As from January 1, 2013 Volvo applies the following accounting standards, IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosures of Interest in Other Entities amendments in IAS 27 Separate Financial Statements, amendments in IAS 28 Investments in Associates and Joint Ventures and the amendment in IAS 19 Employee Benefits. These standards are applied retrospectively and hence the income statement and balance sheet for 2012 are adjusted to reflect the changes in these new and amended accounting standards. IFRS 10 Consolidated Financial Statements, IFRS 12 Disclosures of Interest in Other Entities and the amendments in IAS 27 Separate Financial Statements, see note 1, will not have a material effect on the Volvo Group and are not included in the restated numbers for 2012.

Restatement Joint ventures
IFRS 11 replaces IAS 31 Interests in Joint Ventures. Under IFRS 11, joint arrangements are classified as joint operations or joint ventures. A joint operation is a joint arrangement whereby the parties to the arrangement have rights to the assets, and obligations for the liabilities. A joint venture is a joint arrangement whereby the parties to the arrangement have rights to the net assets of the arrangement. Volvo Group’s joint arrangements are classified as joint ventures. Volvo Group has previously accounted for joint ventures using the proportional method and consolidated the assignable part item by item in the income statement and balance sheet.

Under IFRS 11, the option of proportional consolidation of joint ventures included in IAS 31 has been removed, and joint ventures shall be accounted for using the equity method in accordance with IAS 28. Investments in Associates and Joint Ventures (revised 2011). Assets and liabilities relating to the joint ventures are derecognized and a carrying amount corresponding to the net assets derecognized and including goodwill is recognized in the balance sheet, impairment test has been performed in accordance with the transition rules in IFRS 11. In accordance with the equity method, Volvo Group’s share of the joint venture’s profit or loss will be recognized as a one line item in the income statement, i.e. ”Income from investments in joint ventures and associates”. The corresponding amount will be recognized in the balance sheet as “Investment in joint ventures and associates”.

Read more about Volvo Group's Joint Ventures in Note 5.

Restatement Employee benefits
As from January 1, 2013 the amendment to IAS 19 Employee benefits is effective. The revised standard is applied retrospectively, and hence the opening balance for 2012 is adjusted in accordance with the revised IAS 19, and the reported numbers for 2012 is restated accordingly for comparison purposes.

The amended standard removes the option to use the corridor method which is used by the Volvo Group up to and including the financial year 2012. According to the revised IAS 19, discount rate is used when calculating the net interest income or expense on the net defined benefit liability (asset), hence the expected return is no longer used. All changes in the net defined liability or asset is recognized when they occur. Service cost and net interest is recognized in profit and loss, while remeasurements such as actuarial gains and losses is recognized in other comprehensive income. Special payroll tax is recognized as pension liability, special payroll tax is applicable for Sweden and Belgium. Amortization of actuarial gains and losses will cease with the removal of the corridor method.

Read more about provision for post-employment benefit in Note 20.

Restatement hedging of firm flows
As from January 1, 2013 there will be a change of the presentation in the income statement of financial instruments related to hedging of commercial flows, from Operating income to Other financial income and expenses. Financial instruments related to hedging of commercial flows will be presented in Other financial income and expenses to be able to enhance the possibility to net all internal flows before entering into external hedging contracts.

Read more about hedging of firm flows Note 30.

Below you will find the effect from the restatements on net sales, operating income and operating margin divíded by segment and quarter. Further is a presentation on the opening balance sheet, income statement and balance sheet per quarter, full year income statement and net financial position at December 31, 2012.

