Volvo 2009 Annual Report Download - page 125

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Note 12 Investments in shares and participations
Holdings of shares and participations are specified in AB Volvo’s holding of shares. Changes in holdings of shares and participations are shown
below.
Group companies Non-Group companies
2008 2009 2008 2009
Balance December 31, previous year 47,011 46,122 772 2,280
Acquisitions/New issue of shares 2,660 85 1,891 2
Divestments (3,225) – – –
Shareholder contributions 679 10,855 – 1
Write-downs/Participations in partnerships (1,003) –(59) 6
Revaluation of shares in listed companies – – (324) 74
Balance, December 31 46,122 57,062 2,280 2,363
Shares and participations in Group companies
During 2009, AB Volvo acquired all shares in Volvo Logistics AB from
Fortos Ventures AB with the amount of 85.
Shareholders’ contributions were made, during the year, to Volvo
Treasury AB, SEK 10 billion, Volvo Information Technology AB, 500
and Volvo China Investment Co Ltd, 355.
In 2008 the shares in Volvo Korea Holding AB, with a book value of
SEK 2,655, were transferred from Volvo Group Finance Europe BV
(VGFE) to AB Volvo. The shares in VGFE were written down com-
pletely with 1,003 whereupon the company has been liquidated.
During the year, newly issued shares in Volvo Bussar AB was
acquired with the amount of 5.
As of January 31, 2008, AB Volvo divested the shares in the sub-
sidiary Mack Trucks Inc to Volvo Holding USA AB for 3,225 corre-
sponding to book value. Volvo Holding USA AB is a wholly-owned
subsidiary in the Volvo group.
Shareholders’ contributions were made in 2008 with 529 to Volvo
Italia Spa and with 150 to Volvo Powertrain AB.
Shares and participations in non-Group companies
The book value of the participations in the partnerships Blue Chip Jet I
HB and Blue Chip Jet II HB increased during the year by a net of 8.
AB Volvo acquired half of Skandia’s participation in Blue Chip Jet I
HB (5%) with the amount of 2. Write-down was then made by 2. AB
Volvo’s participation in Blue Chip Jet I HB is 45% after the acquisition.
A capital contribution of 43 was given to Blue Chip Jet II HB in
2008.
The revaluation of AB Volvo’s ownership in the listed company Deutz
AG has increased the value by 74 (neg. 324), recognized in equity.
Other shares and participations include the direct and indirect hold-
ings of VE Commercial Vehicles (VECV) for total amount of 1,845. In the
consolidated accounts of the Volvo group, VECV is reported as a joint
venture and consolidated according to the proportionate method. The
indirect ownership is an effect of the acquisition of 8.1% of Eicher
Motors Limited, which is the other venturer of VECV. These shares are
not separately valued as they form a part of the indirect ownership
VECV.
121