Volvo 2014 Annual Report Download - page 165

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161
Fees to the auditors 2014 2013
PricewaterhouseCoopers AB
– Audit fees 100 120
– Audit-related fees 4 5
– Tax advisory services 14 12
– Other fees 22 19
Total 140 156
Audit fees to others 2 3
Volvo Group Total 142 159
The audit assignment involves review of the Annual report and fi nancial
accounting and the administration by the Board and the President.
Audit-related assignments mean quality assurance services required by
enactment, articles of association, regulations or agreement. The amount
includes the fee for reviewing the half-year report. Tax services include
both tax consultancy and tax compliance services. All other tasks are
defi ned as other.
NOTE 28 FEES TO THE AUDITORS
Cash fl ow analysis
The cash fl ow statement is prepared in accordance with the indirect
method. The cash fl ow statements of foreign Group companies are trans-
lated at the average rate. Changes in Group structure, acquisitions and
divestments, are recognized net, excluding cash and cash equivalents, in
the item Acquisition and divestment of subsidiaries and other business
units and are included in cash fl ow from Investing activities.
Cash and cash equivalents include cash, bank balances and parts of
marketable securities, with date of maturity within three months at the
time for investment. Marketable securities comprise interest-bearing
securities, the majority of which with terms exceeding three months. How-
ever, these securities have high liquidity and can easily be converted to
cash. Certain investment in marketable securities are excluded from the
defi nition of cash and cash equivalents in the cash fl ow statement if the
date of maturity of such instruments is later than three months after the
investment was made.
Other items not affecting cash fl ow 2014 2013
Risk provisions and losses related to doubtful
accounts receivable/customer-fi nancing receivables 1,223 1,230
Capital gains/losses on the sale of subsidiaries and
other business units (1,020) (141)
Unrealized exchange rate gains/losses on accounts
receivable and payable (367) 229
Unrealized exchange rate gains/losses on other
operating assets and liabilities 518 61
Provisionrelated toengine emission case in the U.S. 422 –
Provisionrelated toEU antitrust investigation 3,790 –
Provision related to credit losses in Volvo CE1708 125
Provision for warranty reserve – 745
Credit losses in China 577 –
Other changes 290 167
Total Other items not affecting cash fl ow 6,141 2,416
1 SEK 83 M is included in risk provisions related to doubtful accounts receivables.
Acquired and divested shares
and participations, net 2014 2013
New issue of shares (6) (1)
Capital contribution – (36)
Acquisitions (21) (112)
Divestments 96 135
Other – –
Total cash fl ow from acquired and divested
shares and participations, net 69 (14)
Acquired and divested subsidiaries
and other business units: 2014 2013
Acquired subsidiaries and other
business units (1,103) (71)
Divested subsidiaries and other
business units 8,501 1,003
Total cash fl ow from acquired and divested
subsidiaries and other business units 7,398 932
During 2014 Volvo Group acquired the hauler manufacturing business
from Terex inc. and the divestitureof Volvo Rents andcommercial non-
strategic real estate was completed.
Read more in Note 3 Acquisitions and divestments of shares in subsidiaries
regarding the effecton the Volvo Group’s net fi nancial position from the acqui-
sitions and divestments.
ACCOUNTING POLICY
NOTE 29 CASH FLOW
FINANCIAL INFORMATION 2014