Volvo 2015 Annual Report Download - page 140

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GROUP PERFORMANCE 2015 NOTES
Cash and Cash equivalents include high liquid interest-bearing securities
that are considered easily convertible to cash including marketable secu-
rities, with a date of maturity within three months at the time for invest-
ment. Interest bearing securities that fail to meet this definition are recog-
nized as marketable securities.
Marketable securities Dec 31,
2015 Dec 31, 2014
Government securities 1,586 789
Banks and financial institutions 1,090 5,037
Real estate financial institutions 668 1,485
B/S Marketable securities 3,344 7,312
Cash and cash equivalents Dec 31,
2015 Dec 31, 2014
Cash in banks 18,474 25,627
Bank certificates 674 340
Time deposits in banks 1,900 276
B/S Cash and cash equivalents 21,048 26,242
Cash and cash equivalents as of December 31, 2015, include SEK 0.8
billion (0.2) that is not available for use by the Volvo Group and SEK 5.4
billion (6.1) where other limitations exist, mainly liquid funds in countries
where exchange controls or other legal restrictions apply. Therefore it is not
possible to immediately use the liquid funds in other parts of the Volvo
Group, however normally there is no limitation for use for the Volvo Group’s
operation in the respective country.
ACCOUNTING POLICY
NOTE 18 MARKETABLE SECURITIES AND LIQUID FUNDS
Earnings per share before dilution is calculated as income for the period,
attributable to the Parent Company’s shareholders, divided by the Parent
Company’s average number of shares outstanding for the fiscal year.
Diluted earnings per share is calculated as income for the period attribut-
able to the Parent Company’s shareholders divided by the average num-
ber of shares outstanding plus the average number of shares that would
be issued as an effect of ongoing share-based incentive programs. If dur-
ing the year there were potential shares redeemed or expired during the
period, these are also included in the average number of shares used to
calculate the earnings per share after dilution.
The share capital of the Parent Company is divided into two series of
shares, A and B. Both series carry the same rights, except that each
Series A share carries the right to one vote and each Series B share car-
ries the right to one tenth of a vote. The shares’ quota value is SEK 1.20.
Cash dividend 2015, decided by the Annual General Meeting 2014,
was SEK 3.00 (3.00) per share or totally SEK 6,089.8 M (6,084.4).
During 2015 AB Volvo transferred, free of consideration, 1,377,988
treasury B-shares, with a total quota value of 1,653,585.60 SEK, to par-
ticipants in the long-term share-based incentive program for Group and
senior executives in the Volvo Group, as accelerated allotment. The trans-
ferred treasury shares represent an insignificant portion of the share cap-
ital of AB Volvo.
During 2015 AB Volvo converted a total of 7,633,140 Series A shares
to Series B shares.
Unrestricted equity in the Parent Company as of December 31, 2015
amounted to SEK 31,115 M (28,395).
Read more in Note 27 about the Volvo Group share-based incentive
program.
Information regarding
number of shares Dec 31, 2015 Dec 31, 2014
Own Series A shares 20,728,135 20,728,135
Own Series B shares 76,975,610 78,353,598
Total own shares 97,703,745 99,081,733
Own shares in % of total
registered shares 4.59 4.66
Outstanding Series A shares 484,753,825 492,386,965
Outstanding Series B shares 1,545,962,650 1,536,951,522
Total outstanding shares 2,030,716,475 2,029,338,487
Total registered Series A shares 505,481,960 513,115,100
Total registered Series B shares 1,622,938,260 1,615,305,120
Total registered shares 2,128,420,220 2,128,420,220
Average number of
outstanding shares 2,030,116,663 2,028,414,477
ACCOUNTING POLICY
NOTE 19 EQUITY AND NUMBER OF SHARES