Volvo 1999 Annual Report Download - page 81

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79
A summary of the Volvo Group’s approximate net in-
come and shareholders’ equity determined in accordan-
ce with U.S. GAAP, is presented in the accompanying
tables.
Application of U.S. GAAP would have the following
approximate effect on consolidated net income and
shareholders’ equity:
Net income 1997 1998 1999
Net income in accordance with Swedish accounting principles 10,481 8,437 32,222
Items increasing (decreasing) reported net income
Foreign currency translation (A) (4,994) 535 576
Income taxes (B) – – —
Business combinations (C) (529) (530) (91)
Shares and participations (D) — 90 12
Interest costs (E) 28 20 21
Leasing (F) 46 (118) 39
Investments in debt and equity securities (G) 123 116 253
Items affecting comparability (H) - 1,178 (1,325)
Pensions and other postemployment benefits (I) 65 313 40
Software development (J) – – 370
Other – – (22)
Tax effect of above U.S. GAAP adjustments 1,336 (609) (405)
Net increase (decrease) in net income (3,925) 995 (532)
Approximate net income
in accordance with U.S. GAAP 6,556 9,432 31,690
Approximate net income per share,
SEK in accordance with U.S. GAAP 14.50 21.40 71.80
Weighted average number of shares outstanding (in thousands) 452,540 441,521 441,521
Shareholders’ equity 1997 1998 1999
Shareholders’ equity in accordance with
Swedish accounting principles 61,951 69,375 97,692
Items increasing (decreasing) reported shareholders’ equity
Foreign currency translation (A) (1,163) (628) (632)
Income taxes (B) – – –
Business combinations (C) 2,029 1,499 1,408
Shares and participations (D) (90) – 12
Interest costs (E) 531 551 115
Leasing (F) (51) (177) (189)
Investments in debt and equity securities (G) 3,962 133 (256)
Items affecting comparability (H) – 1,178 860
Pensions and other postemployment benefits (I) 851 1,548 443
Software development (J) – – 370
Other (224) (226) (51)
Tax effect of above U.S. GAAP adjustments (1,184) (774) (165)
Net increase in shareholders’ equity 4,661 3,104 1,915
Approximate shareholders’ equity
in accordance with U.S. GAAP 66,612 72,479 99,607
Net income and shareholders’ equity in accordance with U.S. GAAP Note 33