Volvo 2000 Annual Report Download - page 65

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63
Changes in the Volvo Group’s holdings
of shares and participations: 1998 1999 2000
Balance sheet, December 31, preceding year 4,583 3,393 29,213
Acquisitions and divestments, net (931) 25,550 1,641
New issue of shares and shareholders’ contributions 107 199 122
Share of income in associated companies, after tax 204 253 208
Dividends (634) (133) (741)
Write-downs (6) (30) (60)
Translation differences 11 (30) 92
Other 59 11 6
Balance sheet, December 31 3,393 29,213 30,481
VOCS Finance Limited
The holding in VOCS Finance Limited was divested in
connection with the sale of Volvo Cars to Ford.
Svevia Fin SPA
The holding in Svevia Fin SPA was divested in connection
with the sale of Volvo Cars to Ford.
AutoNova AB
The holding in AutoNova AB was divested in connection
with the sale of Volvo Cars to Ford.
Ned Car BV
The holding in Ned Car BV was divested in connection
with the sale of Volvo Cars to Ford.
Pharmacia & Upjohn, Inc
In 1998, Volvo divested all of its remaining holding. The
sales proceeds amounted to SEK 6.5 billion and the
book capital gain was SEK 4.5 billion.
Verimation AB
The entire holding, equal to 10% of the share capital and
voting rights was sold in 1998. The sales proceeds
amounted to 12 and the capital gain was 5.
Aviation Lease Finance, ALF
In 1998, Volvo Aero’s subsidiary, The AGES Group, and
BTM Capital’s subsidiary, Engine Lease Finance, ELF,
formed a new company to lease aircraft engines. ELF
owns 46% of the new company, and AGES 44%, while
BTM Capital and Volvo Aero each own 5%. In addition,
BTM Capital acquired a 5% interest in AGES and Volvo
Aero acquired a 5% interest in ELF.
Henlys Group Plc
In August 1998, Volvo acquired 10% of the share capital
and voting rotes in Henlys Group Plc. Henlys is the lead-
ing manufacturer of bus bodies in Great Britain. Volvo
and Henlys jointly own the shares of the Canadian bus
manufacturer Prevost, 51% and 49%, respectively. In
November 1999, Volvo subscribed for new Henlys
shares in an amount equal to approximately 149. In
September 1999, Volvo also concluded an agreement to
issue a convertible debenture loan of approximately SEK
2 billion to Henlys, which was paid out in October 1999.
Deutz AG
In October 1998, a cooperation agreement was signed
between Volvo and the German diesel engine manufac-
turer Deutz AG. Under terms of the agreement Deutz
becomes the main supplier of small and medium-size
diesel engines to Volvo’s trucks, buses and construction
equipment as well as for marine and industrial applica-
tions. Concurrently, Volvo acquired 10.5% of the capital
and votes in Deutz.
ABB Olofström Automation AB
The entire holding, corresponding to 49% of the shares
and votes, was divested in 1998.
EBP Olofström AB
The entire holding, corresponding to 23% of the shares
and votes, was divested in 1998.
Arabian Vehicles and Trucks Industry Ltd
In 1998, Volvo acquired 25% of the voting rights and share
capital in Arabian Vehicles and Trucks in Saudi Arabia.
The company is an assembly plant for Volvo heavy trucks.
1998 1999 2000
Installment credits 14,956 9,115 12,115
Financial leasing 9,297 8,581 10,082
Other receivables 293 121 712
Total 24,546 17,817 22,909
The increase in 1999, excluding Cars, was 4,158. The increase in 2000 and in 1999 was mainly attributable to the North
American operations.
Note 14 Long-term customer-financing receivables