Volvo 2008 Annual Report Download - page 106

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Notes to consolidated fi nancial statements
102
THE VOLVO GROUP
Financial information 2008
Note 18 Inventories
Note 19 Short-term customer-fi nancing receivables
Note 17 Other long-term receivables
2007 2008
Finished products 28,077 39,137
Production materials, etc. 15,568 15,908
Total 43,645 55,045
Inventories recognized as cost of sale during the period amounted to 223,986 (204,881).
2007 2008
Installment credits 13,620 16,747
Financial leasing 10,494 14,324
Dealer fi nancing 13,191 16,135
Other receivables 1,056 851
Total 38,361 48,057
2007 2008
Other loans to external parties 177 219
Prepaid pensions 2,131 2,442
Other fi nancial receivables 1,088 1,857
Other receivables 1,383 1,641
Total 4,779 6,159
Increase (decrease) in allowance for inventory obsolescence 2007 2008
Balance sheet, December 31, preceding year 2,015 2,837
Increase in allowance for inventory obsolescence charged to income 757 1,229
Scrapping (239) (325)
Translation differences 2 305
Reclassifi cations, etc.1302 (524)
Balance sheet, December 31 2,837 3,522
Effective interest rate for Short-term customer-fi nancing receivables
was 6.89% as per December 31, 2008.
See notes 36 and 37 for fi nancial instruments and goals and policies
in fi nancial risk management.
1 (567) is related to reversal of the allowance for inventory obsolescence in Volvo Aero’s operations in Bromma during 2008.