Volvo 2011 Annual Report Download - page 97

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Shares and participations in other companies
The carrying amount of Volvo’s holdings of shares and participations in
other companies as of December 31, 2011, is shown in the table below.
Holdings in listed companies
Percentage
holding
Dec 31,
2011
Carrying
value
Dec 31,
2010
Carrying
value
Deutz AG, Germany 7.2 299 458
Nippon Express Co.,Ltd., Japan 0.4 93 131
TBK Co.,Ltd., Japan 6.7 61 68
Sankyu Inc., Japan 0.5 44 53
Fukuyama Transporting Co.,Ltd.,
Japan 0.2 16 15
Senko Co.,Ltd, Japan 1.0 32 30
TonamiHoldings Co.,Ltd., Japan 1.1 15 14
Yamato Holdings Co.,Ltd., Japan 0.1 25 21
Holdings in other listed companies – 50 46
Total holdings in listed other
companies 635 836
Holdings in non-listed companies1 555 578
Total shares and participations
in other companies 1,190 1,414
1 Unlisted shares and participations, in which fair value cannot be reasonably
determined, are measured at cost less any impairment losses.
Income from other investments
Dividends received 2011 2010
Deutz AG 2 2
Holdings in Japanese companies 13 14
Other 6 7
Subtotal 21 23
Write-downs of shares  
Holdings of Volvo Technology Transfer1(43) (107)
Holdings in Japanese companies (226) –
Other (1) (1)
Subtotal2(270) (108)
Gain on divestment of shares  
Holdings of Volvo Technology Transfer111 10
Holdings in Japanese companies 5 24
Other 8 (7)
Subtotal 24 27
Total (225) (58)
1 Investments held by the Volvo venture-capital company.
2 Write-downs of shares refer mainly to financial assets available for sale for
which a reliable market value can be calculated.
Changes in the Volvo Group’s holdings of
shares and participations: 2011 2010
Balance sheet, December 31, preceding year 2,098 2,044
Change in Group structure (19) –
Acquisitions and divestments, net 92 104
Write-downs (96) (119)
Capital contribution 23 31
Share of income in associated companies (24) (75)
Revaluation of shares to fair value (203) 148
Translation differences 34 22
Dividends (35) (1)
Reclassifications – (42)
Other 4 (14)
Balance sheet, December 31 1,874 2,098
93