Volvo 1997 Annual Report Download - page 54

52
1995 1996 1997
Number of of whom Number of of whom Number of of whom
Average num ber of employees employees women % employees women % employees women, %
AB Volvo
Sweden 409 39 448 37 318 56
Subsidiaries
Sweden 41,133 18 43,293 18 43,682 17
Western Europe 13,168 12 14,681 14 14,664 17
Eastern Europe 185 13 308 15 524 13
North America 6,525 18 6,937 22 7,870 19
South America 2,229 7 1,819 10 2,030 11
Asia 1,684 10 2,003 11 2,065 12
Other countries 616 11 687 13 679 15
Automotive operations 65,949 21 70,176 19 71,832 18
Operations being divested 14,420 40 1,729 50 6 33
Group total 80,369 21 71,905 18 71,838 18
Wages, salaries 1995 1996 1997
and other Board and of which, Other Board and of which Other Board and of which Other
rem unerations, SEK M President bonuses employees President bonuses employees President bonuses employees
AB Volvo
Sweden 17.5 3.7 154.3 20.7 5.4 172.1 28.3 6.2 127.8
Subsidiaries
Sweden 42.9 7.5 9,671.5 51.6 6.6 10,774.7 98.4 43.9 10,864.6
Western Europe 128.9 22.3 3,797.8 134.6 19.5 3,883.5 166.0 34.7 4,421.5
Eastern Europe 0.7 — 12.6 1.5 — 22.0 1.6 — 38.7
North America 42.9 2.5 1,831.5 42.2 0.7 1,787.6 85.2 2.4 2,116.7
South America 15.0 0.3 394.1 18.9 0.6 343.2 20.1 0.4 376.9
Asia 22.9 0.9 333.0 25.5 0.9 328.5 53.0 2.1 533.0
Other countries 2.5 — 112.0 4.2 0.2 127.2 11.0 0.4 134.2
Automotive operations 273.3 37.2 16,306.8 299.2 33.9 17,438.8 463.6 90.1 18,613.4
Operations being divested 112.0 38.5 2,672.2 18.8 6.9 272.5 0.3 — 4.6
Group total 385.3 75.7 18,979.0 318.0 40.8 17,711.3 463.9 90.1 18,618.0
1995 1996 1997
Wages, salaries, Wages, of which, Wages, of which, Wages, of which,
other rem uneration salaries, Social pension salaries Social pension salaries, Social pension
and social costs remuneration costs costs remuneration costs costs remuneration costs costs
AB Volvo1171.8 99.9 74.7 192.8 131.4 101.8 156.1 128.1 106.0
Subsidiaries 19,192.5 7,783.4 2,955.2 17,836.5 7,835.9 3,343.9 18,925.8 7,740.7 3,554.1
Group total219,364.3 7,883.3 3,029.9 18,029.3 7,967.3 3,445.7 19,081.9 7,868.8 3,660.1
1 Of the Parent Company’s pension costs, 43.0 (29.9; 30.0) pertains to Board members and the President. The Company’s outstanding pension obligations to
these persons amount to 275.0 (244.4; 214.2).
2 Of the Group’s pension costs, 94.5 (87.9; 74.9) pertains to Board members and the President. The Group’s outstanding pension obligations to these persons
amount to 360.9 (326.7; 284.3).
Notes to Consolidated Financial Statements
is fully earned at age 60. From that date until reaching the normal
retirement age, the retiree will receive 70% of the qualifying salary.
In February 1996, Skandia and Trygg-Hansa (insurance companies)
offered approximately 100 senior executives in the Volvo Group an
opportunity to acquire call options on AB Volvo’s Series B shares.
At the close of the subscription period approximately 90% of the
executives had accepted the offer. The call options, which expire
March 3, 2001, entitle the holder to acquire one Volvo Series B share
for each option held. The option price, based on a market valuation,
was fixed at SEK 21.15 and the exercise price is SEK 200. Members
of the Group Executive Committee were offered an opportunity to
acquire 6,000 or 10,000 options each. Other senior executives could
acquire 4,000 or 6,000 options each. A total of 514,000 options
were subscribed.