Volvo 2009 Annual Report Download - page 124
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Notes and comments
Note 10 Income taxes
2008 2009
Current taxes 191 59
Deferred taxes 35 4,478
Total income taxes 226 4,537
Current taxes relate to prior periods.
Claims as a consequence of tax audit carried out previously for which
provisions are not deemed necessary amount to 249 (184). The
amount is included in contingent liabilities.
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 uti-
lized against future taxable income.
Deferred taxes related to change in tax-loss carryforwards amount
to 4.472 (78) and to changes in other temporary differences to 6
(–43).
The table below shows the principal reasons for the difference
between the corporate income tax 26,3% (28) and the tax for the
period.
2008 2009
Income before taxes 16,599 (6,776)
Income tax according to applicable tax rate (4,648) 1,782
Capital gains/losses 746 0
Non-taxable dividends 4,308 2,703
Non-taxable revaluations of shareholdings (281) (1)
Other non-deductible expenses (83) (23)
Other non-taxable income 817
Adjustment of current taxes for prior periods 191 59
Recognition and derecognition of deferred
tax assets due to change in tax rate (15) –
Income taxes for the period 226 4,537
Specification of deferred tax assets 2008 2009
Tax-loss carryforwards 78 4,550
Valuation allowance for doubtful receivables 1 1
Provision for post-employment benefits 155 161
Deferred tax assets 234 4,712
Note 11 Intangible and tangible assets
Acquisition cost Value in balance sheet 2008 Value in balance sheet 2009
Rights 52 52
Other intangible assets 116 116
Total intangible assets 168 168
Buildings 6 6
Land and land improvements 3 3
Machinery and equipment 45 45
Total tangible assets 54 54
Accumulated depreciation Value in balance
sheet 20081Depreciation2
Value in balance
sheet 2009
Net carrying
value in balance
sheet 20093
Rights 52 –52 0
Other intangible assets 614 20 96
Total intangible assets 58 14 72 96
Buildings 2 0 2 4
Land and land improvements 0 0 0 3
Machinery and equipment 36 036 9
Total tangible assets 38 038 16
The assessed value of buildings was 3 (3) and of land 3 (2). Capital
expenditures in intangible and tangible assets amounted to – (116)
and 0 (0) respectively. In 2008, capital expenditures in intangible
assets related to a competition clause included in the agreement with
Eicher Motors Limited. Capital expenditures approved but not yet
implemented at year-end 2009 amounted to – (2).
1 Including accumulated write-downs.
2 Including write-downs.
3 Acquisition value, less accumulated depreciation, amortization and write-
downs.
FINANCIAL INFORMATION 2009
120