Volvo 2015 Annual Report Download - page 169

Other provisions include provisions for restructuring measures of 11 (20).
OTHER PROVISIONS
NOTE
17
Non-current debt matures as follows:
2020 8,384
2022 or later 5,592
B/S Total non-current liabilities 13,976
NON-CURRENT LIABILITIES
NOTE
18
Dec 31,
2015 Dec 31, 2014
Wages, salaries and withholding taxes 184 150
VAT liabilities 1 –
Accrued expenses and prepaid income 162 136
Other liabilities 34 22
B/S Total other liabilities 381 308
No collateral is provided for current liabilities.
OTHER LIABILITIES
NOTE
19
Contingent liabilities as of December 31, 2015, amounted to 282,175
(279,807) of which 282,164 (279,796) pertained to Group companies.
Credit guarantees are included to an amount corresponding to the
credit limits. Credit guarantees amounted to 272,432 (270,616). The total
amount pertained to Group companies.
The utilized portion at year end amounted to 124.526 (134,504), of
which 124.514 (134,493) pertained to Group companies.
CONTINGENT LIABILITIES
NOTE 20
Other non-cash items 2015 2014
Revaluation of shareholdings 110 155
Gains on sale of shares –4,746 0
Transfer price adjustments, net –104 –132
Anticipated dividend –419 –
Other changes 55 90
Total Other items not affecting cash flow –5,104 113
Further information is provided in Notes 5 Income from investments in
Group companies, 6 Income from investments in joint ventures and asso-
ciated companies and 7 Income from other investments.
NOTE 21 CASH-FLOW
Volvo Group applies IAS 19 Employee Benefits in the consolidated finan-
cial statements. This implies differences, which may be significant, in the
accounting of defined-benefit pension plans as well as in the accounting
of plan assets invested in the Volvo Pension Foundation.
The accounting principles for defined-benefit 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 statement
and in the balance sheet.
• Deficit 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 loans from Volvo Treasury AB by 13,973
(–) and the company’s liability in the group account at Volvo Treasury AB
which has decreased by 7,020 (increased by 2,291).
Acquired and divested shares in
non-Group companies, net 2015 2014
Acquisitions –7,047 –1
Divestments 4,840 –
Total cash flow from acquired and divested
shares in non-Group companies, net –2,207 –1
Acquisitions and divestments of participations in non-Group companies
are presented in Note 13 Investments in shares and participations.
Acquired and divested shares in
Group companies, net 2015 2014
Acquisitions – –685
Divestments 519 31
Total cash flow from acquired and divested
shares in Group companies, net 519 –654
Acquisitions and divestments of participations in Group companies are
shown in Note 13 Investments in shares and participations.
167
GROUP PERFORMANCE 2015 PARENT COMPANY NOTES