Volvo 2008 Annual Report Download - page 140

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Notes and comments
136
PARENT COMPANY AB VOLVO
Financial information 2008
Note 21 Personnel
Note 20 Financial risks and instruments
Wages, salaries and other remunerations amounted to 227 (203).
Social costs amounted to 140 (137) of which pension costs, 95 (96).
Of the pension costs 32 (27) pertained to Board members and Presi-
dents. The Company’s outstanding pension obligations to these indi-
viduals amounted to 1 (1).
Volvo’s accounting policies for fi nancial instruments are described in
note 1, note 36 and note 37 to the consolidated fi nancial statements.
Hedging transactions in AB Volvo are carried out through Volvo Treas-
The number of employees at year-end was 196 (182). Information
on the average number of employees, wages, salaries and other remu-
nerations including option programs as well as Board members and
senior executives by gender is shown in note 34 to the consolidated
fi nancial statements.
ury AB. The Parent Company has used interest-rate swaps to hedge
fi nancial liabilities of Group companies. Maturities of these swaps are
during 2009.
Absence due to illness 2007 2008
Total absence due to illness in percentage of regular working hours 1.8 1.5
of which, continuous sick leave for 60 days or more, % 62.1 33.5
Absence due to illness in percentage of regular working hours
Men, % 0.5 0.9
Women, % 3.2 2.1
29 years or younger, % 0.2 0.7
30–49 years, % 1.2 1.7
50 years or older, % 3.2 1.3
Outstanding derivative instruments for hedging of fi nancial currency risks and interest rate risks
related to fi nancial assets and liabilities
December 31, 2007 December 31, 2008
Notional amount Carrying value Fair value Notional amount Carrying value Fair value
Interest-rate swaps
– payable position 5,110 (2) (2) 1,551 (1) (1)