20% - Assa Abloy

ASSA ABLOY
Annual Report 2007
78
Notes 19–23
Note 19 Deferred tax on income
Group
SEK M 2006 2007
Deferred tax receivables
Tax-deductible goodwill 533 439
Pensions 250 187
Other deferred tax receivables 306 255
Deferred tax receivables 1,089 881
Deferred tax liabilities 106 119
Deferred tax receivables, net 983 762
Change in deferred tax during the year
At 1 January 1,196 983
Acquisitions of subsidiaries –174 –84
Reported in income statement 12 –136
Exchange-rate differences –51 –1
At 31 December 983 762
The group has additional tax losses carried forward of
some SEK 900 M (700) for which deferred tax receivables
have not been recognized.
Note 20 Other long-term financial assets
Group
Parent
company
SEK M 2006 2007 2006 2007
Other shares and participations
18 37 14 29
Interest-bearing longterm
receivables 128 105 42 72
Other long-term receivables
95 28 118 –
Total 241 170 174 101
Other shares and participations are valued at acquisition
value. Interest-bearing long-term receivables and other longterm
receivables are valued at accrued acquisition value.
Note 21 Inventories
Group
SEK M 2006 2007
Materials and supplies 1,171 1,157
Work in progress 1,207 1,361
Finished goods 1,575 1,782
Paid in advance 73 99
Total 4,026 4,399
Direct material costs during the year amounted to SEK
10,721 M (9,561), of which SEK 103M (185) represented
write-downs of inventory.
Note 22 Accounts receivable
Group
SEK M 2006 2007
Accounts receivable 5,359 5,831
Provision for bad debts –278 –294
Total 5,081 5,537
There is a limited concentration of credit risks associated
with accounts receivable because the Group has a large
number of customers with a wide international spread.
The fair value of receivables equals their carrying value.
Maturity analysis
Accounts receivable not due 3,866
Accounts receivable past due not impaired
< 3 months 1,292
3 –12 months 156
> 12 months 17
1,465
Impaired accounts receivable
< 3 months 216
3 –12 months 144
> 12 months 140
500
Provision for bad debts –294
Total 5,537
Carrying amount per currency
EUR 1,947
USD 1,621
GBP 362
AUD 269
SEK 202
Other currencies 1,136
Total 5,537
Current year’s change in provision for bad debts
Opening balance 278
Acquisitions (+) / disposals (–) 8
Receivables written off –71
Reversal of unused amounts –23
Provision for bad debts 89
Translation differences 13
Closing balance 294
Note 23 Derivative financial instruments
Group
SEK M 2006 2007
Derivative, positive value (assets)
Interest rate swaps – fair value hedging – 26
Interest rate swaps – held for trading 2 –
Currency basket options 10 6
Currency contracts – held for trading 28 62
40 94
Derivative, negative value (liabilities)
Interest rate swaps – fair value hedging –18 –
Interest rate swaps – held for trading – –5
Currency contracts – held for trading –24 –21
–42 –26
Derivative financial instruments, net
(liability) –2 68