Bevel-helical gear Reduction Box B2 For details on the shafts see Chapter Perm B2FV-6-C

Flender/Flender Gear Units/Bevel-helical gear Reduction Box B2

nswith the object of securing the execution ofprojects. All exchange rate adjustments, madeto ensure that cash flows in foreign curren-cies, are included in the sales or purchasetransactions to which they relate. Otherexchange rate adjustments are included infinancial items. Balance sheet items denominated in foreign currencies are generally translated into Danishkroner at the exchange rates ruling at thebalance sheet date. Hedged debtors and cre-ditors are stated at the contractual exchangerates. Profit and loss account Method of revenue recognitionNet turnover comprises the invoiced sales oforders and services supplied for the year withchanges in the value of sales orders in pro-gress, which are valued at the estimated salesvalue of the work performed. 4Research and development Costs for product and project developmentare entered as expenditure as incurred. Windturbine prototypes manufactured andretained for tests, etc. are capitalised in thebalance sheet at an amount corresponding tothe direct costs of labour and materials. Development subsidies received are set off under development costs at the time at whichconditions for the final reception of the subsi-dies were fulfilled. Taxation Corporation tax is entered as expenditure inthe amount of the tax related to the profit forthe year. Estimated tax on taxable income forthe year is entered in the balance sheet - withthe deduction of payments on account -under short-term creditors/debtors, whereasdeferred tax is entered in the balance sheet.Provisions for deferred tax are calculated at3 per cent of temporary differencesbetween the net book values and tax valuesof asset and liability entries at the balancesheet date. If the deferred tax shows an ac-count owing, and it is evaluated that thesecurity necessary for the utilisation of same ispresent, this is entered in the balance sheet asa deferred tax asset. Joint taxation has been established between the parent company and number of the sub-sidiary undertakings. Cor