Volvo 2009 Annual Report Download - page 84
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Notes to consolidated financial statements
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, 2009
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. is consolidated according to
the proportionate method as from July 1, 2008. The direct and indirect
ownership in VE Commercial Vehicles, Ltd. is consolidated as from
August 1, 2008.
Volvo’s share of joint ventures’
balance sheets Dec 31,
2008 Dec 31,
2009
Non-current assets 2,207 2,019
Current assets 1,794 2,141
Total assets 4,001 4,160
Shareholders’ equity 2,681 2,598
Provisions 304 286
Long-term liabilities 78 23
Current liabilities 938 1,253
Total shareholders’ equity and liabilities 4,001 4,160
At the end of 2009 guarantees amounting to 80 (110) were issued for
the benefit of joint ventures by AB Volvo. At the same date Volvo’s
share of contingent liabilities issued by its joint ventures amounted
to 29 (5).
Volvo’s share of joint ventures’ income
statements 2008 2009
Net sales 1,326 3,171
Operating income (71) (12)
Income after financial items (60) 25
Income taxes 14 (9)
Volvo’s share of income for the period (46) 16
2008 2009
Volvo’s share of average number of employees Number of
employees of which
women, % Number of
employees of which
women, %
Shanghai Sunwin Bus Corp. 470 21 458 17
Xian Silver Bus Corp. 212 17 172 17
Dong Feng Nissan Diesel Motor Co., Ltd. 142 12 138 12
VE Commercial Vehicles, Ltd. 765 2 1,363 2
Volvo’s share of total number of employees 1,589 11 2,131 7
Note 6 Associated companies
Income statement data 2008 2009
Net sales 6,479 4,027
Cost of sales (6,439) (3,991)
Financial income and expense (22) (7)
Income before taxes 18 29
Income taxes (6) (28)
Income of the period 12 1
Balance sheet data Dec 31,
2008 Dec 31,
2009
Property, plant and equipment, net 1,474 1,264
Other non-current assets 198 207
Current assets 5,147 1,353
Total Assets 6,819 2,824
Shareholders’ equity 1,525 1,322
Provisions 59 59
Long-term liabilities 160 57
Current liabilities 5,075 1,386
Total Shareholders' equity and liabilities 6,819 2,824
The following table presents summarized financial 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.
FINANCIAL INFORMATION 2009
80