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According to the report, if one adjusts for the exceptional expense of Rs 20 crore incurred in the December 2010 quarter on account of change in method of depreciation from written-down value method to the straight line method, then year-on-year profits have fallen by 7 per cent from Rs 122 crore to Rs 113 crore now.
When the car is sold, the difference between the tax written-down value of the car and the sale proceeds received can be set against company profits in the year of disposal and reduce the company's corporation tax liability.
Although much of the uncertainty associated with new car pricing has disappeared, the fall in values of used cars can severely restrict the growth plans of businesses, as companies can find themselves with assets worth less than their written-down value.
This gain represents the difference between the sales price of the Power-One shares and the written-down value at December 31, 2008 (based on original cost, the Company actually realized a gain on the sale of Power-One shares in the amount of $2,860,000, or $1,773,000 after tax).
The general technique can be used for many other calculations--for instance, working out the written-down value of an asset or the outstanding balance, interest and repayments for a loan.