Non-current liabilities
The tables below disclose the Volvo Group’s non-current liabilities in which the largest loans are listed by currency. The main part are issued by Volvo Treasury AB. Information regarding loan terms refer December 31, 2012. The Volvo Group hedges foreign-exchange and interest-rate risks using derivative instruments. 

Refer to Note 4 Goals and policies in financial risk management and Note 30 Financial Instruments for more information.
Bond loans Actual interest rate Dec 31, 2012, %  Effective interest rate Dec 31, 2012, % Dec 31,
2012
Dec 31,
2011
EUR 2007-2012/2014-2024 0.74-9.89 0.74-9.89 20,725 16,591
SEK 2007–2012/2014–2017 1.90-5.71 1.91-5.71 15,131 15,904
USD 2009/2015 5.98 5.98 4,861 5,165
GBP 2009/2014 6.04 6.18 523 532
CNY 2012/2015 3.80-5.93 3.80-6.06 1,852 -
Bond loans as of December 311)     43,092 38,192
         
1) Of which loans raised to finance the credit portfolio of the customer financing operations totalled 29,044 (24,501). 
         
  Actual Effective    
   interest rate interest, rate    
  Dec 31, 2012 Dec 31, 2012    
Other loans % % Dec 31,
2012
Dec 31,
2011
USD 2008–2012/2015–2018 0.56-7.50 0.56-7.76 7,902 8,883
EUR 2005–2012/2014–2027 1.49-6.50 1.50-6.50 2,127 2,409
GBP 2011/2014 1.98 1.99 902 925
SEK 2007-2011/2015-2017 1.52-3.22 1.53-3.22 4,270 5,457
CAD 2012/2015 3.06 3.10 675 1,439
MXN 2009-2012/2014-2016 5.74-8.99 5.89-9.37 1,673 1,470
JPY 2007–2012/2014–2017 0.60-1.40 0.60-1.41 7,837 13,132
CHF 2011/2013 1.07 1.07 - 736
BRL 2007/2020 4.15 4.28 5,807 5,081
 AUD 2012/2015 4.81 6.05 690 1,054
Other loans     4,617 5,509
Revaluation of outstanding derivatives to SEK     1,933 1,670
Other loans as of December 311)     38,433 47,765
Bond loans and other loans as of December 31     81,525 85,957
Deferred leasing income     2,247 2,000
Residual value liabilities     4,439 3,608
Accrued expenses service contracts     2,548 1,996
Other non-current financial liabilities     609 701
Other non-current liabilities     871 2,142
Other liabilities as of December 31     10,714 10,447
Non-current liabilities as of December 31     92,239 96,404

1 Of which loans raised to finance the credit portfolio of the customer financing operations 16,874 (24,517). Volvo Treasury employs cross-currency interest swaps to be able to offer lending and borrowing in various currencies without increasing Volvo Group’s risk. The table presents Industrial operations financial net position, including pensions, listed by currency. Of non-current liabilities, 82,153 (87,923) pertains to financial instruments. Refer also to note 30 Financial instruments.


Of the above loans, 3.723 (516) was secured.

Refer to Note 23 for an explanation of changes to assets pledged.

   
  Non-current loans mature as follows:
2014 27,617
2015 17,518
2016 16,071
2017 14,856
2018 450
2019 or later 5,013
Total 81,525

Refer to Note 15 for maturities of non-current customer financing receivables.

The major part of other non-current liabilities will mature within five years.

At year-end 2012, credit facilities granted but not utilized and which can be used without restrictions amounted to approximately SEK 33,1 billion (33.6). These facilities consisted of stand-by facilities for loans with varying maturities through 2013 to 2017. A fee is normally charged for the unused portion of credit facilities and is recognized in profit or loss under other financial income and expenses.

Current liabilities

Current liabilities 2012 2011
Bank loans 9,172 12,639
Other loans 41,145 31,883
Current liabilities as of December 311) 50,317 44,522
1) Of which loans raised to finance the credit portfolio of the customer financing operations amount to 39,259 (31,844) and financial derivatives at fair value 43 (1,362).

Bank loans include current maturities of non-current loans 2,586 (5,803). Other loans include current maturities of non-current loans, 22,173 (17,681), and commercial paper, 13,535 (8,393). Non-interest-bearing current liabilities accounted for 80,788 (99,152), or 62% (69) of the Volvo Group’s total current liabilities.

Other current liabilities Dec 31,
2012
Dec 31,
2011
Advances from customers 3,959 3,642
Wages, salaries and withholding taxes 7,901 8,041
VAT liabilities 1,785 2,099
Accrued expenses and prepaid income 10,925 12,528
Deferred leasing income 1,793 1,683
Residual value liability 1,705 1,783
Other financial liabilities 254 367
Other liabilities 4,449 5,120
Other current liabilities as of December 31 32,771 35,263

Current liabilities also include trade payables of 47,364 (56,788), current tax liabilities of 653 (2,391) and non interest-bearing and interest-bearing liabilities held for sale, as disclosed in Note 3. Secured bank loans at year-end 2012 totalled 113 (127). The corresponding amount for other current liabilities amounted to 1,581 (584). Of current liabilities including trade payables, 97,992 (102,331) pertains to financial instruments. Refer to note 30 Financial instruments.

Refer to Note 23 for an explanation of changes to assets pledged.