Volvo 2012 Annual Report Download - page 175

AB Volvo’s holding of shares
in major subsidiaries (cont.)
Dec 31, 2012 Dec 31, 2012 Dec 31, 2011
Registration
number Percentage holding1Carrying value2Carrying value
Volvo Financial Services AB, Sweden 556000-5406 100 1,945 1,945
VFS International AB, Sweden 556316-6064 100 – –
VFS Nordic AB, Sweden 556579-1778 100 – –
VFS Financial Services BV, The Netherlands – 100 – –
VFS Financial Services Belgium NV, Belgium – 100 – –
VFS Financial Services (UK) Ltd, Great Britain – 100 – –
VFS Deutschland GmbH, Germany –100 – –
VFS Financial Services Spain EFC, SA, Spain – 100 – –
Volvo Finance (Suisse) SA, Switzerland – 100 – –
VFS Vostok, Russia – 100 – –
VFS Romania, Romania –100 – –
VFS Canada Inc, Canada – 100 – –
VE Commercial Vehicles, Ltd, India5, 6 –50 – –
Volvo Treasury AB, Sweden 556135-4449 100 13,044 13,044
Sotrof AB, Sweden 556519-4494 100 1,388 1,388
Volvo Group Real Estate AB, Sweden 556006-8313 100 – –
Volvo Korea Holding AB, Sweden 556531-8572 100 2,655 2,655
Volvo Group Korea Co Ltd, South Korea – 100 – –
Volvo China Investment Co Ltd, China – 100 1,096 1,096
Shanghai Sunwin Bus Co, China 5 –50 – –
Shandong Lingong Construction Machinery, China –70 – –
Volvo Automotive Finance (China) Ltd, China – 100 491 491
Volvo Group UK Ltd, Great Britain7–100 413 413
Volvo Holding Mexico, Mexico – 100 531 531
VolvoGroup Venture CapitalAB, Sweden 556542-4370 100 361 361
Volvo Powertrain AB, Sweden 556000-0753 100 498 498
Volvo Information Technology AB, Sweden 556103-2698 100 663 663
Volvo Parts AB, Sweden 556365-9746 100 200 200
Volvo Group Insurance Försäkrings AB, Sweden 516401-8037 100 182 182
Volvo Business Services AB, Sweden 556029-5197 100 107 107
Volvo Danmark Holding AS, Denmark – 100 104 104
VFS Servizi Financiari Spa, Italy8–100 79 79
Kommersiella Fordon Europa AB, Sweden 556049-3388 100 1,890 1,890
Volvo Norge AS, Norway – 100 56 56
Volvo Malaysia Sdn, Malaysia –100 48 48
ZAO Volvo Vostok, Russia9–100 34 34
Volvo Italia Spa, Italy –100 386 496
CPAC Systems AB, Sweden10 556566-2870 100 367  –
Volvo Logistics AB, Sweden 556197-9732 100 85 85
Rossareds Fastighets AB, Sweden 556009-1190 100 26 26
Alviva AB, Sweden 556622-8820 100 5 5
Volvo East Asia (Pte) Ltd, Singapore – 100 9 9
Volvo Information Technology GB Ltd, Great Britain – 100 3 3
VFS Latvia SIA, Latvia – 100 9 9
Other holdings –100 5 5
B/S Total carrying value Group companies11 56,832 59,460
1 Total percentage holding in the Volvo Group.
2 Carrying value of the percentage holding in the Parent company.
3 Total holding by Volvo Holding Sverige and Volvo Lastvagnar is 100%.
4 Volvo Aero AB was divested during October 2012.
5 Joint venture, reported in accordance with the proportionate consolidation method in Volvo's consolidated accounts.
6 AB Volvo's investments in associated companies and other shares and participations include the direct and indirect holdings of VE Commercial Vehicles
(VECV). AB Volvo's direct equity holding is 45,6% and indirect equity holding is 4,6% in VECV amount to 1,848 (1,848). In the consolidated accounts
of the Volvo Group, VECV is reported as a joint venture, consolidated according to the proportionate method, and accordingly included in the table for
group companies above.
7 Total holding by Volvo Lastvagnar AB and AB Volvo is 100%.
8 Total holding by Volvo Italia and AB Volvo is 100%.
9 Total holding by AB Volvo and Volvo Trucks Region Central Europe is 100%.
10 The total holding of AB Volvo and AB Volvo Penta is 100%. The company was reclassified to group company in 2012.
11 AB Volvo’s share of shareholders’ equity in subsidiaries (including equity in untaxed reserves) was 100,326 (99.139). 171