Volvo 2012 Annual Report Download - page 127
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Credit loss reserves
The establishment of credit loss reserves on customer-financing receivables
is dependent on estimates including assumptions regarding past dues, repos-
session rates and the recovery rate on the underlying collaterals. As of
December 31, 2012, the total credit loss reserves in the Customer Finance
segment amounted to 1.23% (1.33) of the total credit portfolio in the segment.
Refer to Note 4 for a description of the credit risk and Note 30 for further
information regarding customer-financing receivables.
Non-current customer-financing receivables
Allocation of non-current customer-
financing receivables Dec 31,
2012 Dec 31,
2011
Installment credits 19,314 17,457
Financial leasing 21,115 22,454
Other receivables 727 707
B/S Non-current customer financing
recivables as of December 31 41,156 40,618
The effective interest rate for non-current customer-financing receivables
amounted to 6.31% as of December 31, 2012.
Current customer-financing receivables
Allocation of current customer-
financing receivables Dec 31,
2012 Dec 31,
2011
Installment credits 10,884 11, 07 9
Financial leasing 13,74 8 11, 4 25
Dealerfinancing 14,079 13,820
Other receivables 1,122 1,757
B/S Current customer financing
receivables as of December 31 39,833 38,081
The effective interest rate for current customer-financing receivables
amounted to 6.06% as of December 31, 2012.
Credit risk in the customer-financing operations
Customer-financing receivables Dec 31,
2012 Dec 31,
2011
Customer-financing receivables gross 82,080 79,849
Valuation allowance for doubtful
customer-financing receivables (1,091) (1,150)
Whereof specific reserve (258) (374)
Whereof other reserve (833) (776)
Customer-financing receivables, net 80,989 78,699
Customer-financing receivables
(days/MSEK) payments due
Dec 31, 2012 Dec 31, 2011
Not due 1–30 31–90 >90 Total Not due 1–30 31–90 >90 Total
Overdue amount –407 331 404 1,142 – 391 230 648 1,269
Valuation allowance for doubtful customer
financing receivables (64) (42) (43) (109) (258) (99) (63) (40) (172) (374)
Customer-financing receivables,
net book value (64) 365 288 295 884 (99) 328 190 476 895
The table above presents overdue payments within the customer financing operations in relation to specific reserves. It is not unusual for a receivable
to be settled a couple of days after its due date, which impacts the age interval of 1–30 days.
SOURCES OF ESTIMATION UNCERTAINTY
!
Non-current and current receivables recognized in the Volvo Group’s
customer financing operations.
NOTE 15
CUSTOMER-FINANCING RECEIVABLES
2017
3,202
2018 or later
730
2016
6,867
2015
12,831
2014
17,526
Non-current customer-financing
receivables maturities
MSEK
123