Volvo 2008 Annual Report Download - page 95
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91
Financial information 2008
Note 5 Joint ventures
Joint ventures are companies over which Volvo has joint control
together with one or more external parties. Joint ventures are reported
by applying the proportionate consolidation method, in accordance
with IAS 31 Joint ventures. Group holdings of shares in joint ventures
are listed below.
Dec 31, 2008
Shares in joint ventures Holding
percentage
Shanghai Sunwin Bus Corp., China 50
Xian Silver Bus Corp., China 50
Dong Feng Nissan Diesel Motor Co., Ltd., China 50
VE Commercial Vehicles, Ltd., India 50
Dong Feng Nissan Diesel Motor Co., Ltd. consolidated according to the
proportionate method from july 1, 2008. The direct and indirect owner-
ship in VE Commercial Vehicles, Ltd. is consolidated from August 1,
2008.
Volvo’s share of joint ventures’
balance sheets 2007 2008
Non-current assets 121 2,207
Current assets 454 1,794
Total assets 575 4,001
Shareholders’ equity 167 2,681
Provisions 12 304
Long-term liabilities 2 78
Current liabilities 394 938
Total shareholders’ equity and liabilities 575 4,001
At the end of 2008 guarantees amounting to 110 (88) were issued for
the benefi t of joint ventures by AB Volvo. At the same date Volvo’s
share of contingent liabilities issued by its joint ventures amounted to
5 (0).
Volvo’s share of joint ventures’
income statements 2007 2008
Net sales 654 1,326
Operating income 3 (71)
Income after fi nancial items (3) (60)
Income taxes – 14
Income of the period (3) (46)
2007 2008
Average number of employees Number of
employees
of which
women, %
Number of
employees
of which
women, %
Shanghai Sunwin Bus Corp. 473 21 470 21
Xian Silver Bus Corp. 245 8 212 17
Dong Feng Nissan Diesel Motor Co., Ltd. –– 142 12
VE Commercial Vehicles, Ltd. –– 765 2
Total number of employees 718 17 1,589 11
Note 6 Associated companies
Income statement data 2007 2008
Net sales 7,401 6,479
Cost of sales (7,293) (6,439)
Financial income and expense (18) (22)
Income before taxes 90 18
Income taxes (24) (6)
Income of the period 66 12
Balance sheet data Dec 31,
2007
Dec 31,
2008
Property, plant and equipment, net 1,460 1,474
Other non-current assets 130 198
Current assets 4,904 5,147
Total Assets 6,494 6,819
Shareholders’ equity 1,462 1,525
Provisions 44 59
Long-term liabilities 236 160
Current liabilities 4,752 5,075
Total Shareholders' equity and liabilities 6,494 6,819
The following table presents summarized fi nancial information for the associated companies partly owned by Volvo. Volvo consolidates the
associated companies according to the equity method. For more information about Volvo’s shareholding, see notes 9 and 15.