Volvo 2012 Annual Report Download - page 114

Joint Ventures (cont.)
Volvo Group’s share of total number of employees 2012 2 011
Number of
employees of which women, % Number of employees of which women, %
Shanghai Sunwin Bus Corp. 577 14 453 16
Dong Feng Nissan Diesel Motor Co., Ltd. 158 15 152 13
VE Commercial Vehicles, Ltd. 4,880 1  3,600 1
Volvo Group's share of total number of employees 5,615 3 4,205 3
Balance sheet Deutz
AG
Other
associated
companies
Total
Dec 31,
2012
Total
Dec 31,
2011
Non-current assets 5,612 1,979 7,591 2,094
Current assets 3,644 1,654 5,297 1,485
Total assets 9,256 3,633 12,889 3,579
Shareholders' equity 4,090 1,603 5,693 1,605
Provisions 1,502 43 1,545 53
Non-currentliabilities 1,333 624 1,957 621
Current liabilities 2,331 1,363 3,694 1,300
Total equity and
liabilities 9,256 3,633 12,889 3,579
The following table presents summarized financial information for the
Volvo Group’s associated companies. The income statement and balance
sheet below reflect the total associated companies, not only the Volvo
Group’s investment.
Income statement Deutz
AG1
Other
associated
companies Total 2012 Total 2011
Net sales 8,448 3,208 11, 6 5 6 2,543
Cost of sales (8,242) (3,144) (11, 3 8 6) (2,491)
Financial income and
expense (87) (33) (120) (29)
Income before taxes 119 31 150 23
Income taxes (21) (120) (141) (23)
Income of the period 98 (89) 9 0
1 For 2012, income statement and balance sheet are presented from January until
September since Deutz AG is recognized in the Volvo Group with a time lag of one
quarter. During 2011 Deutz AG was recognized as other shares and participations,
as the Volvo Group’s investment was below 20%.
Associated companies
Investments in associated companies Registration number Percentage holding Dec 31, 2012 Carrying value Dec 31, 2011 Carrying value
Deutz AG, Germany1–25 1,359 –
Blue Chip Jet II HB, Sweden 969717–2105 50 386 405
UD Trucks Doto Corporation, Japan –38 90 103
UD Trucks Niigata Corporation, Japan –34 59 69
Shanghai Green Bus Drive Systems Co.,Ltd, China – 40 43 –
JV Fonderie Venissieux, France 49 36 35
Merkavim Metal Works Ltd, Israel –27 20 17
Powercell Sweden AB, Sweden 556759–8353 32 10 17
Blue Chip Jet HB, Sweden 969639–1011 50 9 8
Quingdao Sunwin Bus Corp, China – 43 9 9
Arabian Vehicle & Truck Industry Ltd, Saudi Arabia – 25 9 9
Other holdings – – 15 12
B/S Total shares and participations in associated companies 2,045 684
1 In 2012 an additional 18% of the shares in Deutz AG was acquired and thereby the company is recognized as an associated company. In 2011 the holding in Deutz AG
was 7% and recognized as other shares and participations. The fair value of investments in Deutz AG amounted to 924 as of December 31, 2012.
NOTES TO FINANCIAL STATEMENTS
FINANCIAL INFORMATION 2012
110