Segment reporting
Net sales Quarter 1/2012   Quarter 2/2012   Quarter 3/2012
SEK M Previously reported   Restatement   After restatement   Previously reported   Restatement   After restatement   Previously reported   Restatement   After restatement
Trucks 48,911   (897)   48,014   51,331   (813)   50,518   44,309   (675)   43,634
Construction Equipment 17,999   -   17,999   19,715   -   19,715   13,272   -   13,272
Buses 5,224   (138)   5,086   5,189   (149)   5,040   4,256   (180)   4,076
Volvo Penta 1,933   -   1,933   2,224   -   2,224   1,720   -   1,720
Volvo Aero 1,682   -   1,682   1,945   -   1,945   1,592   -   1,592
Group functions and other including eliminations 1,284   1   1,285   1,535   1   1,536   1,994   1   1,995
Industrial operations 77,034   (1,035)   75,999   81,938   (961)   80,977   67,143   (854)   66,289
Customer Finance 2,367   -   2,367   2,487   -   2,487   2,422   -   2,422
Eliminations (563)   -   (563)   (522)   -   (522)   (452)   -   (452)
Volvo Group 78,838   (1,035)   77,803   83,904   (961)   82,943   69,111   (854)   68,256
Net sales Quarter 4/2012   Year 2012
SEK M Previously reported   Restatement   After restatement   Previously reported   Restatement   After restatement
Trucks 47,732   (742)   46,990   192,283   (3,127)   189,156
Construction Equipment 12,572   -   12,572   63,558   -   63,558
Buses 5,626   (242)   5,384   20,295   (705)   19,590
Volvo Penta 1,754   -   1,754   7,631   -   7,631
Volvo Aero -   -   -   5,219   -   5,219
Group functions and other including eliminations 2,232   1   2,233   7,045   3   7,048
Industrial operations 69,916   (982)   68,934   296,031   (3,832)   292,199
Customer Finance 2,507   -   2,507   9,783   -   9,783
Eliminations (630)   -   (630)   (2,167)   -   (2,167)
Volvo Group 71,793   (982)   70,811   303,647   (3,832)   299,814
Operating income  Quarter 1/2012   Quarter 2/2012   Quarter 3/2012
SEK M Previously reported   Restatement   After restatement   Previously reported   Restatement   After restatement   Previously reported   Restatement   After restatement
Trucks 3,521   156   3,677   4,120   164   4,284   1,695   120   1,815
Construction Equipment 2,131   (42)   2,089   2,629   113   2,742   650   (48)   602
Buses 62   (16)   46   176   12   188   (58)   (6)   (64)
Volvo Penta 112   2   114   268   11   279   147   (3)   144
Volvo Aero 235   (2)   233   305   10   315   227   1   228
Group functions and other (157)   (98)   (255)   (549)   63   (486)   (116)   (70)   (186)
Industrial operations 5,906   0   5,906   6,949   373   7,322   2,544   (8)   2,536
Customer Finance 333   1   334   386   1   387   383   1   384
Volvo Group 6,239   1   6,240   7,335   374   7,709   2,927   (7)   2,920
Operating income Quarter 4/2012   Year 2012
SEK M Previously reported   Restatement   After restatement   Previously reported   Restatement   After restatement
Trucks 880   122   1,002   10,216   563   10,779
Construction Equipment 363   (128)   235   5,773   (106)   5,667
Buses (129)   (3)   (132)   51   (14)   37
Volvo Penta 14   (1)   13   541   8   549
Volvo Aero -   -   -   767   8   775
Group functions and other (396)   89   (307)   (1,217)   (17)   (1,235)
Industrial operations 731   78   809   16,130   443   16,573
Customer Finance 390   1   391   1,492   4   1,496
Volvo Group 1,121   79   1,200   17,622   447   18,069
Operating margin Quarter 1/2012   Quarter 2/2012   Quarter 3/2012
% Previously reported       After restatement   Previously reported       After restatement   Previously reported       After restatement
Trucks 7.2       7.7   8.0       8.5   3.8       4.2
Construction Equipment 11.8       11.6   13.3       13.9   4.9       4.5
Buses 1.2       0.9   3.4       3.7   (1.4)       (1.6)
Volvo Penta 5.8       5.9   12.1       12.5   8.5       8.4
Volvo Aero 14.0       13.9   15.7       16.2   14.3       14.3
Industrial operations 7.7       7.8   8.5       9.0   3.8       3.8
Volvo Group 7.9       8.0   8.7       9.3   4.2       4.3
Operating margin Quarter 4/2012   Year 2012
% Previously reported       After restatement   Previously reported       After restatement
Trucks 1.8       2.1   5.3       5.7
Construction Equipment 2.9       1.9   9.1       8.9
Buses (2.3)       (2.5)   0.3       0.2
Volvo Penta 0.8       0.7   7.1       7.2
Volvo Aero -       -   14.7       14.9
Industrial operations 1.0       1.2   5.4       5.7
Volvo Group 1.6       1.7   5.8       6.0


Balance sheets, January 1, 2012

Balance sheets Volvo Group
SEK M Previously
reported as of
Jan 1, 2012
  Restatement Joint Ventures   After restatement Joint Ventures   Restatement post-employment benefits   After post-employment benefit restatement
Assets                  
Non-current assets                  
Intangible assets 39,507   (1,729)   37,778   -   37,778
Tangible assets                  
  Property, plant and equipment 54,540   (636)   53,904   -   53,904
  Assets under operating leases 23,922     23,922   -   23,922
Financial assets                  
   Investments in Joint Venturs and associated companies 684   2,612   3,296   -   3,296
   Other shares and participations 1,190   419   1,609   -   1,609
   Non-current customer-financing receivables 40,618     40,618   -   40,618
   Deferred tax assets 12,838   (19)   12,819   3,980   16,799
   Prepaid pensions 2,277     2,277   (2,277)   0
   Non-current interest-bearing receivables 694   (51)   643   -   643
   Other non-current receivables 4,315   (11)   4,304   -   4,304
Total non-current assets 180,585   585   181,170   1,703   182,873
                   
Current assets                  
Inventories 44,599   (363)   44,236   -   44,236
Current receivables                  
   Customer-financing receivables 38,081     38,081   -   38,081
   Tax assets 1,200   (180)   1,020   -   1,020
   Interest-bearing receivables 667     667   -   667
   Internal funding 0     0   -   0
   Accounts receivable 27,699   (768)   26,931   -   26,931
   Other receivables 13,825   (114)   13,711   -   13,711
Non interest-bearing assets held for sale 9,344     9,344   117   9,461
Interest-bearing assets held for sale 4     4   -   4
Marketable securities 6,862     6,862   -   6,862
Cash and cash equivalents 30,379   (822)   29,557   -   29,557
Total current assets 172,659   (2,248)   170,411   117   170,528
Total assets 353,244   (1,663)   351,581   1,820   353,401
                   
