Volvo 2009 Annual Report Download - page 94

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Notes to consolidated financial statements
Note 18 Inventories
Note 19 Current customer-financing receivables
2008 2009
Finished products 39,137 23,612
Production materials, etc. 15,908 14 ,115
Total 55,045 37,727
Inventories recognized as cost of sale during the period amounted to 170,107 (223,986).
2008 2009
Installment credits 16 ,747 15,070
Financial leasing 14,324 13,589
Dealer financing 16,135 12,435
Other receivables 851 1,170
Total 48,057 42,264
Increase (decrease) in allowance for inventory obsolescence 2008 2009
Balance sheet, December 31, preceding year 2,837 3,522
Increase in allowance for inventory obsolescence charged to income 1,229 1,045
Scrapping (325) (399)
Translation differences 305 (79)
Reclassifications, etc.1(524) 12
Balance sheet, December 31 3,522 4,101
Effective interest rate for Short-term customer-financing receivables
was 6.72 % as per December 31, 2009.
See notes 36 and 37 for financial instruments and goals and policies
in financial risk management.
Note 20 Current receivables
2008 2009
Loans to external parties 6 7
Other interest-bearing financial receivables 1,959 403
Accounts receivable 30,523 21,337
Prepaid expenses and accrued income 3,032 3,027
VAT receivables 3,348 2,237
Other financial receivables12,947 2,195
Other receivables 5,697 4,623
Total, after deduction of valuation allowances for doubtful accounts receivable 47,512 33,829
1 Fair value financial derivatives.
1 (567) is related to reversal of the allowance for inventory obsolescence in Volvo Aero’s operations in Bromma during 2008.
FINANCIAL INFORMATION 2009
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