Volvo 2015 Annual Report Download - page 151
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GROUP PERFORMANCE 2015 NOTES
149
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 2015 2014
Sales to associated companies 2,448 2,129
Purchase from associated companies 2,258 2,320
Receivables from associated companies,Dec 31 638 598
Liabilities to associated companies, Dec 31 515 510
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 2015 2014
Sales to joint ventures 1,887 1,031
Purchase from joint ventures 769 394
Receivables from joint ventures,Dec 31 319 178
Liabilities to joint ventures,Dec 31 194 78
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 Investments in joint ventures, associated companies
and other shares and participations
NOTE 25 TRANSACTIONS WITH RELATED PARTIES
Government grants are financial grants from governmental or suprana-
tional bodies received by the Volvo Group in exchange for fulfillment 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 2015, government grants of SEK 495 M (445) were received, and SEK
682 M (503) was recognized in the income statement. The amount
includes tax credits of SEK 280 M (255) 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