Shareholders’ equity and liabilities                  
Equity attributable to the equity holders of the parent company 84,581   (5)   84,576   (8,821)   75,755
Minority interests 1,100   -   1,100   -   1,100
Total shareholders’ equity 85,681   (5)   85,676   (8,821)   76,855
                   
Non-current provisions                  
   Provisions for post-employment benefits 6,665   (10)   6,655   10,078   16,733
   Provisions for deferred taxes 5,636   (175)   5,461   -   5,461
   Other provisions 5,648   (89)   5,559   -   5,559
Non-current liabilities                  
   Bond loans 38,192     38,192   -   38,192
   Other loans 47,765   (5)   47,760   -   47,760
   Other liabilities 10,447   (1)   10,446   -   10,446
Current provisions 9,531     9,531   -   9,531
Current liabilities                  
   Loans 44,522   (236)   44,286   -   44,286
   Non interest-bearing liabilities held for sale 4,710     4,710   -   4,710
   Interest-bearing liabilities held for sale 6     6   532   538
   Trade payables 56,788   (688)   56,100   -   56,100
   Tax liabilities 2,391     2,391   -   2,391
   Other liabilities  35,262   (453)   34,809   31   34,840
Total shareholders’ equity and liabilities 353,244   (1,663)   351,581   1,820   353,401

Quarter 1, 2012
Income Statement quarter 1, 2012 Volvo Group
SEK M Previously reported 2012 Restatement joint ventures After joint venture restatement Restatement post-employment benefits   After post-employment benefit restatement Restatement hedging of firm flows   After restatements
                   
Net sales 78,838 (1,035) 77,803 -   77,803 -   77,803
Cost of sales (60,335) 860 (59,475) 103   (59,372) (156)   (59,528)
Gross income 18,503 (175) 18,328 103   18,431 (156)   18,275
                   
Research and development expenses (3,708) 18 (3,690) 20   (3,670) -   (3,670)
Selling expenses (6,899) 39 (6,860) 44   (6,816) -   (6,816)
Administrative expenses (1,241) 25 (1,216) 4   (1,212) -   (1,212)
Other operating inc and exp (423) 18 (405) 1   (404) -   (404)
Income from investments in Joint Ventures and associated companies 8 54 62 -   62 -   62
Income from other investments 0 6 6 -   6 -   6
Operating income 6,239 (15) 6,224 172   6,396 (156)   6,240
                   
Interest income and similar credits 142 (17) 125 -   125 -   125
Interest expenses and similar charges (695) 3 (692) (123)   (815) -   (815)
Other financial income and expenses (84) 0 (84) -   (84) 156   72
Income  after financial items 5,602 (29) 5,573 49   5,622 0   5,622
                   
Income taxes (1,510) 29 (1,481) (16)   (1,497) -   (1,497)
Income for the period 4,092 0 4,092 33   4,125 0   4,125
                   
Consolidated other comprehensive income                   
Income for the period 4,092 0 4,092 33   4,125 0   4,125
Exchange differences on translation of foreign operations (1,373) 15 (1,358) 111   (1,247) -   (1,247)
Share of OCI related to Joint Ventures and associated companies - (15) (15) -   (15) -   (15)
Exchange differences on hedge instruments of net investment in foreign operations 0 - 0 -   0 -   0
Accumulated translation difference reversed to income (66) - (66) -   (66) -   (66)
Available for sale investments 91 149 240 -   240 -   240
Cash flow hedges (7) - (7) -   (7) -   (7)
Remeasurements of defined benefit plan - - - 1,070   1,070 -   1,070
Other comprehensive income, net of income taxes  (1,355) 149 (1,206) 1,181   (25) -   (25)
Total comprehensive income for the period* 2,737 149 2,885 1,214   4,099 -   4,099
                   
* Attributable to                  
Equity holders of the parent company 2,702 - - -   - -   4,064
Minority interests 35 - - -   - -   35
  2,737 - - -   - -   4,099
Balance Sheets March 31, 2012 Volvo Group
SEK M Previously reported 2012 Restatement joint ventures After joint venture restatement Restatement post-employment benefits   After post-employment benefit restatement Restatement hedging of firm flows   After restatements
                   
Assets                  
Non-current assets                  
Intangible assets 38,768 (1,755) 37,013 -   37,013 -   37,013
Tangible assets                  
  Property, plant and equipment 53,160 (655) 52,505 -   52,505 -   52,505
  Assets under operating leases 24,175 - 24,175 -   24,175 -   24,175
Financial assets                  
  Investments in Joint Ventures 688 2,603 3,291 -   3,291 -   3,291
  Other shares and participations 1,266 577 1,843 -   1,843 -   1,843
  Non-current customer-financing receivables 41,482 - 41,482 -   41,482 -   41,482
  Deferred tax assets 12,509 - 12,509 3,492   16,001 -   16,001
  Prepaid pensions 2,196 - 2,196 (2,196)   0 -   0
  Non-current interest-bearing receivables 620 - 620 -   620 -   620
  Other non-current receivables 4,469 (175) 4,294 -   4,294 -   4,294
Total non-current assets 179,333 595 179,928 1,296   181,224 -   181,224
                   
