Volvo 2014 Annual Report Download - page 179

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Other provisions include provisions for restructuring measures of 20 (31).
OTHER PROVISIONS
NOTE17
Non-current debt matures as follows:
2021 or later 7
B/S Total non-current liabilities 7
NON-CURRENT LIABILITIES
NOTE18
Dec 31,
2014 Dec 31,
2013
Wages, salaries and withholding taxes 150 119
VAT liabilities – 22
Accrued expenses and prepaid income 136 183
Other liabilities 22 18
B/S Total other liabilities 308 342
No collateral is provided for current liabilities.
OTHER LIABILITIES
NOTE19
Contingent liabilities as of December 31, 2014, amounted to 279,807
(232,308) of which 279,796 (232,297) pertained to Group companies.
Credit guarantees are included to an amount corresponding to the
credit limits. Credit guarantees amounted to 270,616 (223,669), of which
270,616 (223,669) pertained to Group companies.
The utilized portion at year end amounted to 134,504 (126,364), of
which 134,493 (126,353) pertained to Group companies.
CONTINGENT LIABILITIES
NOTE 20
Other items not affecting
cash amounted to: 2014 2013
Revaluation of shareholdings 155 1,031
Gains/(losses) on sale of shares 0 106
Transfer price adjustments, net (132) 558
Other changes 90 69
Total Other items not affecting cash fl ow 113 1,764
Further information is provided in Notes 5 Income (loss) from invest-
ments in Group companies, 6 Income from investments in joint ventures
and associated companies and 7 Income from other investments.
NOTE 21 CASH-FLOW
Volvo Group applies IAS 19 Employee Benefi ts in the consolidated fi nan-
cial statements. This implies differences, which may be signifi cant, in the
accounting of defi ned-benefi t pension plans as well as in the accounting
of plan assets invested in the Volvo Pension Foundation.
The accounting principles for defi ned-benefi t plans differ from IAS19
mainly relating to:
• Pension liability calculated according to Swedish accounting principles
does not take into account future salary increases.
• The discount rate used in the calculations is set by PRI Pensions-
garanti and Finansinspektionen, respectively.
• Changes in the discount rate, actual return on plan assets and other
actuarial assumptions are recognized directly in the income state-
ment and in the balance sheet.
• Defi cit must be either immediately settled in cash or recognized as a
liability in the balance sheet.
• Surplus cannot be recognized as an asset, but may in some cases be
refunded to the Company to offset pensions costs.
Change in loans, net
Increase in loans is related to the company’s liability in the group account
at Volvo Treasury AB. The liability has increased by 2,291 (6,021).
Investments and divestments of shares
in non-Group companies, net 2014 2013
Investments (1) (1)
Total cash fl ow from investments and divest-
ments of shares in non-Group companies, net (1) (1)
Investments and divestments of participations in non-Group companies
are presented in Note 13 Investments in shares and participations.
Investments and divestments of shares
in Group companies, net 2014 2013
Investments (685) (4,927)
Divestments 31 (106)
Total cash fl ow from investments and divest-
ments of shares in Group companies, net (654) (5,033)
Investments and divestments of participations in Group companies are
shown in Note 13 Investments in shares and participations.
FINANCIAL INFORMATION 2014
175