Scania Annual Report 2011

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102 notes to the consolidated financial statements NOTE 8 Taxes, continued 2011 2010 2009 Reconciliation of effective tax Amount % Amount % Amount % Income before tax 12,612 12,533 1,602 Tax calculated using Swedish tax rate –3,317 26.3 –3,296 26.3 –421 26.3 Tax effect and percentage influence: Difference between Swedish and foreign tax rates –528 4 –649 5 –296 18 Tax-exempt income 111 –1 291 –2 354 –22 Non-deductible expenses –118 1 –148 1 –161 10 Utilisation of tax value of loss carry-forwards not previously recognised 3 571 –5 29 0 27 –2 Valuation of tax value of loss carry-forwards not previously recognised 42 0 383 –3 5 0 Adjustment for taxes pertaining to previous years 16 0 –38 0 23 –1 Changed tax rates 1 0 6 0 –9 1 Other 32 0 –8 0 5 0 Tax recognised –3,190 25 –3,430 27 –473 30 3 During the year, loss carry-forwards have arisen in the Group that have been utilised in full. Deferred tax assets and liabilities are attributable to the following: 2011 2010 2009 Deferred tax assets Provisions 710 668 551 Provisions for pensions 962 871 694 Non-current assets 656 543 597 Inventories 570 556 510 Unutilised tax loss carry-forwards 4 597 769 286 Derivatives 148 278 30 Other 1,265 865 802 Offset within tax jurisdictions –3,657 –3,108 –2,651 Total deferred tax assets 5 1,251 1,442 819 Deferred tax liabilities Property, plant and equipment 3,868 3,526 3,225 Tax allocation reserve 6 605 593 415 Other 52 74 184 Offset within tax jurisdictions –3,657 –3,108 –2,651 Total deferred tax liabilities 868 1,085 1,173 Net deferred tax assets (–) / tax liabilities (+), net amount –383 –357 354 4 Of the deferred tax assets attributable to unutilised tax loss carry-forwards, SEK 467 m. may be utilised without time constraints. 5 Deferred tax assets related to tax loss carry-forwards are recognised to the extent that it is likely that the loss carry-forwards can be utilised to offset profits in future tax returns. Deferred tax assets related to unutilised tax loss carry-forwards of SEK 13,389 m. (13,601 and 108, respectively) were not assigned a value. Most of these were not assigned a value because these tax loss carry-forwards may only be utilised in relation to a limited portion of operations. Tax loss carry-forwards with time limits totalled SEK 22 m., of which SEK 9 m. expire in 2015, SEK 13 m. expire in 2016. 6 In Sweden, tax laws permit provisions to an untaxed reserve called a tax allocation reserve. Deductions for provisions to this reserve are allowed up to a maximum of 25 percent of taxable profits. Each provision to this reserve may be freely withdrawn and face taxation, and must be withdrawn no later than the sixth year after the provision was made. financial reports Scania 2011
103 NOTE 8 Taxes, continued NOTE 10 Depreciation/amortisation Reconciliation of net deferred tax liabilities 2011 2010 2009 Carrying value on 1 January –357 354 401 Deferred taxes recognised in the year’s income 26 –401 –705 Exchange rate differences 39 –17 –83 Tax assets in acquired businesses –12 –168 – Recognised in “Other comprehensive income”, changes attributable to: actuarial gains and losses on pensions –97 –95 –22 currency translation reserve 4 – 7 hedge reserve 14 –30 756 Net deferred tax assets (–) / tax liabilities (+), 31 December –383 –357 354 Vehicles and Services 2011 2010 2009 Intangible non-current assets Development expenses 171 170 268 Selling expenses 36 37 39 Total 207 207 307 Tangible non-current assets Costs of goods sold 1 1,960 1,874 1,991 Research and development expenses 249 250 226 Selling expenses 187 207 216 Administrative expenses 6 6 8 Total 2,402 2,337 2,441 Total depreciation/amortisation, Vehicles and Services 2,609 2,544 2,748 NOTE 9 Earnings per share 1 Of which, a value decrease of SEK 230 m. (181 and 302, respectively) related to short-term leasing in Vehicles and Services. In addition, there was a value decrease of SEK 624 m. (620 and 568, respectively) in operating leases. Earnings per share 2011 2010 2009 Net income for the year attributable to Scania shareholders, SEK m. 9,422 9,103 1,129 Weighted average, millions of shares outstanding during the year 800 800 800 Earnings per share before/ after dilution, SEK 11.78 11.38 1.41 There are no financial instruments that can lead to dilution. Financial Services 2011 2010 2009 Operating leases (payments of principal) 1,749 1,797 1,842 Other non-current assets 21 21 24 Total depreciation/amortisation, Financial Services 1,770 1,818 1,866 In the Group accounts, depreciation/amortisation was adjusted downward by SEK 477 m. (461). to its consolidated value. In Note 12, depreciation/amortisation related to short-term rentals, capitalised repurchasing obligations and operating leases under the heading “Lease assets” thus amounted to SEK 2,126 m. (2,137). financial reports Scania 2011