Current assets                  
Inventories 47,129 (392) 46,737 -   46,737 -   46,737
Current receivables                  
  Customer-financing receivables 38,474 38,474 -   38,474 -   38,474
  Tax assets 1,488 (182) 1,306 -   1,306 -   1,306
  Interest-bearing receivables 1,469 1,469 -   1,469 -   1,469
  Internal funding 0 0 -   0 -   0
  Accounts receivable 30,623 (755) 29,868 -   29,868 -   29,868
  Other receivables 14,793 (92) 14,701 -   14,701 -   14,701
Non interest-bearing assets held for sale 9,124 9,124 117   9,241 -   9,241
Interest-bearing assets held for sale 8 8 -   8 -   8
Marketable securities 9,140 9,140 -   9,140 -   9,140
Cash and cash equivalents 27,971 (830) 27,141 -   27,141 -   27,141
Total current assets 180,219 (2,251) 177,968 117   178,085 -   178,085
Total assets 359,552 (1,656) 357,896 1,413   359,309 -   359,309
                   
Shareholders’ equity and liabilities                  
Equity attributable to the equity holders of the parent company 87,295 143 87,438 (7,607)   79,831 -   79,831
Minority interests 1,135 1,135 -   1,135 -   1,135
Total shareholders’ equity 88,430 143 88,573 (7,607)   80,966 -   80,966
                   
Non-current provisions                  
  Provisions for post-employment benefits 6,580 (10) 6,570 8,457   15,027 -   15,027
  Provisions for deferred taxes 5,491 (173) 5,318 -   5,318 -   5,318
  Other provisions 5,592 (81) 5,511 -   5,511 -   5,511
Non-current liabilities                  
  Bond loans 37,695 37,695 -   37,695 -   37,695
  Other loans 49,577 (4) 49,573 -   49,573 -   49,573
  Other liabilities 10,734 (1) 10,733 -   10,733 -   10,733
Current provisions 9,783 0 9,783 -   9,783 -   9,783
Current liabilities                  
  Loans 48,286 48,286 -   48,286 -   48,286
  Non interest-bearing liabilities held for sale 4,246 4,246 -   4,246 -   4,246
  Interest-bearing liabilities held for sale 3 3 532   535 -   535
  Trade payables 56,496 (815) 55,681 -   55,681 -   55,681
  Tax liabilities 2,184 0 2,184 -   2,184 -   2,184
  Other liabilities 34,455 (714) 33,741 31   33,772 -   33,772
Total shareholders’ equity and liabilities 359,552 (1,656) 357,896 1,413   359,309 -   359,309

Quarter 2, 2012
Income Statement quarter 2, 2012 Volvo Group
SEK M Previously reported 2012 Restatement joint ventures After joint venture restatement Restatement post-employment benefits   After post-employment benefit restatement Restatement hedging of firm flows   After restatements
                   
Net sales 83,904 (961) 82,943 -   82,943 -   82,943
Cost of sales (63,566) 831 (62,735) 103   (62,632) 207   (62,425)
Gross income 20,338 (130) 20,208 103   20,311 207   20,518
                   
Research and development expenses (3,923) 21 (3,902) 20   (3,882) -   (3,882)
Selling expenses (7,283) 44 (7,239) 44   (7,195) -   (7,195)
Administrative expenses (1,518) 19 (1,499) 4   (1,495) -   (1,495)
Other operating inc and exp (248) 16 (232) 1   (231) -   (231)
Income from investments in Joint Ventures and associated companies (7) 24 17 -   17 -   17
Income from other investments (26) 1 (25) -   (25) -   (25)
Operating income 7,335 (5) 7,330 172   7,502 207   7,709
                   
Interest income and similar credits 51 (16) 35 -   35 -   35
Interest expenses and similar charges (586) 6 (580) (123)   (703) -   (703)
Other financial income and expenses (36) (1) (37) -   (37) (207)   (244)
Income  after financial items 6,764 (17) 6,747 49   6,796 0   6,796
                   
Income taxes (1,820) 13 (1,807) (16)   (1,823) -   (1,823)
Income for the period 4,943 (4) 4,939 33   4,972 0   4,972
                   
Consolidated other comprehensive income                   
Income for the period 4,943 (4) 4.939 33   4,972 0   4,972
Exchange differences on translation of foreign operations 159 97 256 (13)   243 -   243
Share of OCI related to Joint Ventures and associated companies - (87) (87)   (87)     (87)
Exchange differences on hedge instruments of net investment in foreign operations 0 - 0 -   0 -   0
Accumulated translation difference reversed to income 0 - 0 -   0 -   0
Available for sale investments (90) (36) (126) -   (126) -   (126)
Cash flow hedges 8 - 8 -   8 -   8
Remeasurements of defined benefit plan - - - (1,682)   (1,682) -   (1,682)
Other comprehensive income, net of income taxes 77 (27) 50 (1,695)   (1,645) -   (1,645)
Total comprehensive income for the period* 5,020 (30) 4,990 (1,662)   3,328 -   3,328
                   
