Volvo 2009 Annual Report Download - page 113
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Note 37 Financial instruments
The financial assets treated within the framework of IAS 39 are clas-
sified either as financial assets at fair value through profit and loss, as
loans and receivables, as investments held to maturity or as available-
for-sale financial assets. Financial liabilities are classified as financial
liabilities at fair value through profit and loss or as financial liabilities
valued at amortized cost. For more information about the categories
within Financial assets and liabilities refer to note 1.
Information regarding reported and fair values
In the table below, carrying values are compared with fair values of financial instruments.
December 31, 2008 December 31, 2009
Carrying value Fair value Carrying value Fair value
Assets
Financial assets at fair value through profit and loss
The Volvo Group’s outstanding currency risk contracts – commercial exposure 2,280 2,280 467 467
The Volvo Group’s outstanding raw materials contracts 38 38 42 42
The Volvo Group’s outstanding interest risk contracts – financial exposure 4,510 4,510 3,848 3,848
Marketable securities 5,902 5,902 16,676 16,676
12,730 12,730 21,033 21,033
Loans receivable and other receivables
Accounts receivable 30,523 –21,337 –
Customer financing receivables398,489 –81,977 –
Loans to external parties and other interest-bearing receivables 384 –349 –
Conduit loans and other interest-bearing loans 10 –131 –
129,406 –103,794 –
Financial assets available for sale
Shares and participations for which:
a market value can be calculated1661 661 707 707
a market value can not be calculated21,292 –1,337 –
1,953 661 2,044 707
Cash and cash equivalents 17,712 17,712 21,234 21,234
Liabilities
Financial liabilities at fair value through profit and loss
The Volvo Group's outstanding currency risk contracts – commercial exposure 5,216 5,216 281 281
The Volvo Group’s outstanding raw materials contract 93 93 58 58
The Volvo Group's outstanding interest risk contracts – financial exposure 2,978 2,978 3,285 3,285
8,287 8,287 3,624 3,624
Financial liabilities valued at amortized cost
Long term bond loans and other loans 82,948 84,712 105,427 112,733
Short term bank loans and other loans 62,027 62,148 51,448 51,943
144,975 146,860 156,875 164,676
Trade Payables 51,025 –35,955 –
1 Refers to Volvo’s ownership in Deutz AG valued at market value and UD
Trucks’ holdings in listed shares.
2 Unlisted shares, for which a reliable fair value can not be determined, are
reported at acquisition value. No single block of shares represent a significant
amount.
3 Volvo does not estimate the risk premium for the customer finance receiva-
bles and chooses therefore not to disclose fair value for this category.
109