Volvo 2015 Annual Report Download - page 160

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Parent Company AB Volvo
Corporate registration number 556012-5790.
Amounts in SEK M unless otherwise specified. Amounts within parentheses refer to the preceding year, 2014.
Board of Directors’ report
AB Volvo is the Parent Company of the Volvo Group and its operations
comprise of the Group’s head office with staff together with some corpo-
rate functions.
Income from investments in Group companies include dividends
amounting to 1,061 (6,826) and transfer price adjustments and royalties
amounting to an expense of 775 (1,120).
Capital gain from divestment of the holding in Eicher Motors Ltd.
amounted to 4,608. Reversal of revaluation to market value amounted to
3,995 and is recognized in other comprehensive income.
The carrying value of shares and participations in Group companies
amounted to 60,766 (61,283), of which 60,092 (60,241) pertained to
shares in wholly owned subsidiaries. The corresponding shareholders’
equity in the subsidiaries (including equity in untaxed reserves but exclud-
ing minority interests) amounted to 103,382 (101,274).
During 2015 AB Volvo acquired 45 % of the Chinese automotive manu-
facturer Dongfeng Commercial Vehicles Co., Ltd. to the value of 7,197.
The holding is recognized as an investment in associated company.
Total investments by year end in joint ventures and associated compa-
nies included 10,392 (3,317) in joint ventures and associated companies
that are recognized in accordance with the equity method in the consoli-
dated accounts. The portion of shareholders’ equity in joint ventures and
associated companies pertaining to AB Volvo amounted to 8,026 (2,781).
Financial net debt amounted to 42,933 (35,967).
AB Volvo’s risk capital (shareholders’ equity plus untaxed reserves)
amounted to 41,010 (38,290) corresponding to 41% (46%) of total assets.
INCOME STATEMENT
SEK M 2015 2014
Net sales Note 2 884 696
Cost of sales Note 2 –884 –696
Gross income 00
Administrative expenses Note 2, 3 –1,342 –1,011
Other operating income and expenses Note 4 –161 –65
Income from investments in Group companies Note 5 288 5,572
Income from investments in joint ventures and associated companies Note 6 84 26
Income from other investments Note 7 4,612 7
Operating income 3,481 4,529
Interest income and similar credits 01
Interest expenses and similar charges Note 8 –1,195 –947
Other financial income and expenses Note 9 –9 –19
Income after financial items 2,277 3,564
Allocations Note 10 12,565 3,505
Income taxes Note 11 –2,103 –379
Income for the period 12,739 6,690
OTHER COMPREHENSIVE INCOME
Income for the period 12,739 6,690
Items that may be reclassified subsequently to income statement:
Available-for-sale investments –3,995 3,037
Other comprehensive income, net of income taxes –3,995 3,037
Total comprehensive income for the period 8,744 9,727
158
GROUP PERFORMANCE 2015 PARENT COMPANY