Volvo 2013 Annual Report Download - page 179

AB Volvo’s holding of shares
in subsidiaries Dec 31,
2013 Dec 31, 2013 Dec 31, 2012
Registration
number Percentage holding1Carrying
value2Carrying value2
Volvo Lastvagnar Sverige AB, Sweden 556013-9700 100 8,711 8,711
Volvo Holding Sverige AB, Sweden 556539-9853 100 7,634 7,634
Volvo Group Japan Co, Japan – 100 8,928 6,379
Volvo Bussar AB, Sweden 556197-3826 100 1,917 1,917
Volvo Construction Equipment NV,
The Netherlands – 100 2,582 2,582
AB Volvo Penta, Sweden 556034-1330 100 438 438
VNA Holding Inc., USA – 100 3,278 2,491
Volvo Financial Services AB, Sweden 556000-5406 100 1,945 1,945
Volvo Treasury AB, Sweden 556135-4449 100 13,044 13,044
Sotrof AB, Sweden 556519-4494 100 1,388 1,388
Volvo Korea Holding AB, Sweden 556531-8572 100 2,655 2,655
Volvo China Investment Co Ltd., China – 100 1,096 1,096
Volvo Automotive Finance (China) Ltd., China – 100 491 491
Volvo Group UK Ltd., Great Britain3– 39 413 413
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 1,263 663
Volvo Parts AB, Sweden 556365-9746 100 150 200
Volvo Group Insurance Försäkrings AB, Sweden 516401-8037 100 182 182
Volvo Business Services AB, Sweden 556029-5197 100 67 107
Volvo Danmark A/S, Denmark – 100 128 104
VFS Servizi Financiari Spa, Italy4– 25 79 79
Kommersiella Fordon Europa AB, Sweden 556049-3388 100 1,890 1,890
Volvo Norge A/S, Norway – 100 56 56
Volvo Malaysia Sdn, Malaysia – 100 48 48
ZAO Volvo Vostok, Russia5– 75 34 34
Volvo Italia Spa, Italy – 100 447 386
CPAC Systems AB, Sweden6556566-2870 49 367 367
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
Total carrying value Group companies7 60,763 56,832
AB Volvo’s holding of shares in
joint ventures, associated compa-
nies and non-Group companies
Dec 31,
2013 Dec 31, 2013 Dec 31, 2012
Registration
number Percentage holding1Carrying value Mkr2
Carrying
value
Mkr2
VE Commercial Vehicles Ltd., India8–45.6 1,616 1,616
Eicher Motors Ltd., India – 8.43 1,191 775
Deutz AG, Germany – 25.03 1,359 1,359
Blue Chip Jet HB, Sweden 969639-1011 50 3 8
Blue Chip Jet II HB, Sweden 969717-2105 50 359 386
Other investments – – 18 21
Total carrying value, joint ventures,
associated companies and non-Group
companies 4,546 4,165
1 The percentage holding refers to the Parent Company AB Volvo’s holding.
2 Refers to AB Volvo’s carrying value of its holding.
3 Total holding by Volvo Lastvagnar AB and AB Volvo is 100%.
4 Total holding by Volvo Italia Spa and AB Volvo is 100%.
5 Total holding by AB Volvo and Volvo Trucks Region Central Europe GmbH is 100%.
6 Total holding by AB Volvo and AB Volvo Penta is 100%.
7 AB Volvo’s share of shareholders’ equity is subsidiaries (including equity in untaxed reserves)
was 101,937 (100,326).
8 In Volvo Group the company is reported as a joint venture, consolidated according to equity method.
Shares and participations in Group companies
During 2013 a subscription in Volvo Group Japan
Co has been made by 3,392. Acquisition of shares
in Prévost Car (US) Inc has been disposed by
shareholder’s contribution to VNA Holding Inc. by
787. Shareholder’s contribution has been given to
Volvo Information Technology AB by 600 and to
Volvo Italia Spa by 124. Acquisition of shares in
Renault Trucks Danmark A/S has been made by
24. Renault Trucks Danmark A/S has later on been
merged into Volvo Danmark A/S.
Write-down of shares in Volvo Group Japan Co
has been made by 843(–), in Volvo Italia Spa by
63(110), in Volvo Parts AB by 50 (–) and in Volvo
Business Services AB by 40 (–).
During 2012 AB Volvo divested the total shares
in Volvo Aero AB with a carrying values of 2,885.
AB Volvo owns, directly or indirectly, 310 legal
entities. The legal structure is designed to effec-
tively manage legal requirements, administration
and taxes, as well as the operations conducted by
the Group in each country it operates. Legal enti-
ties may have different characters and include dif-
ferent types of operations, such as production,
de velopment and sales. The character of a legal
entity may change over time. Furthermore legal
entities could include different type of the Group’s
operations and this could also change over time. In
some countries there are legal restrictions which
limit the Group’s ability to transfer assets between
the Group’s legal entities. Read more in the note 18
to the consolidated fi nancial statements for a de -
scription of restrictions related to cash and cash
equivalents.
Volvo Group’s operational structure gives a better
overview of how the Volvo Group has chosen to
organize its business. Read more about Volvo Group’s
operational structure in note 6 to the consolidated
fi nancial statements.
AB Volvo’s wholly owned subsidiaries are pre-
sented in adjoining table.
Investments in associated companies and
joint ventures
VE Commercial Vehicles Ltd, previously classifi ed as
an associated company in the Parent company, is
from January 1, 2013 reclassifi ed as a joint venture.
This reclassifi cation has not had any fi nancial impact.
Write-down of the participations in Blue Chip
Jet HB was recognized by 5 (–) and in Blue Chip
Jet II HB by 26 (19).
During 2012 AB Volvo acquired additional shares
in the listed company Deutz AG amounting to 1,107.
The previous holding is reclassifi ed to investments
in associated companies. Total holding as of Decem-
ber 31, 2013 amounts to 25% (25).
Shares and participations in non-Group
companies
As from January 1, 2013 the holding in the listed
company Eicher Motors Ltd was revaluated to fair
value. Revaluation during the year has increased
the value by 415, recognized in other comprehen-
sive income. The comparative fi gures for 2012
have been restated, which during the year resulted
in an increase in other comprehensive income of
347. Restatement of the value of the holding in
Eicher Motors Ltd as of December 31, 2012 has
resulted in an increase of Other Shares and partic-
ipations and Unrestricted shareholder’s equity by
543. The holding in Deutz AG was reclassifi ed to
an associated company in 2012. In connection with
the reclassifi cation the previously recognized reval-
uations were reversed by 34, recognized in other
comprehensive income.
175