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NOTE 37FINANCIAL 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 see note 1.
Information regarding reported and fair values
In the table below, carrying values are compared with fair values of financial instruments.
December 31, 2009 December 31, 2010
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 467 467 197 197
The Volvo Group’s outstanding raw materials contracts 42 42 168 168
The Volvo Group’s outstanding interest risk contracts – financial exposure 3,848 3,848 3,863 3,863
Marketable securities 16,676 16,676 9,767 9,767
21,033 21,033 13,995 13,995
Loans receivable and other receivables  
Accounts receivable 21,337 – 24,433 –
Customer financing receivables381,977 – 72,688 –
Loans to external parties and other interest-bearing receivables 349 – 253 –
Conduit loans and other interest-bearing loans 131 – 104 –
 103,794 – 97,478 –
Financial assets available for sale    
Shares and participations for which:
a market value can be calculated1707 707 836 836
a market value can not be calculated21,337 – 1,262 –
 2,044 707 2,098 836
Cash and cash equivalents 21,234 21,234 22,966 22,966
Liabilities  
Financial liabilities at fair value through profit and loss
The Volvo Group's outstanding currency risk contracts – commercial exposure 281 281 79 79
The Volvo Group’s outstanding raw materials contract 58 58 41 41
The Volvo Group's outstanding interest risk contracts – financial exposure 3,285 3,285 4,487 4,487
3,624 3,624 4,607 4,607
Financial liabilities valued at amortized cost  
Long term bond loans and other loans 105,427 112,733 82,679 88,304
Short term bank loans and other loans 51,448 51,943 39,142 39,379
156,875 164,676 121,821 127,683
Trade Payables 35,955 – 47,250 –
1 Refers to Volvo’s ownership in Deutz AG valued at market value and Trucks
Asia’s holdings in listed shares. The carrying value is equal to the market
value for holdings in listed companies
2 Possession in unlisted shares, for which a reliable fair value cannot be deter-
mined, are reported at the acquisition value reduced in appropriate cases by
write-downs. No single block of shares represent a significant amount.
3 Volvo does not estimate the risk premium for the customer financing receiv-
ables and chooses therefore not to disclose fair value for this category.re
not to disclose fair value for this category.
109