Volvo 2013 Annual Report Download - page 157
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Current liabilities
Current liabilities Dec 31,
2013 Dec 31,
2012
Bank loans 10,992 9,172
Other loans 40,560 40,841
B/S Current liabilities as of December 31151,552 50,013
1 Of which loans raised to fi nance the credit portfolio of the customer fi nancing
operations amount to 44,188 (39,259) and fi nancial derivatives at fair value
amount to 1,753 (43).
Bank loans include current maturities of non-current loans 3,254 (2,586).
Other loans include current maturities of non-current loans, 21,848 (22,173),
and commercial paper, 13,528 (13,535). Non-interest-bearing current
liabilities accounted for 88,746 (79,467), or 63% (61) of the Volvo Group’s
total current liabilities.
Other current liabilities Dec 31,
2013 Dec 31,
2012
Advances from customers 3,280 3,929
Wages, salaries and withholding taxes 8,261 7,860
VAT liabilities 1,971 1,692
Accrued expenses and prepaid income 11,161 10,910
Deferred leasing income 1,882 1,793
Residual value liability 2,186 1,705
Other fi nancial liabilities 160 254
Other liabilities 4,492 4,392
B/S Other current liabilities
as of December 31 33,393 32,535
Current liabilities also include trade payables of 53,901 (46,472), current
tax liabilities of 1,120 (460) and non interest-bearing and interest-bearing
liabilities held for sale, as disclosed in Note 3. Secured bank loans at year-
end 2013 amounted to 0 (113). The corresponding amount for other
current liabilities amounted to 1,747 (1,581). Of current liabilities including
trade payables, 105,693 (97,992) pertains to fi nancial instruments.
Refer to Note 30 Financial instruments.
Refer to Note 23 for disclosures regarding assets pledged.
Assets pledged Dec 31,
2013 Dec 31,
2012
Property, plant and equipment – mortgages 84 97
Assets under operating leases 57 150
Receivables 4,897 3,661
Cash, loans andmarketable securities 40 32
Other assets pledged – 39
Total 5,078 3,979
Total liabilities for which assets are pledged amounted to 4,928 (3,722).
In 2013 an asset-backed securitization was completed. Under the
terms of the transaction, 4,297 of securities were issued tied to US-based
loans, secured by Customer Finance receivables recognized on the
balance-sheet with trucks and construction equipment assets as collaterals.
NOTE 23 ASSETS PLEDGED
153