* Attributable to                  
Equity holders of the parent company 4,894 - - -   - -   3,202
Minority interests 126 - - -   - -   126
  5,020 - - -   - -   3,328
Balance Sheets June 30, 2012 Volvo Group
SEK M Previously reported 2012 Restatement joint ventures After joint venture restatement Restatement post-employment benefits   After post-employment benefit restatement Restatement hedging of firm flows   After restatements
                   
Assets                  
Non-current assets                  
Intangible assets 40,440 (1,677) 38,763   38,763 -   38,763
Tangible assets                  
  Property, plant and equipment 54,851 (736) 54,115   54,115 -   54,115
  Assets under operating leases 26,354 26,354   26,354 -   26,354
Financial assets                  
  Investments in Joint Ventures and associated companies 679 2,531 3,210   3,210 -   3,210
  Other shares and participations 1,173 540 1,713   1,713 -   1,713
  Non-current customer-financing receivables 39,348 39,348   39,348 -   39,348
  Deferred tax assets 13,672 13,672 4,246   17,918 -   17,918
  Prepaid pensions 2,699 2,699 (2,699)   0 -   0
  Non-current interest-bearing receivables 584 584   584 -   584
  Other non-current receivables 4,654 (180) 4,474   4,474 -   4,474
Total non-current assets 184,454 478 184,932 1,547   186,479 -   186,479
                   
Current assets                  
Inventories 47,941 (467) 47,474   47,474 -   47,474
Current receivables                  
  Customer-financing receivables 43,843 43,843   43,843 -   43,843
  Tax assets 1,187 (175) 1,012   1,012 -   1,012
  Interest-bearing receivables 1,404 1,404   1,404 -   1,404
  Internal funding 0 0   0 -   0
  Accounts receivable 31,257 (785) 30,472   30,472 -   30,472
  Other receivables 15,515 (115) 15,400   15,400 -   15,400
Non interest-bearing assets held for sale 9,468 9,468 117   9,585 -   9,585
Interest-bearing assets held for sale 2 2   2 -   2
Marketable securities 5,023 5,023   5,023 -   5,023
Cash and cash equivalents 26,068 (585) 25,483   25,483 -   25,483
Total current assets 181,708 (2,127) 179,581 117   179,698 -   179,698
Total assets 366,162 (1,650) 364,512 1,664   366,176 -   366,176
                   
Shareholders’ equity and liabilities                  
Equity attributable to the equity holders of the parent company 86,120 104 86,224 (9,269)   76,955 -   76,955
Minority interests 1,262 - 1,262 -   1,262 -   1,262
Total shareholders’ equity 87,382 104 87,486 (9,269)   78,217 -   78,217
                   
Non-current provisions                  
  Provisions for post-employment benefits 7,012 (13) 6,999 10,370   17,369 -   17,369
  Provisions for deferred taxes 6,515 (162) 6,353   6,353 -   6,353
  Other provisions 5,598 (71) 5,527   5,527 -   5,527
Non-current liabilities                  
  Bond loans 37,089 37,089   37,089 -   37,089
  Other loans 47,710 (4) 47,706   47,706 -   47,706
  Other liabilities 11,182 11,182   11,182 -   11,182
Current provisions 10,556 10,556   10,556 -   10,556
Current liabilities                  
  Loans 54,076 54,076   54,076 -   54,076
  Non interest-bearing liabilities held for sale 4,466 4,466   4,466 -   4,466
  Interest-bearing liabilities held for sale 39 39 532   571 -   571
  Trade payables 56,092 (698) 55,394   55,394 -   55,394
  Tax liabilities 2,115 (179) 1,936   1,936 -   1,936
  Other liabilities 36,330 (625) 35,705 31   35,736 -   35,736
Total shareholders’ equity and liabilities 366,162 (1,650) 364,512 1,664   366,176 -   366,176

Quarter 3, 2012
Income Statement quarter 3, 2012 Volvo Group
SEK M Previously reported 2012 Restatement joint ventures After joint venture restatement Restatement post-employment benefits   After post-employment benefit restatement Restatement hedging of firm flows   After restatements
                   
Net sales 69,111 (855) 68,256 -   68,256 -   68,256
Cost of sales (54,136) 743 (53,393) 103   (53,290) (178)   (53,468)
Gross income 14,975 (112) 14,863 103   14,966 (178)   14,788
                   
Research and development expenses (3,316) 19 (3,297) 19   (3,278) -   (3,278)
Selling expenses (6,608) 46 (6,562) 43   (6,519) -   (6,519)
Administrative expenses (1,336) 21 (1,315) 5   (1,310) -   (1,310)
Other operating inc and exp (803) 15 (788) 1   (787) -   (787)
Income from investments in Joint Ventures and associated companies (7) 12 5 -   5 -   5
Income from other investments 23 (2) 21 -   21 -   21
Operating income 2,927 0 2,927 171   3,098 (178)   2,920
                   
Interest income and similar credits 22 (13) 9 -   9 -   9
Interest expenses and similar charges (487) 5 (482) (123)   (605) -   (605)
Other financial income and expenses (133) 0 (133) -   (133) 178   45
Income  after financial items 2,329 (7) 2,322 48   2,370 0   2,370
                   
Income taxes (947) 5 (942) (16)   (958) -   (958)
Income for the period 1,382 (2) 1,380 32   1,412 0   1,412
                   
