Volvo 2009 Annual Report Download - page 104

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Notes to consolidated financial statements
Note 31 Leasing
Note 30 Cash-flow
Volvo as a lessor
At December 31, 2009, future rental income from non-cancellable
financial and operating leases (minimum leasing fees) amounted to
50,522 (63,233). Future rental income is distributed as follows:
Finance
leases Operating
leases
2010 14,927 3,647
2011–2014 22,200 8,265
2015 or later 625 858
Total 37,752 12,770
Allowance for uncollectible future
rental income (535)
Unearned rental income (3,150)
Present value of future rental income
related to non-cancellable leases 34,067
Other items not affecting
cash amounted to: 2008 2009
Risk provisions and losses related to doubtful
receivables/customer – financing receivables 729 2,779
Capital gains/losses on the sale of subsidiaries
and other business units (395) (108)
Unrealized exchange rate gains/losses on
trade receivables and payables (241) (26)
Incentive program 17 –
Expenses for healthcare benefits as a result of
the Master Agreement between Mack Trucks
and UAW (see note 24) –877
Provision for restructuring reserves – 334
Write-down of assets held for sale – 368
Other non-cash items (243) 173
(133) 4,397
Investments in shares and participations: 2008 2009
New issue of shares (13) (2)
Capital contribution (43) (6)
Acquisitions (94) (61)
Divestments 78 16
Other 43 15
(29) (38)
Acquired and divested subsidiaries
and other business units: 2008 2009
Acquired subsidiaries and
other business units (1,853) (56)
Divested subsidiaries and
other business units 536 205
(1,317) 149
Volvo as a lessee
At December 31, 2009, future rental payments (minimum leasing
fees) related to non-cancellable leases amounted to 4,135 (4,206).
Future rental payments are distributed as follows:
Finance
leases Operating
leases
2010 501 894
2011–2014 500 1,702
2015 or later 85 453
Total 1,086 3,049
Rental expenses amounted to:
2008 2009
Finance leases:
Contingent rents (4) (6)
Operating leases:
Contingent rents (19) (24)
Rental payments (959) (950)
Sublease payments 8 8
Total (974) (972)
Important increase/decrease in bond loans and other loans
During 2009, the Volvo Group completed a number of important fund-
ing transactions. In February, a 5-year EUR 700 M bond was issued,
followed by a 3-year SEK 4.2 billion bond in March. In March the
Group also received a 7-year loan from the European Investment Bank
equivalent to EUR 400 M. In October, Volvo Treasury AB, a subsidiary
of AB Volvo, issued a USD 750 M guaranteed bond offering at an
interest rate of 5,95% due 2015.
FINANCIAL INFORMATION 2009
100