Significant differences between Swedish GAAP and IFRS The most significant differences between Swedish GAAP and IFRS for Volvo are further explained below in the Equity- and net income reconciliation: Summarized reconciliation of shareholders’ equity SEK M
Equity under Swedish GAAP IFRS adjustments: Capitalization and amortization of intangible assets Minority interest Non-amortization of goodwill Post employee benefits Investments in listed companies Fair value gains and losses on derivatives for hedge of: - Commercial cash flow - Electricity contracts Consolidation of temporary investments Share based payments Deferred taxes on IFRS adjustments Total adjustments to IFRS Equity under IFRS
040101
041231
050101
72,420
69,409
69,409
722 217 0 (580)
(152) 0 (96) 112 72,532
340 229 665 (473)
– 14 (29) 746 70,155
340 229 665 (473) (494) 1,195 (25) – 14 (358) 1,094 70,503
Summarized reconciliation of net income SEK M
Net income under Swedish GAAP IFRS adjustments: Capitalization and amortization of intangible assets Minority interest Non-amortization of goodwill Post-employment benefits Consolidation of temporary investments Deferred taxes on IFRS adjustments Total adjustments to IFRS Income for the period under IFRS
2004
9,355 (382) 40 684 13 142 55 552 9,907
Summarized reconciliation of net financial position SEK bn
2004
Volvo Group excl VFS Net financial position at December 31, 2004 under Swedish GAAP
18.7
IFRS adjustments: Post-employment benefits Derecognition of financial assets Total adjustments to IFRS Net financial position at January 1, 2005 under IFRS
(0.5) (3.4) (3.9) 14.8
Financial information 2006 103