Volvo 2013 Annual Report Download - page 177

Interest income and similar credits amounting to 8 (0) included interest in
the amount of 0 (0) from subsidiaries. Interest expenses and similar
charges totalling 1,139 (1,509) included interest of 1,136 (1,504) to sub-
sidiaries.
Other fi nancial income and expenses include exchange rate gains and
losses, cost for credit facilities, costs for credit rating, fi nancial costs per-
taining to changed taxable income previous years and costs for registra-
tion of AB Volvo shares.
Group contributions amounted to a net of 832 (5,628). Allocation to addi-
tional depreciation has been made during the year with 1 (0).
Dividend of 31 (35) was received from VE Commercial Vehicles Ltd.
Income include write-down of participation in Blue Chip Jet HB with
5(–) and in Blue Chip Jet II HB with 26 (19).
INCOME FROM INVESTMENTS IN JOINT
VENTURES AND ASSOCIATED COMPANIES
NOTE 6
Income from other investments includes a dividend of 5 (5) from Eicher
Motors Ltd. The shares in Johanneberg Science Park AB and Lindholmen
Science Park AB were written down by 4 (–).
INCOME FROM OTHER INVESTMENTS
NOTE 7
INTEREST INCOME AND EXPENSES
NOTE 8
OTHER FINANCIAL INCOME
AND EXPENSES
NOTE 9
ALLOCATIONS
NOTE 10
2013 2012
Current taxes (254) 4
Deferred taxes 587 (1,096)
I/S Total income taxes 333 (1,092)
Current taxes consist of an expense of 1 (2) related to this year and an
expense of 253 (income 6) related to prior years.
Deferred taxes relate to estimated tax on the change in tax-loss carry-
forwards and temporary differences. Deferred tax assets are recognized
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
an income of 590 (expense 1,081) and to changes in other temporary
differences to an expense of 3 (15).
The table below discloses the principal reasons for the difference
between the corporate income tax of 22% and the tax for the period.
2013 2012
Income before taxes (1,954) 6,193
Income tax according to applicable tax rate 430 (1,629)
Capital gains/losses (23) 754
Non-taxable dividends 380 253
Non-taxable revaluations of shareholdings (227) (37)
Other non-deductible expenses (15) (71)
Other non-taxable income 42 18
Adjustment of current taxes for prior periods (253) 6
Withholding tax (1) (2)
Recognition and derecognition of deferred tax assets
due to change in tax rate – (384)
I/S Income taxes for the period 333 (1,092)
Specifi cation of deferred tax assets Dec 31,
2013 Dec 31, 2012
Tax-loss carryforwards 2,394 1,804
Provision for post-employment benefi ts 149 141
Provision for restructuring measures 7 9
Other deductible temporary differences – 10
B/S Deferred tax assets 2,550 1,964
NOTE 11 INCOME TAXES
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