Volvo 2002 Annual Report Download - page 70

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68/69
Parent Company AB Volvo
Notes to financial statements
Notes to financial statements
Amounts in SEK M unless otherwise specified. The amounts within
parentheses refer to the two preceding years; the first figure is for
2001 and the second for 2000.
The accounting principles applied by Volvo are described in Note
1, pages 33–36. Reporting of Group contributions is in accordance
with the pronouncement of the Swedish Financial Accounting
Standards Council issued in 1998. Group contributions are reported
among Income from investments in Group companies. Surplus funds
in Alecta are accounted for in accordance with a statement issued
by a special committee of the Swedish Financial Accounting
Standards Council.
As of January 1, 2001, the Parent Company is applying the
accounting standard, RR9 Income Taxes, issued by the Swedish
Financial Accounting Standards Council.
Effective in 2002, all Income from investments are included as a
part of the operating income rather than as earlier among financial
items. The two previous years have been restated to conform to the
changed classification.
Cash-flow statements
SEK M 2000 2001 2002
Operating activities
Operating income 1,755 10,455 (3,763)
Depreciation and amortization 17 17 2
Other items not affecting cash Note 22 631 16,309 (815)
Changes in working capital:
Increase (–)/decrease (+) in receivables 207 (219) 50
Increase (+)/decrease (–) in liabilities and provisions (620) 65 (36)
Interest and similar items received 148 662 504
Interest and similar items paid (330) (410) (263)
Other financial items 7 (206) (8)
Income taxes paid (147) (530) 210
Cash flow from operating activities 1,668 26,143 (4,119)
Investing activities
Investments in fixed assets (10) (9) (1)
Disposals of fixed assets 0 0 3
Shares and participations in Group companies, net Note 22 (6,264) 15,849 (1,544)
Shares and participations in non-Group companies, net Note 22 (1,209) 3,181 66
Cash flow after net investments (5,815) 45,164 (5,595)
Financing activities
Increase (+)/ decrease (–) in loans Note 22 14,434 (15,659) (775)
Loans granted, net Note 22 –60891
Dividend to AB Volvo shareholders (3,091) (3,356) (3,356)
Repurchase of own shares (11,808) (8,336) 0
Change in liquid funds (6,280) 17,873 (8,835)
Liquid funds at January 1 6,287 7 17,880
Liquid funds at December 31 717,880 9,045
Liquid funds
Liquid funds include cash and bank balances and deposits at Volvo Treasury.
Intra-Group transactions
Of the Parent Company’s sales, 320 (353; 253) were to Group com-
panies and purchases from Group companies amounted to 191
(188; 249).
Employees
The number of employees at year-end was 124 (122; 122). Wages,
salaries and social costs amounted to 309 (207; 187). Information
on the average number of employees as well as wages, salaries and
other remuneration is shown in Note 30.
Fees to auditors
Fees and other remuneration paid to external auditors for the fiscal
year 2002 totaled 23 (51; 42), of which 2 (3; 4) for auditing, distrib-
uted between PricewaterhouseCoopers, 2 (3; 4) and others, 0 (0; 0),
and 21 (48; 38) related to non-audit services from
PricewaterhouseCoopers.