Volvo 2014 Annual Report Download - page 161
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157
Transactions between AB Volvo and its subsidiaries, which are related par-
ties to AB Volvo, have been eliminated in the Group and are not disclosed
in this note.
Transactions with associated companies 2014 2013
Sales to associated companies 2,129 2,138
Purchase from associated companies 2,320 2,609
Receivables from associated companies,Dec 31 598 301
Liabilities to associated companies, Dec 31 510 707
The Volvo Group engages in transactions with some of its associated
companies. The transactions consist mainly of sales of vehicles and parts
to dealers and importers and purchases of engines from Deutz AG.
Commercial terms and market prices apply for the supply of goods and
services to/from associated companies.
Transactions with joint ventures 2014 2013
Sales to joint ventures 1,031 763
Purchase from joint ventures 394 192
Receivables from joint ventures,Dec 31 178 143
Liabilities to joint ventures,Dec 31 78 58
The Volvo Group engages in transactions with its joint ventures. The trans-
actions consist mainly of sales of vehicles and parts and purchase of engine
long blocks and services. Commercial terms and market prices apply for the
supply of goods and services to/from joint ventures.
Read more in Note 5 regarding the Volvo Group’s share in associated
companies.
NOTE 25 TRANSACTIONS WITH RELATED PARTIES
Government grants are fi nancial grants from governmental or suprana-
tional bodies received by the Volvo Group in exchange for fulfi llment of
certain conditions.
Governmental grants related to assets are presented in the balance sheet
by deducting the grants in arriving at the carrying amount of the asset.
Governmental grants related to income are reported as a deferred income
and recognized in the income statement over the periods necessary to
match the related costs. If the costs incur before the grants have been
received, but there is an agreement that grants will be received, grants are
recognized in the income statement to compensate the relevant costs.
In 2014, government grants of SEK 445 M (400) were received, and SEK
503 M (467) was recognized in the income statement. The amount
includes tax credits of SEK 255 M (245) related to product development,
which were primarily received in France and in the United States. Other
grants were mainly received from Swedish, Chinese and US governmental
organizations and from the European Commission.
NOTE 26 GOVERNMENT GRANTS
ACCOUNTING POLICY
FINANCIAL INFORMATION 2014