Consolidated other comprehensive income                   
Income for the period 1,382 (2) 1,380 32   1,412 0   1,412
Exchange differences on translation of foreign operations (2,774) 4 (2,778) 221   (2,549) -   (2,549)
Share of OCI related to Joint Ventrues and associated companies - (5) (5) -   (5) -   (5)
Exchange differences on hedge instruments of net investment in foreign operations 0 - 0 -   0 -   0
Accumulated translation difference reversed to income 0 - 0 -   0 -   0
Available for sale investments (37) 101 64 -   64 -   64
Remeasurements of defined benefit plan (3) - (3) -   (3) -   (3)
Cash flow hedges - - - (2,418)   (2,418) -   (2,418)
Other comprehensive income, net of income taxes (2,814) 100 (2,714) (2,197)   (4,911) 0   (4,911)
Total comprehensive income for the period* (1,432) 98 (1,334) (2,165)   (3,499) 0   (3,499)
                   
* Attributable to                  
Equity holders of the parent company (1,410) - - -   - -   (3,477)
Minority interests (22) - - -   - -   (22)
  (1,432) - - -   - -   (3,499)
Balance Sheets September 30, 2012 Volvo Group
SEK M Previously reported 2012 Restatement joint ventures After joint venture restatement Restatement post-employment benefits   After post-employment benefit restatement Restatement hedging of firm flows   After restatements
                   
Assets                  
Non-current assets                  
Intangible assets 39,908 (1,713) 38,195   38,195 -   38,195
Tangible assets                  
  Property, plant and equipment 54,277 (789) 53,488   53,488 -   53,488
  Assets under operating leases 26,516 26,516   26,516 -   26,516
Financial assets                  
  Investments in Joint Ventures and associated companies 2,020 2,539 4,559   4,559 -   4,559
  Other shares and participations 899 641 1,540   1,540 -   1,540
  Non-current customer-financing receivables 39,082 39,082   39,082 -   39,082
  Deferred tax assets 11,739 11,739 5,103   16,842 -   16,842
  Prepaid pensions 2,699 2,699 (2,699)   0 -   0
  Non-current interest-bearing receivables 667 667   667 -   667
  Other non-current receivables 4,650 (185) 4,465   4,465 -   4,465
Total non-current assets 182,457 493 182,950 2,404   185,354 -   185,354
                   
Current assets                  
Inventories 45,585 (426) 45,159 -   45,159 -   45,159
Current receivables                  
  Customer-financing receivables 40,804 40,804 -   40,804 -   40,804
  Tax assets 1,180 (193) 987 -   987 -   987
  Interest-bearing receivables 1,671 1,671 -   1,671 -   1,671
  Internal funding 0 0 -   0 -   0
  Accounts receivable 28,427 (834) 27,593 -   27,593 -   27,593
  Other receivables 14,646 (129) 14,517 -   14,517 -   14,517
Non interest-bearing assets held for sale 9,847 9,847 117   9,964 -   9,964
Interest-bearing assets held for sale 0 0 -   0 -   0
Marketable securities 1,122 1,122 -   1,122 -   1,122
Cash and cash equivalents 21,782 (452) 21,330 -   21,330 -   21,330
Total current assets 165,064 (2,033) 163,031 117   163,148 -   163,148
Total assets 347,521 (1,540) 345,981 2,521   348,502 -   348,502
                   
Shareholders’ equity and liabilities                  
Equity attributable to the equity holders of the parent company 84,757 202 84,959 (11,435)   73,524 -   73,524
Minority interests 1,213 1,213   1,213 -   1,213
Total shareholders’ equity 85,970 202 86,172 (11,435)   74,737 -   74,737
                   
Non-current provisions                  
  Provisions for post-employment benefits 6,832 (17) 6,815 13,393   20,208 -   20,208
  Provisions for deferred taxes 5,573 (161) 5,412 -   5,412 -   5,412
  Other provisions 5,557 (74) 5,483 -   5,483 -   5,483
Non-current liabilities                  
  Bond loans 35,441 35,441 -   35,441 -   35,441
  Other loans 40,362 (5) 40,357 -   40,357 -   40,357
  Other liabilities 11,226 11,226 31   11,257 -   11,257
Current provisions 10,741 10,741 -   10,741 -   10,741
Current liabilities                  
  Loans 59,482 59,482 -   59,482 -   59,482
  Non interest-bearing liabilities held for sale 4,386 4,386 -   4,386 -   4,386
  Interest-bearing liabilities held for sale 47 47 532   579 -   579
  Trade payables 47,317 (770) 46,547 -   46,547 -   46,547
  Tax liabilities 1,359 (187) 1,172 -   1,172 -   1,172
  Other liabilities 33,228 (528) 32,700 -   32,700 -   32,700
Total shareholders’ equity and liabilities 347,521 (1,540) 345,981 2,521   348,502 -   348,502

Quarter 4, 2012
Income Statement quarter 4, 2012 Volvo Group
SEK M Previously reported 2012 Restatement joint ventures After joint venture restatement Restatement post-employment benefits   After post-employment benefit restatement Restatement hedging of firm flows   After restatements
                   
