Volvo 2012 Annual Report Download - page 172

Download and view the complete annual report

Please find page 172 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

Provisions for pensions and similar benefits correspond to the actuarially
calculated value of obligations not insured with third parties or secured
through transfers of funds to pension foundations. The amount of pen-
sions due within one year is included. AB Volvo has insured the pension
obligations with third parties. 0 (8) of the amount pertains to contractual
obligations within the framework of the PRI (Pension Registration Insti-
tute) system.
The Volvo Pension Foundation was formed in 1996. Plan assets amount-
ing to 224 were contributed to the foundation at its formation, corresponding
to the value of the pension obligations at that time. Since its formation, net
contributions of 25 have been made to the foundation.
AB Volvo’s pension costs amounted to 90 (69).
The accumulated benefit obligation of all AB Volvo’s pension obliga-
tions as of December 31, 2012 amounted to 670 (646). The benefit obli-
gation has been secured partly through provisions in the balance sheet
and partly through transfer of funds to pension foundations. Net asset
value in the Pension Foundation, market to market, accrued to AB Volvo
was 12 higher than the corresponding pension obligations.
PROVISIONS FOR POST-
EMPLOYMENT BENEFITS
NOTE 16
Non-currentdebt matures as follows:
2019 or later 7
B/S Total 7
NON-CURRENT LIABILITIES
NOTE 18
Dec 31,
2012 Dec 31,
2011
Wages, salaries and withholding taxes 121 70
Accrued expenses and prepaid income 116 146
Other liabilities 33 19
B/S Total 270 235
No collateral is provided for current liabilities.
OTHER LIABILITIES
NOTE 19
Contingent liabilities amounted to 243,887 (270,346) of which 243,877
(270,336) pertaining to Group companies.
Guarantees for various credit programs are included in amounts corre-
sponding to the credit limits. These guarantees amount to 235,806 (261,576),
of which guarantees on behalf of Group companies totalled 235,806
(261,576).
At the end of each year, the utilized portion amounted to 127,076
(125,123), including 127,065 (125,113) pertaining to Group companies.
CONTINGENT LIABILITIES
NOTE 20
Other provisions include provisions for restructuring measures of 39 (42).
OTHER PROVISIONS
NOTE 17
Other non-cash items 2012 2011
Revaluation of shareholdings 141 (46)
Gain/loss on sale of shares (2,869) –
Transfer price adjustments, net (140) 33
Other 80 80
Total (2,788) 67
Further information is provided in Notes 5, 6 and 7.
Shares and participations
in non-Group companies 2012 2 011
Investments (1,108) (508)
Disposals 10 –
Net investments in shares and
participations in non-Group companies (1,098) (508)
Investments and sales of shares in non-Group companies are presented
in Note 13.
Change in loans, net
Decrease in loans is related to the company´s liability in the group
account at Volvo Treasury AB. The liability has decreased by 2.964
(increased by 281).
Group contributions received/paid
Group contributions are recognized as Allocations in 2012. Previous year
Group contributions were recognized in operating income. Comparative
figures for 2011 have been restated in the Cash-flow statement.
Shares and participations
in Group companies 2012 2 011
Investments –(94)
Disposals 5,097 1
Net investments in shares and
participations in Group companies 5,097 (93)
Investments and sales of shares in Group companies are shown in
Note13.
CASH-FLOW
NOTE 21
FINANCIAL INFORMATION 2012
168
NOTES TO FINANCIAL STATEMENTS