Volvo 2004 Annual Report Download - page 56
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54 The Volvo Group
Changes in consolidated Shareholders’ equity
SEK M
Restricted Unrestricted Total share-
Share capital reserves reserves holders’ equity
Balance at December 31, 2001 2,649 12,297 70,239 85,185
Cash dividend — — (3,356) (3,356)
Net income ——1,393 1,393
Effect of equity method of accounting1—45(45) —
Transfer between unrestricted and restricted equity — 4,219 (4,219) —
Translation difference — (2,468) 238 (2,230)
Minimum liability adjustment for post-employment benefits 2——(2,542) (2,542)
Other changes — — (172) (172)
Balance at December 31, 2002 2,649 14,093 61,536 78,278
Cash dividend — — (3,356) (3,356)
Net income ——298 298
Effect of equity method of accounting1—17(17) —
Transfer between unrestricted and restricted equity — 1,246 (1,246) —
Translation difference — (2,587) 2,061 (526)
Transition impact of new accounting standards for
post-employment benefits 3——(2,278) (2,278)
Other changes — — 4 4
Balance at December 31, 2003 2,649 12,769 57,002 72,420
Cash dividend — — (3,356) (3,356)
Distribution of shares in Ainax AB to shareholders – – (6,310) (6,310)
Net income ——9,355 9,355
Effect of equity method of accounting1—33(33) –
Transfer between unrestricted and restricted equity — (1,440) 1,440 –
Translation difference — (636) 469 (167)
Repurchase of own shares — — (2,532) (2,532)
Other changes — — (1) (1)
Balance at December 31, 2004 2,649 10,726 56,034 69,409
1 Mainly associated companies’ effect on Group net income, reduced by
dividends received.
2 Up to 2002, defined benefit plans for pensions in Volvo’s subsidiaries in the
United States were accounted for in accordance with US GAAP (SFAS 87).
In accordance with these rules, a minimum liability adjustment should be
charged to shareholders’ equity with an amount that corresponds to the
unfunded part of accrued benefit obligations less unrecognized prior service
costs. See further in Note 21.
3 Effective in 2003, Volvo adopted RR 29 Employee Benefits. See further in
Note 1.