Volvo 2003 Annual Report Download - page 82

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80
Parent Company AB Volvo
Notes to financial statements
Absence due to illness July 1–Dec 31, 2003
To tal absence due to illness as percentage of regular working hours 2.6%
of which, continuous sick leave for 60 days or more 46.8%
Absence due to illness (as percentage of regular working hours) by gender:
Men 1.4%
Women 3.7%
Absence due to illness (as percentage of regular working hours) distributed by age group:
29 years or younger 0.5%
30–49 years 2.2%
50 years or older 3.4%
Note 22 Personnel
Wages, salaries and other remunerations amounted to 115 (117;
95). Social costs amounted to 110 (193; 112) of which pension
costs, 85 (168; 93). Of these 59 (47; 22) pertained to Board mem-
bers and Presidents. The Company’s outstanding pension obligations
to these individuals amounted to 366 (335; 319).
The number of employees at year-end was 132 (124; 122).
Information on the average number of employees, wages, salaries
and other remunerations including option programs as well as Board
members and senior executives by gender is shown in Note 32 to
the consolidated financial statements.
Volvo’s accounting policies for financial instruments are described in
Note 1 and Note 34 to the consolidated financial statements.
Hedging transactions in AB Volvo are carried out through Volvo
Treasury AB. In 2003, the Parent Company has used interest-rate
swaps to hedge financial liablities of Group companies. Maturities of
these swaps are between 2006 and 2009. Volvo has forward
exchange contracts for hedging of a long-term liability to Renault V.I.
(See Note 17). These contracts are renewed every sixth month.
Note 21 Financial risks and instruments
Dec 31 2003
Notional amount Carrying value Fair value
Interest-rate swaps
– payable position 2.874 (14) (50)
Foreign exchange contracts
– receivable position 3.190 11 13
Outstanding derivative instruments for hedging of financial currency risks