Volvo 2000 Annual Report Download - page 85

Amounts in SEK M unless otherwise specified. The
amounts within parentheses refer to the two preceding
years; the first figure is for 1999 and the second for 1998.
The accounting principles applied by Volvo are
described on pages 53–56. Reporting of Group contribu-
tions is in accordance with the pronouncement of the
Swedish Financial Accounting Standards Council issued in
September 1998. Group contributions are reported
among Income from investments in Group companies.
Surplus funds in SPP are accounted for in accordance
with a statement issued in August 1999 by a special com-
mittee of the Swedish Financial Accounting Standards
Council.
Intra-Group transactions
Of the Parent Company’s sales, 253 (258; 623) were to
Group companies and purchases from Group companies
amounted to 249 (266; 235).
Employees
The number of employees at year-end was 122 (124;
169). Wages, salaries and social costs amounted to 187
(183; 179). Information on the average number of
employees as well as wages, salaries and other remu-
neration is shown on pages 70–71.
Fees to auditors
Fees and other remuneration paid to external auditors
for the fiscal year 2000 totaled 42 (15; 5), of which 4
(5; 2) for auditing, distributed between Pricewaterhouse-
Coopers, 4 (5; 1) and others, 0 (0; 1), and 38 (10; 3)
related to non-audit services from Pricewaterhouse-
Coopers.
Administrative expenses include depreciation of 17 (19; 19) of which 4 (5; 6) pertained to machinery and equipment,
0 (1; 0) to buildings and 13 (13; 13) to rights in the Volvo Ocean Race.
Other operating income and expenses include surplus funds of 89 (–; –) from SPP as well as profit-sharing payments to
employees in the amount of 0 (1; 1). In 1998 expenses of 118 for a liability suit pertaining to the former Group company
Centro-Morgårdshammar’s products in the U.S. were included.
Of the income reported, 589 (996; 22,615) pertained to
dividends from Group companies. Dividends for 1998
included anticipated dividend from Volvo Personvagnar
Holding AB of 17,670. Group contributions received
totaled a net of 928 (1,416; 4,887). Write-downs of
shareholdings amounted to 372 (910; 908). Income in
2000 included an additional capital gain of 382, pertain-
ing to the sale of shares in Volvo Personvagnar Holding
AB to Ford Motor Company in 1999 and a gain of 30 for
the sale of shares in Eddo Restauranger AB to Amica AB.
Dividends from associated companies that are reported
in the Group accounts in accordance with the equity
method amounted to 49 (42; 41). Divestments resulted
in a net loss of 187 which was attributable to capital loss
from sale of shares in AB Volvofinans 224, a gain from
Of the income reported, 662 (194; 2) pertained to dividends from other companies. The dividend from Scania AB was
637 and Henlys Group Plc 23. Income in 1998 included a gain on sales of shares in OM Stockholm Exchange of 33.
Income in 1999 included a gain on sales of shares of
17,784 in Volvo Personvagnar Holding AB. Group-internal
transfers resulted in a net loss of 558, which primarily
was attributable to capital loss on the sale of shares in
Försäkringsaktiebolaget Volvia 596, and a gain on the
sale of Volvo Penta Italia SpA, 35.
Income in 1998 included a gain on Group-internal sale
of shares in Danafjord AB, of 44 and a gain of 67 per-
taining to shareholder contribution to Volvo Holding
Danmark A/S consisting of a noncash issue of shares in
Volvo Personvogne Danmark A/S.
83
Note 1Administrative expenses
Note 2 Other operating income and expenses
Note 3 Income from investments in Group companies
Note 4 Income from investments in associated companies
Note 5 Income from other shares and participations
Notes to financial statements
sale of shares and put options in Bilia 31 and a gain
from sale of participations in Blue Chip Jet HB 6. The
participation in Blue Chip Jet HB amounted to a loss of
28 (53; 45).