Net sales 71,793 (982) 70.811 -   70,811 -   70,811
Cost of sales (57,046) 847 (56.199) 103   (56,096) (96)   (56,192)
Gross income 14,746 (135) 14,611 103   14,714 (96)   14,618
                   
Research and development expenses (3,847) 23 (3,824) 19   (3,805) -   (3,805)
Selling expenses (7,458) 50 (7,408) 43   (7,365) -   (7,365)
Administrative expenses (1,574) 22 (1,552) 5   (1,547) -   (1,547)
Other operating inc and exp (686) 11 (675) 1   (674) -   (674)
Income from investments in Joint Ventures and associated companies (17) 32 15 -   15 -   15
Income from other investments (44) 0 (44) -   (44) -   (44)
Operating income 1,121 4 1,124 171   1,295 (96)   1,199
                   
Interest income and similar credits 295 (11) 284 -   284 -   284
Interest expenses and similar charges (708) 6 (702) (124)   (826) -   (826)
Other financial income and expenses (48) 1 (47) -   (47) 96   49
Income  after financial items 660 (1) 659 47   706 0   706
                   
Income taxes 181 (2) 179 (16)   163 -   163
Income for the period 841 (3) 838 31   869 0   869
                   
Consolidated other comprehensive income                   
Income for the period 841 (3) 838 31   869 0   869
Exchange differences on translation of foreign operations 72 92 164 (6)   158 -   158
Share of OCI related Joint Ventures and associated companies  - (84) (84) -   (84) -   (84)
Exchange differences on hedge instruments of net investment in foreign operations 0 - 0 -   0 -   0
Accumulated translation difference reversed to income (52) - (52) -   (52) -   (52)
Available for sale investments 32 134 166 -   166 -   166
Cash flow hedges 10 - 10 -   10 -   10
Remeasurements of defined benefit plan - - - 796   796 -   796
Other comprehensive income, net of income taxes 62 142 204 790   994 0   994
Total comprehensive income for the period* 903 139 1,042 821   1,863 0   1,863
                   
* Attributable to                  
Equity holders of the parent company 906 - - -   - -   1,866
Minority interests (3) - - -   - -   (3)
  903 - - -   - -   1,863
Balance Sheets December 31, 2012 Volvo Group
SEK M Previously reported 2012 Restatement joint ventures After joint venture restatement Restatement post-employment benefits   After post-employment benefit restatement Restatement hedging of firm flows   After restatements
                   
Assets                  
Non-current assets                  
Intangible assets 40,373 (1,675) 38,698 -   38,698 -   38,698
Tangible assets                  
  Property, plant and equipment 55,004 (815) 54,189 -   54,189 -   54,189
  Assets under operating leases 29,022 29,022 -   29,022 -   29,022
Financial assets                  
  Investments in Joint Ventures and associated companies 2,045 2,478 4,523 -   4,523 -   4,523
  Other shares and participations 845 775 1,620 -   1,620 -   1,620
  Non-current customer-financing receivables 41,156 41,156 -   41,156 -   41,156
  Deferred tax assets 11,166 11,166 4,710   15,876 -   15,876
  Prepaid pensions 2,724 2,724 (2,724)   0 -   0
  Non-current interest-bearing receivables 337 337 -   337 -   337
  Other non-current receivables 3,319 (231) 3,088 -   3,088 -   3,088
Total non-current assets 185,991 533 186,524 1,986   188,510 -   188,510
                   
Current assets                  
Inventories 40,409 (316) 40,093 -   40,093 -   40,093
Current receivables                  
  Customer-financing receivables 39,833 39,833 -   39,833 -   39,833
  Tax assets 1,208 (195) 1,013 -   1,013 -   1,013
  Interest-bearing receivables 2,574 2,574 -   2,574 -   2,574
  Internal funding 0 0 -   0 -   0
  Accounts receivable 27,349 (833) 26,516 -   26,516 -   26,516
  Other receivables 12,489 (199) 12,290 -   12,290 -   12,290
Non interest-bearing assets held for sale 0 0 -   0 -   0
Interest-bearing assets held for sale 0 0 -   0 -   0
Marketable securities 3,130 3,130 -   3,130 -   3,130
Cash and cash equivalents 25,759 (552) 25,207 -   25,207 -   25,207
Total current assets 152,751 (2,095) 150,656 -   150,656 -   150,656
Total assets 338,742 (1,562) 337,180 1,986   339,166 -   339,166
                   
Shareholders’ equity and liabilities                  
Equity attributable to the equity holders of the parent company 85,648 334 85,982 (10,197)   75,785 -   75,785
Minority interests 1,266 0 1,266 -   1,266 -   1,266
Total shareholders’ equity 86,914 334 87,248 (10,197)   77,051 -   77,051
                   
