Volvo 2003 Annual Report Download - page 81

Download and view the complete annual report

Please find page 81 of the 2003 Volvo annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 98

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98

79
Note 19 Contingent liabilities
Of the contingent liabilities amounting to 128,411 (133,330;
150,295), 128,399 (133,298; 149,829) pertained to Group compa-
nies.
Guarantees for various credit programs are included in amounts
corresponding to the credit limits. These guarantees amount to
123,503 (129,471; 147,246), of which guarantees on behalf of Group
companies totaled 123,498 (129,446; 146,786). At the end of each
year, the utilized portion amounted to 67,603 (69,672; 72,804)
including 67,591 (69,640; 72,793) pertaining to Group companies.
Note 18 Other current liabilities
2001 2002 2003
Income tax liabilities – 6 –
Wages, salaries and withholding taxes 30 38 39
Other liabilities 50 93 110
Accrued expenses and prepaid income 99 146 70
Total 179 283 219
No collateral is provided for current liabilities.
Note 17 Non-current liabilities
Long-term debt matures as follows:
2005 3,180
2006 —
2007 or later 72
Total 3,252
Long-term liabilities to Group companies include loans of 3,180
(3,204; 3,329) from Renault V.I.
Note 20 Cash flow
2001 2002 2003
Other items not affecting cash
Write-downs of shareholdings and long-term receivables 12,237 557 6,555
Dividends, transfer pricing adjustments and Group contributions 5,119 (1,408) (6,017)
Gain on sale of shares (1,047) (32) (310)
Other 06860
Total 16,309 (815) 288
Further information is provided in Notes 2, 3 and 4.
Shares and participations in Group companies, net
Investments (7,671) (1,616) (1,151)
Disposals 23,520 72 118
Net investments in shares and participations in Group companies 15,849 (1,544) (1,033)
Renault V.I. was transferred Group-internal 2001 for 10,700.
Proceeds received from the sale of Volvo Personvagnar Holding AB resulted
in a positive cash flow of – (–; 12,539).
Other investments and sales of shares in Group companies are shown in
Note 10.
Shares and participations in non-Group companies, net
Investments (1) 25 (1)
Disposals 3,182 41 –
Net investments in shares and participations in non-Group companies 3,181 66 (1)
During 2001 Mitsubishi Motors Corporation was sold for 3,182. Other investments and sales of shares in non-Group companies are presented in Note 10.
Increase/ decrease in loans
New loans 104 1,054 –
Amortization (15,763) (1,829) (1,078)
Change in loans, net (15,659) (775) (1,078)
Loans granted, net
New loans granted (40) – (631)
Amortization received 100 891 40
Change in loans granted, net 60 891 (591)