Volvo 2009 Annual Report Download - page 128

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Notes and comments
Note 21 Personnel
Note 20 Financial risks and instruments
Wages, salaries and other remunerations amounted to 160 (227).
Social costs amounted to 87 (140) of which pension costs, 55 (95). Of
the pension costs 8 (32) pertained to Board members and Presidents.
The Company’s outstanding pension obligations to these individuals
amounted to – (1).
Volvo’s accounting policies for financial instruments are described in
note 1, note 36 and note 37 to the consolidated financial statements.
Hedging transactions in AB Volvo are carried out through Volvo Treas-
The number of employees at year-end was 190 (196). 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
financial statements.
ury AB. The Parent Company has used interest-rate swaps to hedge
financial liabilities of Group companies. The swaps matured during
2009.
Absence due to illness 2008 2009
Total absence due to illness in percentage of regular working hours 1.5 1.2
of which, continuous sick leave for 60 days or more, % 33.5 21.4
Absence due to illness in percentage of regular working hours
Men, % 0.9 0.7
Women, % 2.1 1.8
29 years or younger, % 0.7 0.2
30–49 years, % 1.7 1.2
50 years or older, % 1.3 1.3
Outstanding derivative instruments for hedging of financial currency risks and interest rate risks
related to financial assets and liabilities
December 31, 2008 December 31, 2009
Notional amount Carrying value Fair value Notional amount Carrying value Fair value
Interest-rate swaps
– payable position 1,551 (1) (1) – – –
FINANCIAL INFORMATION 2009
124