Annual report 2012 - VDL

Provisions
The pension provision is valued at cash value. The other provisions mainly concern warranty obligations, bridging loans,
reorganization, maintenance of buildings, soil remediation and anniversary benefits. Provisions are taken at the current value of
the estimated obligations.
Deferred tax credits and obligations
Deferred tax obligations relate to future tax obligations resulting from the differences between the valuation of the assets and
liabilities according to the balance sheet and the valuation for tax purposes of said items. Deferred tax obligations are calculated in
line with the current rate of corporation tax, and at 15% with regard to the revaluation of company buildings. Deferred tax
credits relate to future tax credits due to the available forward offset of losses and are calculated in line with the current rate of
corporation tax. If and to the extent that such can be legally justified, the deferred tax credits ensuing from the available forward
offset of losses are set off against the deferred tax obligations. If such offset is not possible, the deferred tax credits are booked
as financial fixed assets or receivables, depending on the anticipated time of settlement.
Other assets and liabilities
Other assets and liabilities are entered at face value.
Accounting principles for determining the result
Taking the aforementioned principles into account, the result is determined as the difference between the sales value of goods
and services supplied during the financial year and the costs and other expenses valued at historical cost price. Profit is realised
at the time of billing. Losses are recorded as soon as they become known.
Profits from non-consolidated shareholdings
Profits from non-consolidated shareholdings are accounted for in accordance with the net assets method.
Tax
Tax on profit is calculated at the nominal rate applicable to the financial year in question, whereby tax facilities are taken into account.
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