Transactions between AB Volvo and its subsidiaries and joint ventures, which are related parties to AB Volvo, have been eliminated in the group and are not disclosed in this note.
The Volvo Group engages in transactions with some of its associated companies. The transactions consist mainly of sales of vehicles to dealers and purchases of engines.
|Sales to associated companies
|Purchase from associated companies
|Receivables from associated companies, Dec 31
|Liabilities to associated companies, Dec 31
The increase in purchases and liabilities is explained by Deutz AG, which is an associated company from September 2012. Commercial terms and market prices apply for the supply of goods and services to/from associated companies.
Until December 2012 Renault s.a.s was a related party to the Volvo Group due to its holding in AB Volvo. In December 2012 Renault s.a.s sold their Volvo shares. Sales to and purchases from Renault s.a.s. and its subsidiaries amounted to 29 (53) and 1,719 (2,321). Receivables from and liabilities to Renault s.a.s. is not included for 2012 and totalled 11 and 372, respectively, as of December 31, 2011. Sales were mainly from Renault Trucks to Renault s.a.s. and comprised components and spare parts. Purchases were mainly made by Renault Trucks from Renault s.a.s. and primarily comprised light trucks. Renault Trucks has a license from Renault s.a.s. for the use of the trademark Renault.
During the year AB Volvo divested an apartment to a former member of Group management to market value for 10.
Refer to Note 5 regarding the Volvo Group's share in associated companies.