Volvo 2013 Annual Report Download - page 180

Provisions for pensions and similar benefi ts 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 (0) 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 100 (90).
The accumulated benefi t obligation of all AB Volvo’s pension obliga-
tions as of December 31, 2013 amounted to 688 (670). The benefi t 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 36 higher than the corresponding pension obligations.
Non-currentdebt matures as follows:
2020 or later 7
B/S Total non-current liabilities 7
Dec 31,
2013 Dec 31, 2012
Wages, salaries and withholding taxes 119 121
VAT liabilities 22 –
Accrued expenses and prepaid income 183 116
Other liabilities 18 33
B/S Total other liabilities 342 270
No collateral is provided for current liabilities.
Contingent liabilities amounted to 232,308 (243,887) of which 232,297
(243,877) pertaining to Group companies.
Guarantees for various credit programs are included in amounts corre-
sponding to the credit limits. These guarantees amount to 223,669
(235,806), of which guarantees on behalf of Group companies totalled
223,669 (235,806).
At the end of each year, the utilized portion amounted to 126,364
(127,076), including 126,353 (127,065) pertaining to Group companies.
Other provisions include provisions for restructuring measures of 31 (39).
PROVISIONS FOR POST-
EMPLOYMENT BENEFITS
NOTE16
Dec 31,
2013 Dec 31, 2012
Accounts receivable 31 45
Prepaid expenses and accrued income 248 339
Other receivables 32 694
B/S Total other receivables 311 1,078
The valuation allowance for doubtful receivables amounted to 2 (3) at the
end of the year.
176
FINANCIAL INFORMATION 2013
OTHER PROVISIONS
NOTE17
NON-CURRENT LIABILITIES
NOTE18
OTHER LIABILITIES
NOTE19
CONTINGENT LIABILITIES
NOTE 20
Dec 31,
2013 Dec 31, 2012
Accumulated additional depreciation
Land 3 3
Machinery and equipment 2 1
B/S Total untaxed reserves 5 4
NOTE 15 UNTAXED RESERVES
NOTE 14 OTHER RECEIVABLES