Volvo 2010 Annual Report Download - page 94

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 18 INVENTORIES
NOTE 19 CURRENT CUSTOMER-FINANCING RECEIVABLES
2009 2010
Finished products 23,612 24,572
Production materials, etc. 14,115 15,265
Total 37,727 39,837
Inventories recognized as cost of sale during the period amounted to 170,723 (153,014).
2009 2010
Installment credits 15,070 11,988
Financial leasing 13,589 10,860
Dealerfinancing 12,435 12,598
Other receivables 1,170 1,217
Total 42,264 36,663
Increase (decrease) in allowance for inventory obsolescence 2009 2010
Balance sheet, December 31, preceding year 3,522 4,101
Increase in allowance for inventory obsolescence charged to income 1,045 (79)
Scrapping (399) (439)
Translation differences (79) (191)
Reclassifications, etc. 12 (10)
Balance sheet, December 31 4,101 3,382
Effective interest rate for short-term customer-financing receivables
was 6.38% as per December 31, 2010.
During 2010 SEK 4.1 billion, of which SEK 1.5 billion of the current
customer-financing receivables, in Brazil were sold as a risk mitigation
measure and to release capital for reinvestment in the country.
See notes 36 and 37 for financial instruments and goals and
po licies in financial risk management.
NOTE 20 CURRENT RECEIVABLES
2009 2010
Loans to external parties 7 11
Other interest-bearing financial receivables 403 331
Accounts receivable 21,337 24,433
Prepaid expenses and accrued income 3,027 3,043
VAT receivables 2,237 2,662
Other financial receivables12,195 1,715
Other receivables 4,623 4,436
Total, after deduction of valuation allowances for doubtful accounts receivable 33,829 36,633
1 Fair value financial derivatives.
FINANCIAL INFORMATION 2010
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