Income from investments in Group companies for the second quarter includes dividends amounting to SEK 1,080 M (313).
Income taxes for the second quarter include an expense of SEK 253 M due to a negative outcome in the Swedish Administrative court of appeal regarding transfer prices. However no cost has been taken in the Volvo Group based on the assumption that double taxation will be eliminated via negotiation between the nations concerned.
As from January 1, 2013 the holding in the listed company Eicher Motors Ltd was revaluated to market value. Revaluation during the year has increased the value by SEK 68 M, recognized in other comprehensive income. The comparative figures for 2012 have been restated, which during the first six months resulted in an increase in other comprehensive income of SEK 112 M. Restatement of the value of the holding in Eicher Motors Ltd as of December 31 2012 has resulted in an increase of Other shares and participations and Unrestricted shareholders´ equity by SEK 543 M.
VE Commercial Vehicles Ltd, previously classified as an associated company in the Parent company, is from January 1, 2013 reclassified as a joint venture. This reclassification has not had any financial impact.
During the year subscription in Volvo Group Japan Co has been made by SEK 3,392 M and shareholders´ contribution has been given to VNA Holding Inc. by SEK 787 M, in form of total shares in Prévost Car (US) Inc.
Investments in tangible assets amounted to SEK 12 M (74).
Financial net debt amounted to SEK 37,929 M at the end of the second quarter (27,042).
The Board of Directors and the CEO certify that the half-yearly financial report gives a fair view of the performance of the business, position and profit or loss of the Company and the Group, and describes the principal risks and uncertainties that the Company and the companies in the Group face.