Annual report 2011 - Trelleborg

Note 18
Deferred tax assets/tax liabilities
sek m Deferred tax assets
2011
Deferred tax liabilities Net Deferred tax assets
2010
Deferred tax liabilities Net
Intangible assets 7 350 –343 13 342 –329
Land and buildings 63 156 –93 68 152 –84
Machinery and equipment 132 153 –21 126 163 –37
Financial non-current assets 4 9 –5 4 8 –4
Inventories 107 3 104 78 2 76
Current receivables 13 5 8 12 4 8
Pension provisions 109 14 95 108 11 97
Other provisions 45 29 16 71 30 41
Non-current liabilities 24 0 24 14 3 11
Current liabilities 105 2 103 109 5 104
Losses carried forward 756 – 756 838 0 838
Total 1,365 721 644 1,441 720 721
Offsetting of assets/liabilities –434 –434 –400 –400
Total 931 287 644 1,041 320 721
Less tax receivables/liabilities held for sale – –3 –5 2
Continuing operations 931 287 644 1,038 315 723
Deferred tax assets and liabilities are offset when the deferred tax pertains to the same tax authority.
Change in deferred tax on temporary differences and losses carried forward
Balance, January 1 Recognized in
profit and loss
Recognized in other
comprehensive income/directly
against
equity
Acquired/divested tax
assets/liabilities
Translation
differences
Less tax receivables/ Balance, December 31,
liabilities held for sale continuing operations
sek m 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010
Intangible assets –329 –213 –10 –148 –4 32 –343 –329
Land and buildings –84 –81 –15 –11 6 0 8 –93 –84
Machinery and equipment –34 –40 12 –1 1 0 4 3 –21 –34
Financial non-current assets –4 –3 –29 228 27 –230 1 1 –5 –4
Inventories 77 87 27 –3 0 0 –8 1 104 77
Current receivables 9 13 –1 –5 1 0 0 –1 1 8 9
Pension provisions 97 130 –1 –21 –1 –12 95 97
Other provisions 41 125 –25 –62 –9 –13 16 41
Non-current liabilities 11 16 12 –5 1 24 11
Current liabilities 104 123 –20 –5 19 –6 –1 –1 1 –7 103 104
Losses carried forward 835 1,051 –79 –113 4 –9 –4 –91 –3 756 835
Exchange-rate differences 1 –4 –1 4 0 0
Total 723 1,208 –128 –150 46 –235 9 –19 –6 –83 – 2 644 723
Less discontinued operations –1 –5
Continuing operations –129 –155
Note 19
Inventories
sek m 2011 2010
Raw materials and consumables 1,257 1,119
Work in progress 560 497
Finished products and goods for resale 2,158 1,798
Contracted work in progress 4 1
Advances to suppliers 22 18
Total 4,001 3,433
Impairment of obsolete inventories amounted to SEK 311 M (265).
Note 20
Current operating receivables
sek m 2011 2010
Accounts receivable 4,492 4,197
Provision for bad debts –102 –95
Bills receivable 80 76
Operating receivables, associated companies 6 5
Other current receivables 506 345
Derivative instruments (Note 23) 22 51
Prepaid expenses and accrued income (Note 21) 512 520
Total 5,516 5,099
The receivables are recognized in amounts that correspond to fair value.
Age analysis of accounts receivable
sek m 2011 2010
Receivable not yet due 3,840 3,619
Due, but not impaired:
90 days 108 109
Total 4,492 4,197
Provision for bad debts –102 –95
Total 4,390 4,102
Provision for bad debts
sek m 2011 2010
Opening balance 95 124
New provisions recognized in profit and loss 26 24
Utilization of reserve attributable to identified bad debt loss –13 –24
Reversals recognized in profit and loss –13 –21
Other 8 6
Translation difference –1 –8
Assets held for sale – –6
Closing balance 102 95
Note 21
Prepaid expenses and accrued income
NOTES – GROUP
sek m 2011 2010
Interest 7 0
Pension costs 3 3
Tools 179 131
Derivative instruments (Note 23) 6 4
Other 317 382
Total 512 520
Annual Report 2011 Trelleborg AB 87