Volvo 2012 Annual Report Download - page 171

Download and view the complete annual report

Please find page 171 of the 2012 Volvo annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 190

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190

Holdings of shares and participations are specified in AB Volvo’s holding of shares. Changes in holdings of shares and participations are disclosed below.
Group companies Associated companies Non-Group companies
2012 2 011 2012 2011 2012 2011
Balance sheet. December 31, previous year 59,460 59,429 2,401 1,790 552 708
Acquisitions/New issue of shares –94 1,107 505 – 3
Divestments (2,885) (3) – – (6) –
Write-downs/participations in partnerships (110) (60) (31) 106 – –
Revaluation of shares in listed companies – – – – (34) (159)
Reclassifications 367 –  (103) – (264) –
B/S Balance sheet, December 31 56,832 59,460 3,374 2,401 248 552
INVESTMENTS IN SHARES AND PARTICIPATIONS
NOTE 13
Shares and participations in Group companies
During 2012 AB Volvo divested the total shares in Volvo Aero AB with a
carrying value of 2,885.
At year end the holding of shares in Volvo Italia SpA was written down
by 110 (60).
During 2011 AB Volvo acquired the total shares in VFS Latvia SIA of 9.
Shares were also acquired in Volvo Lastvagnar AB, Volvo Bussar AB and
AB Volvo Penta amounting to a total of 85 from Volvo Italia SpA. AB Volvo
now owns the companies by 100%.
Investment in associated companies
During 2012 AB Volvo acquired additional shares in the listed company
Deutz AG amounting to 1,107. The previous holding is reclassified to
investments in associated companies. Total holding as of December 31,
2012 amounts to 25%. Write-down of the participation in Blue Chip Jet
II HB was recognized by 19.
During 2011 AB Volvo acquired 49% of the holding in CPAC Systems
AB from Volvo Group Venture Capital AB (previously Volvo Technology
Transfer AB) by 367. In 2012 the holding was reclassified to shares in
Group companies. During 2011 AB Volvo paid a capital contribution of 137
to Blue Chip Jet II HB. The carrying value of the participations in the part-
nerships Blue Chip Jet I HB and Blue Chip Jet II HB increased during the
year by a net of 106.
Shares and participations in non-Group companies
In connection with reclassification of the holding in Deutz AG to associated
company, the previously recognized revaluations were reversed by 34, rec-
ognized in other comprehensive income (previous year a decrease by 159).
Investment in associated companies and other shares and participations
include the direct and indirect holdings of Volvo Eicher Commercial Vehicles
Ltd. (VECV) amounting to 1,848. In the consolidated accounts of the Volvo
group, VECV is reported as a joint venture and consolidated according to
the proportionate method. The indirect ownership is an effect of the acqui-
sition of 8.1% of Eicher Motors Ltd., which is the other venturer of VECV.
These shares are not separately measured as they form a part of the
in direct ownership in VECV.
Dec 31,
2012 Dec 31,
2011
Accounts receivable 45 46
Prepaid expenses and accrued income 339 268
Other receivables 694 187
B/S Total 1,078 501
The valuation allowance for doubtful receivables amounted to 3 (3) at the
end of the year.
OTHER RECEIVABLES
NOTE 14
Dec 31, 2012 Dec 31, 2011
Accumulated additional depreciation
Land 3 3
Machinery and equipment 1 1
B/S Total 4 4
UNTAXED RESERVES
NOTE 15
167