022)
Current taxes were distributed as follows:
2006 2007
Current taxes for the period (1,740) (1,036)
Adjustment of current taxes for prior periods 35 12
Total current taxes (1,705) (1,024)
Deferred taxes relate to estimated tax on the change in tax-loss
carryforwards and temporary differences. Deferred tax assets are
reported to the extent that it is probable that the amount can be
utilized against future taxable income.
Deferred taxes related to change in tax-loss carryforwards amount
to – (–) and to changes in other temporary differences to 2 (–1).
The table below shows the principal reasons for the difference
between the corporate income tax (28%) and the tax for the period.
2006 2007
Income before taxes 6,055 4,214
Income tax according to
applicable tax rate (28%) (1,695) (1,180)
Capital gains/losses (102) (35)
Non-taxable dividends 114 235
Non-taxable revaluations of shareholdings (54) (42)
Other non-deductible expenses (15) (15)
Other non-taxable income 11 3
Adjustment of current taxes for prior periods 35 12
Income taxes for the period (1,706) (1,022)
Specifi cation of deferred tax assets 2006 2007
Valuation allowance for doubtful receivables 1 1
Provision for post-employment benefi ts 196 198
Deferred tax assets 197 199
The assessed value of buildings was 3 (3) and of land 2 (2). Capital
expenditures in tangible assets amounted to 1 (0). Capital expendi-
tures approved but not yet implemented at year-end 2007 amounted
to 2 (3).
1 Including write-downs.
2 Including accumulated write-downs.
3 Acquisition value, less accumulated depreciation, amortization and write-
downs.