Volvo 2008 Annual Report Download - page 117
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113
Financial information 2008
Rental expenses amounted to:
2007 2008
Finance leases:
Contingent rents 0 (4)
Operating leases:
Contingent rents (10) (19)
Rental payments (1,053) (959)
Sublease payments 13 8
Total (1,050) (970)
Book value of assets subject to fi nance lease:
2007 2008
Acquisition costs:
Buildings 139 131
Land and land improvements 69 65
Machinery and equipment 675 2,609
Assets under operating lease 403 392
Total 1,286 3,197
Accumulated depreciation:
Buildings (45) (40)
Land and land improvements ––
Machinery and equipment (207) (1,769)
Assets under operating lease (200) (127)
Total (452) (1,936)
Book value:
Buildings 94 91
Land and land improvements 69 65
Machinery and equipment 468 840
Assets under operating lease 203 265
Total 834 1,261
Note 32 Transactions with related parties
The Volvo Group has transactions with some of its associated com-
panies. The transactions consist mainly of sales of vehicles to dealers.
Commercial terms and market prices apply for the supply of goods
and services to/from associated companies.
2007 2008
Sales to associated companies 1,096 1,222
Purchase from associated companies 98 116
Receivables from associated companies, Dec 31 397 273
Liabilities to associated companies, Dec 31 19 63
Group holdings of shares in associated companies are presented in
note 15, Shares and participations.
The Volvo Group also has transactions with Renault and its subsidiar-
ies. Sales to and purchases from Renault amounted to 113 (151) and
2,833 (2,950). Amounts due from and due to Renault amounted to 31
(40) and 539 (1,089) respectively, at December 31, 2008. The sales
were mainly from Renault Trucks to Renault and consisted of compo-
nents and spare parts. The purchases were mainly made by Renault
Trucks from Renault and consisted mainly of light trucks. Renault
Trucks has a license from Renault for the use of the trademark
Renault.
Note 33 Government grants
During 2008, government grants amounting to 492 (469) have been
received and 465 (365) have been accounted for in the income state-
ment. R&D credits are included with 237 (210). The grants were mainly
received from the European Commission and the Swedish govern-
ment. During 2007 Volvo Buses received a grant of 116 from the
Swedish Energy Agency for the development of hybrid technology. 48
(14) of the 116 have been accounted for during 2008.