The Volvo Group Annual Report 2010

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Financial information 2010 Notes and comments Note 16 Provisions for pensions Note 18 Other current liabilities Provisions for pensions and similar benefits correspond to the actuarially calculated value of obligations not insured with third parties or secured through transfers of funds to pension foundations. The amount of pensions falling due within one year is included. AB Volvo has insured the pension obligations with third parties. Of the amount reported, 0 (0) pertains to contractual obligations within the framework of the PRI (Pension Registration Institute) system. The Volvo Pension Foundation was formed in 1996. Plan assets amounting to 224 were contributed to the foundation at its formation, corresponding to the value of the pension obligations at that time. Since its formation, net contributions of 25 have been made to the foundation. AB Volvo’s pension costs amounted to 104 (55). The accumulated benefit obligation of all AB Volvo’s pension obligations at year-end 2010 amounted to 611, which has been secured in part through provisions in the balance sheet and through transfer of funds to pension foundations. Net asset value in the Pension Foundation, marked to market, accrued to AB Volvo was 48 higher than the corresponding pension obligations. 2009 2010 Wages, salaries and withholding taxes 102 94 Other liabilities 4 2 Accrued expenses and prepaid income 133 173 Total 239 269 No collateral is provided for current liabilities. Note 19 Contingent liabilities Of the contingent liabilities amounting to 250,606 (254,299), 250,597 (254,041) pertained to Group companies. Guarantees for various credit programs are included in amounts corresponding to the credit limits. These guarantees amount to 243,089 (247,010), of which guarantees on behalf of Group companies totaled 243,089 (247,010). At the end of each year, the utilized portion amounted to 108,562 (130,961), including 108,476 (130,872) pertaining to Group companies. Note 17 Non-current liabilities Non-current debt matures as follows: 2013 10 2016 or later 7 Total 17 Note 20 Cash-flow Other adjustments of operating income 2009 2010 Revaluation of shareholdings (4) 116 Group contributions and transfer price adjustments, current year 14,016 (6,673) Payments of previous years Group contributions and transfer price adjustments 1,351 (14,016) Other (2) 30 Total 15,361 (20,543) Further information is provided in notes 5, 6 and 7. Shares and participations in Group companies, net Investments (11,091) (2,386) Net investments in shares and participations in Group companies (11,091) (2,386) Investments and sales of shares in Group companies are shown in note 13. Shares and participations in non-Group companies, net 2009 2010 Investments (1) (78) Disposals – 15 Net investments in shares and participations in non-Group companies (1) (63) Investments and sales of shares in non-Group companies are presented in note 13. Increase in loans Increase in loans is related to the company’s liability in the group account at Volvo Treasury AB. The liability has increased by 11,457 (6,894). 122
AB Volvo’s holding of shares Dec 31, 2009 Dec 31, 2010 AB Volvo’s holding of shares and participations in non-Group companies 1 Registration number Percentage holding 2 Carrying value, SEK M Carrying value, SEK M Deutz AG, Germany – 7 286 458 Blue Chip Jet II HB, Sweden 969717-2105 50 206 170 Other investments 26 22 Total carrying value, non-Group companies 518 650 1 AB Volvo’s holdings of shares and participations include the direct and indirect holdings of VE Commercial Vehicles (VECV). AB Volvo’s direct holdings in VECV amount to SEK 1,845 M. In the consolidated accounts of the Volvo group, VECV is reported as a joint venture, consolidated according to the proportionate method, and accordingly included in the table for Group companies below. 2 Percentage figures refer to share capital as well as voting rights. Dec 31, 2009 Dec 31, 2010 AB Volvo’s holding of shares and participations in major Group companies Registration number Percentage holding Carrying value, SEK M Carrying value, SEK M Volvo Lastvagnar AB, Sweden 556013-9700 100 8,678 8,678 Volvo Truck Center Sweden AB, Sweden 556072-7777 100 – – Volvo Finland AB, Finland – 100 – – Volvo Group Belgium NV, Belgium – 100 – – Volvo Group UK Ltd, Great Britain – 100 – – Volvo India Ltd, India – 100 – – Volvo Holding Sverige AB, Sweden 556539-9853 100 7,634 7,634 Volvo Logistics AB, Sweden 556197-9732 100 – – BRS Ltd, Great Britain – 100 – – Volvo Construction Equipment North America, Canada – 100 – – Volvo Polska Sp. O.O., Poland – 100 – – Volvo (Southern Africa) Pty Ltd, South Africa – 100 – – Volvo do Brasil Veiculos Ltda, Brazil – 100 – – Banco Volvo (Brasil) SA, Brazil – 100 – – Volvo Group Canada Inc., Canada – 100 – – Prévost Car Inc, Canada – 100 – – Volvo Group Australia Pty Ltd, Australia – 100 – – Volvo Group Automotive Ticaret, Ltd, Sirketi, Turkey 1 – 100 – – Volvo Holding France SA, France – 100 – – Volvo Trucks France s.a.s., France – 100 – – Volvo Compact Equipment s.a.s., France – 100 – – Volvo CE Europe s.a.s., France – 100 – – VFS Finance France s.a.s., France – 100 – – VFS Location France s.a.s., France – 100 – – 123
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Moving The Volvo Group ... 2010
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Volvo Group Mo The Volvo Group is o
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world The Volvo Group’s vision is
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Positive development in the short a
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Share of Group’s net sales Trucks
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Construction equipment Volvo Constr
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The people on Earth produce more th
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Over all str ategies The majority o
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Str ategY Operational Excellence Op
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Continued focus on product developm
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Financial goals Measured over a bus
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Soft product share of Industrial Op
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When mega city London makes a commi
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Economic growth in the U.S., EU and
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impact of SEK 538 M on Volvo Aero
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Business Units The business units a
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Net sales as percentage of Volvo Gr
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Mack Trucks In North America, the o
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All over the world, people are wait
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1 Products’ environmental impact
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2 Responsible sourcing It is becomi
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culture, there is a strong focus on
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Each year, 2 billion people fly all
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Risks and uncertainties Managed ris
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The Volvo Group’s rights to use t
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Price trend, Volvo Series B shares,
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industrial system, as an effect of
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Board of directors’ report 2010 F
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Board of directors’ report 2010 C
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Financial information 2010 Financia
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Financial information 2010 Consolid
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Financial information 2010 Consolid
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The Volvo Group Annual Report 2010

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