Non-current provisions                  
  Provisions for post-employment benefits 6,697 (14) 6,683 12,152   18,835 -   18,835
  Provisions for deferred taxes 5,028 (178) 4,850 -   4,850 -   4,850
  Other provisions 5,783 (43) 5,740 -   5,740 -   5,740
Non-current liabilities                  
  Bond loans 43,092 43,092 -   43,092 -   43,092
  Other loans 38,433 (5) 38,428 -   38,428 -   38,428
  Other liabilities 10,714 10,714 -   10,714 -   10,714
Current provisions 10,976 10,976 -   10,976 -   10,976
Current liabilities             -    
  Loans 50,317 (304) 50,013 -   50,013 -   50,013
  Non interest-bearing liabilities held for sale 0 0 -   0 -   0
  Interest-bearing liabilities held for sale 0 0 -   0 -   0
  Trade payables 47,364 (892) 46,472 -   46,472 -   46,472
  Tax liabilities 653 (193) 460 -   460 -   460
  Other liabilities 32,771 (267) 32,504 31   32,535 -   32,535
Total shareholders’ equity and liabilities 338,742 (1,562) 337,180 1,986   339,166 -   339,166

Full year, 2012
Income Statement full year, 2012 Volvo Group
SEK M Previously reported 2012 Restatement joint ventures After joint venture restatement Restatement post-employment benefits   After post-employment benefit restatement Restatement hedging of firm flows   After restatements
                   
Net sales 303,647 (3,833) 299,814 -   299,814 -   299,814
Cost of sales (235,085) 3,281 (231,804) 412   (231,392) (223)   (231,615)
Gross income 68,562 (552) 68,010 412   68,422 (223)   68,199
                   
Research and development expenses (14,794) 81 (14,713) 78   (14,635) -   (14,635)
Selling expenses (28,248) 180 (28,068) 174   (27,894) -   (27,894)
Administrative expenses (5,669) 88 (5,581) 18   (5,563) -   (5,563)
Other operating income and expenses (2,160) 60 (2,100) 4   (2,096) -   (2,096)
Income from investments in Joint Ventures and associated companies (23) 122 99 -   99 -   99
Income from other investments (47) 5 (42) -   (42) -   (42)
Operating income 17,622 (17) 17,604 686   18,290 (223)   18,067
                   
Interest income and similar credits 510 (57) 453 -   453 -   453
Interest expenses and similar charges (2,476) 20 (2,456) (493)   (2,949) -   (2,949)
Other financial income and expenses (301) 0 (301) -   (301) 223   (78)
Income  after financial items 15,355 (54) 15,301 193   15,494 0   15,494
                   
Income taxes (4,097) 45 (4,052) (64)   (4,116) -   (4,116)
Income for the period 11,258 (9) 11,249 129   11,378 0   11,378
                   
Consolidated other comprehensive income                   
Income for the period 11,258 (9) 11,249 129   11,378 0   11,378
Exchange differences on translation of foreign operations (3,916) 208 (3,708) 313   (3,395) -   (3,395)
Share of OCI related to Joint Ventures and associated companies - (191) (191) -   (191) -   (191)
Exchange differences on hedge instruments of net investment in foreign operations 0 - 0 -   0 -   0
Accumulated translation difference reversed to income (118) - (118) -   (118) -   (118)
Available for sale investments (4) 347 343 -   343 -   343
Cash flow hedges 8 - 8 -   8 -   8
Remeasurements of defined benefit plan - - - (2,234)   (2,234) -   (2,234)
Other comprehensive income, net of income taxes (4,030) 364 (3,666) (1,921)   (5,587) 0   (5,587)
Total comprehensive income for the period* 7,228 355 7,583 (1,792)   5,791 0   5,791
                   
* Attributable to                  
Equity holders of the parent company 7,092 - - -   - -   5,655
Minority interests 136 - - -   - -   136
  7,228 - - -   - -   5,791
Consolidated Net Financial Position
Full year, 2012
Volvo Group
SEK M Previously reported 2012 Restatement joint ventures After joint venture restatement Restatement post-employment benefits   After post-employment benefit restatement Restatement hedging of firm flows   After restatements
                   
Non-current interest-bearing assets                  
  Non-current customer-financing receivables 41,156 - 41,156 -   41,156 -   41,156
  Non-current interest-bearing receivables 337 - 337 -   337 -   337
Current interest-bearing assets                  
  Customer-financing receivables 39,833 - 39,833 -   39,833 -   39,833
  Interest-bearing receivables 2,574 - 2,574 -   2,574 -   2,574
  Internal funding - - - -   - -   -
Interest-bearing assets held for sale 0 - - -   - -   -
Marketable securities 3,130 - 3,130 -   3,130 -   3,130
Cash and cash equivalents 25,759 (552) 25,207 -   25,207 -   25,207
Total financial assets 112,789 (552) 112,237 -   112,237 -   112,237
                   
                   
Non-current interest-bearing liabilities                  
  Bond loans (43,092) 0 (43,092) -   (43,092) -   (43,092)
  Other loans (38,433) 5 (38,428) -   (38,428) -   (38,428)
Current interest-bearing liabilities                  
  Loans (50,317) 304 (50,013) -   (50,013) -   (50,013)
  Interest-bearing liabilities held for sale - - - -   - -   -
Total financial liabilities (131,842) 308 (131,534) -   (131,534) -   (131,534)
Net financial position excl post-employment benefits (19,053) (244) (19,297) -   (19,297) -   (19,297)
                   
Prov for post-employm benefits, net (3,973) 14 (3,959) (14,876)   (18,835) -   (18,835)
Net financial position incl post-employment benefits (23,026) (229) (23,255) (14,876)   (38,131) -   (38,131)