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ANNUAL REPORT 2011
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1 Operations 2-31 Statement of the
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SCANIA’S STRATEGY 3 Our solution
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The world of Scania Scania is a glo
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scania’s strategY 7 Scania’s st
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SCANIA’S STRATEGY 9 The change in
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SCANIA’S STRATEGY 11 The aluminiu
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SCANIA’S STRATEGY 13 Profitable b
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SCANIA’S STRATEGY 15 Component mo
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SCANIA’S STRATEGY 17 Methods for
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SCANIA’S STRATEGY 19 Scania is st
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market - TRUCKS 21 Effective overal
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23 assembles the bodies for the Sca
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100 years of innovation In 2011, Sc
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27 Productivity and energy efficien
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SCANIA’S STRATEGY 29 service tech
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SCANIA’S STRATEGY 31 Experience s
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34 MARKET Lastbilar nettoomsättnin
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36 production
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38 production Greater flexibility w
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40 RESEARCH AND DEVELOPMENT
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42 RESEARCH AND DEVELOPMENT Scania
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44 SCANIA’S SUSTAINABILITY WORK R
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46 SCANIA’S SUSTAINABILITY WORK K
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48 SCANIA’S SUSTAINABILITY WORK S
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50 SCANIA’S SUSTAINABILITY WORK S
Page 54 and 55: 52 SCANIA’S SUSTAINABILITY WORK C
Page 56 and 57: 54 SCANIA’S SUSTAINABILITY WORK M
Page 58 and 59: 56 Scania share data Scania share d
Page 60 and 61: 58 Annual General Meeting and Finan
Page 62 and 63: 60 Risks and risk management servic
Page 64 and 65: 62 Risks and risk management Produc
Page 66 and 67: 64 CORPORATE GOVERNANCE REPORT owne
Page 68 and 69: 66 CORPORATE GOVERNANCE REPORT The
Page 70 and 71: 68 CORPORATE GOVERNANCE REPORT by t
Page 72 and 73: 70 BOARD OF DIRECTORS Board of Dire
Page 74 and 75: 72 EXECUTIVE BOARD AND CORPORATE UN
Page 76 and 77: financial reports Amounts in tables
Page 78 and 79: 76 group financial review Group fin
Page 80 and 81: 78 group financial review During 20
Page 82 and 83: 80 consolidated income statements C
Page 84 and 85: 82 consolidated balance sheets Cons
Page 86 and 87: 84 Consolidated statement of change
Page 88 and 89: 86 notes to the consolidated financ
Page 102 and 103: 100 notes to the consolidated finan
Page 140 and 141: 138 parent company financial statem
Page 142 and 143: 140 notes to the parent company fin
Page 144 and 145: 142 proposed guidelines for salary
Page 146 and 147: 144 audit report Audit Report TRANS
Page 148 and 149: 146 quarterly data Quarterly data,
Page 150 and 151: 148 key financial ratios and figure
Page 152 and 153: 150 multi-year statistical review M
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152 The Annual Report contains forw
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Scania AB (publ), SE-151 87 Södert
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Scania Annual Report 2011

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