Volvo 2010 Annual Report Download - page 125

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NOTE 13 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
2009 2010 2009 2010
Balance December 31, previous year 46,122 57,062 2,280 2,363
Acquisitions/New issue of shares 85 – 2 87
Divestments – (3,493) – 0
Shareholder contributions 10,855 5,879 1 –
Write-downs/participations in partnerships – (19) 6 (124)
Revaluation of shares in listed companies – – 74 172
Balance, December 31 57,062 59,429 2,363 2,498
Shares and participations in Group companies
In December, 2010, AB Volvo transferred the company’s holding of
preference shares in UD Trucks Corporation, with the book value of
3,493, as shareholders’ contribution to Volvo Group Japan Corporation.
Shareholders’ contribution was also made to Kommersiella Fordon
Europa AB, 1,801, Volvo Financial Services AB, 225, Volvo China
Investment Co Ltd, 217, and Volvo Holding Mexico, 143.
Write-down was made at year-end of the holding of shares in Alviva
AB with 19.
During 2009, AB Volvo acquired total number of shares in Volvo
Logistics AB from Fortos Ventures AB in an amount of 85.
During 2009, shareholders’ contributions were made to Volvo
Treasury AB, 10,000, Volvo Information Technology AB, 500, and
Volvo China Investment Co Ltd, 355.
Shares and participations in non-Group companies
AB Volvo acquired Volvo Personvagnar AB’s participation (5%) in
Blue Chip Jet I HB in 2010 and in 2009 half of Skandia’s participation
in Blue Chip Jet I HB (5%) was acquired. AB Volvo’s participation in
Blue Chip Jet I HB is 50% after the acquisitions. During 2010 a capi-
tal contribution of 76 was made to Blue Chip Jet II HB. The book value
of the participations in the partnerships Blue Chip Jet I HB and Blue
Chip Jet II HB decreased during the year by a net of 113 (8).
The revaluation of AB Volvo’s ownership in the listed company Deutz
AG has increased the value by 172 (74), recognized in other compre-
hensive income.
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.
NOTE 14 OTHER SHORT-TERM RECEIVABLES
2009 2010
Accounts receivable 35 3
Prepaid expenses and accrued income 199 226
Other receivables 13 32
Total 247 261
The valuation allowance for doubtful receivables amounted to 4 (15)
at the end of the year.
NOTE 15 UNTAXED RESERVES
The composition of, and changes in, untaxed reserves Value in balance
sheet 2009 Allocations 2010
Value in balance
sheet 2010
Accumulatedadditional depreciation
Land 3 – 3
Machinery and equipment 1 0 1
Total 4 0 4
121