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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 15 SHARES AND PARTICIPATIONS
Group holdings of shares and
participations in non-Group companies Registration
number
Percentage
holding
Dec 31, 2009
Carrying value
Dec 31, 2010
Carrying value
Shares in associated companies, equity method of accounting    
Blue Chip Jet II HB, Sweden 969717-2105 50 284 319
UD Trucks Doto Corporation, Japan – 38 83 94
UD Trucks Niigata Corporation, Japan – 34 54 61
Merkavim Metal Works Ltd, Israel – 27 41 37
JV Fonderie Venissieux, France – 49 38 32
PK-UD Axle Co.,Ltd. (HangZhou), China – 45 18 30
Diamond Finance Ltd, Great Britain – 40 19 18
Blue Chip Jet HB, Sweden 969639-1011 45 17 3
Quingdao Sunwin Bus Corp, China – 43 9 9
Arabian Vehicle & Truck Industry Ltd, Saudi Arabia – 25 9 9
Effpower AB, Sverige 556570-8541 34 – 29
Powercell Sweden AB, Sweden 556759-8353 47 – 27
Other holdings – – 16 16
Total shares and participations in associated companies1 588 684
Shares and participations in other companies  
Deutz AG, Germany – 7 286 458
Nippon Express Co.,Ltd., Japan – – 128 131
Nishi-Nippon Railroad Co Ltd, Japan – – 47 –
Sankyu Inc., Japan – 1 64 53
Iron Planet.com Inc., USA – 4 34 34
TBK Co.,Ltd., Japan – 7 26 68
Vantage Equipment. LLC, USA – 46 18 15
Scott Van Keppel, USA – 40 14 14
Other holdings – – 839 641
Total shares and participations in other companies1 1,456 1,414
Total value of Group holdings of shares and participations in
non-Group companies 2,044 2,098
1 Volvo’s share of shareholders' equity in associated companies (incl. equity in untaxed reserves) amounted to 684 (588).
The carrying values of Volvo's holdings of shares and participations in listed companies as of December 31, 2010 are shown in the table below.
The carrying value is equal to the market value for holdings in listed companies.
Carrying value
Deutz AG, Germany 458
Nippon Express Co.,Ltd., Japan 131
TBK Co.,Ltd., Japan 68
Sankyu Inc., Japan 53
Fukuyama Transporting Co.,Ltd., Japan 15
Senko Co.,Ltd, Japan 30
TonamiHoldings Co.,Ltd., Japan 14
Yamato Holdings Co.,Ltd., Japan 21
Holdings in other listed companies 46
Total holdings in listed other companies 836
Holdings in non-listed companies1578
Total shares and participations in other companies 1,414
1 Unlisted shares, for which a reliable fair value cannot be determined, are
reported at the acquisition value reduced in appropriate cases by write-downs.
FINANCIAL INFORMATION 2010
88