1 JANUARY - 30 SEPTEMBER volvofinans bank ab

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1 INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2010 volvofinans bank ab

2 MESSAGE FROM THE PRESIDENT Car sales continue to rise in the wake of an increasingly strong economy in Sweden. New car registrations are expected to amount to just over 285,000 units for 2010, which is now approaching earlier peaks. The signals around Volvo Cars' production target for 2011 are very positive, even where there are historically high volumes. The Chinese company, Geely's, ambitions with the acquisition of Volvo Cars has clearly emerged, with a new CEO and a highly experienced board. This has generated an optimism and positivity within the Swedish Volvo system. There is currently pressure on Swedish Volvo dealers, where deliveries to the customer of cars from these record sales is now top priority. Renault has almost doubled its sales over the previous year and Ford is also exhibiting significantly increased volumes. The Swedish Volvo dealers, with all their brands, are, therefore, doing very well in the current business climate. Added to this is a booming truck market and a Volvo Trucks division that needs to employ new staff to cope with the ever increasing demand from customers. We have, therefore, increased business volumes in recent months. The increase is influenced, not only by new but also used vehicle sales as well as sales from garages, which have been very busy. This benefits Volvofinans Bank through increased usage of the Volvo Card and the Volvo Truck Card. In addition, fuel sales have increased. The Riksbank has, predictably, continued to raise interest rates in light of the growing Swedish economy. As there is also a flatter interest rate path, this indicates that future market interest rates will be at reasonable levels, which is good for car sales. Individually, the third quarter proved to be one of the most successful ever, with a quarterly profit of SEK 78 million. This year's accumulated profit was SEK 188 million, which is 20 % better than the previous year. The increase in profit is the result of somewhat higher margins and an adjustment of costs. Individually, the third quarter proved to be one of the most successful ever Lending volumes increased by SEK 0.4 billion (2 %) compared with the previous year, mainly due to the continuous increase in vehicle sales of both cars and trucks. In addition, second-hand sales at Volvo dealerships have regained momentum after a period of lower volumes. The credit card business has grown by 2 % over the previous year. Credit losses continue, as expected, to remain at a low level and, as was previously the case, only concern card portfolios. As previously, the financing of vehicles shows no losses, which proves that our business model with the Swedish Volvo dealerships works well even in tougher times. Nor has there been any significant increase in the Volvo dealerships' own credit losses during the year. The Swedish Volvo dealerships' overall operating profit for the whole of 2009 increased by just over SEK 500 million and has now returned to a normal level. Volvofinans Bank is the financial services provider for the Swedish Volvo dealership network. Car sales can, therefore, continue to work in a satisfactory manner, even during tougher times. This has had a major impact for Volvo Cars, Volvo Trucks and the Swedish Volvo dealerships (for both passenger vehicles and trucks). Deposits from the public continue to increase and amounted to SEK 2.4 billion, an increase of SEK 0.6 billion, which is the highest ever level. Volvofinans Bank, with its strong capital base of SEK 3.0 billion and a core capital ratio of 14 %, is well equipped to meet future challenges. The historically solid business model, together with Volvo dealerships, the close cooperation with Volvo Cars, Volvo Trucks and Renault, the continuing very low credit losses in the card business, and higher deposit volumes from the public mean that we can look to a bright future. The information contained in this report is that which Volvofinans Bank AB (publ), corporate ID no is obliged to publish in accordance with the Swedish Securities Market Act (SFS 2007:528). This report was submitted for publication at 8.00 a.m. on 17 November In the event of conflict in interpretation or differences between this annual report and the Swedish version, the latter will prevail. 2

3 FACTS ABOUT VOLVOFINANS BANK BUSINESS MISSION The primary task of Volvofinans Bank is to actively support sales of products marketed by Volvo dealers on the Swedish market by providing product and sales financing, while reporting favourable earnings. MARKET ACTIVITIES The aim of providing our customers with economical, convenient vehicle ownership is reflected in the products we offer: Loans and leasing of new and used vehicles that are sold by Swedish Volvo dealerships. Loans and leasing for the truck market. Volvo Card car ownership card for both companies and private individuals. Vehicle fleet administration and financing for large vehicle fleets. Volvo Truck Card simplifying cost management for hauliers. Personnel car a simple way of offering employees a company car solution. Private loan a loan product for the purchase of used vehicles outside dealerships. Savings account with attractive interest and free withdrawals. 3

4 Ownership situation Since its establishment in 1959, Volvofinans Bank has been 50 % owned by Swedish Volvo dealerships via their holding company, AB Volverkinvest. The Sixth Swedish National Pension Fund (AP-fonden) owns 40 % and Volvo Car Corporation (Volvo Personvagnar AB) 10 %. The primary task of Volvofinans Bank is to actively support sales of products marketed by Volvo dealers on the Swedish market by providing product and sales financing, while reporting favourable earnings. Volvofinans Bank AB is the parent company of a Group with dormant subsidiaries. AB Volverkinvest 50 % The Swedish Volvo dealers 40 % Sixth Swedish National Pension Fund volvofinans bank ab 10 % Volumes/lending Sales of new passenger cars in Sweden rose by 36 % compared with the same period in the previous year. In total passenger vehicles were registered ( ). The number of Volvo, Renault and Ford registrations was 59,432 (44,224), and their combined market shares was 29 % (29). 43 % (43) of all passenger car business, new and used, within the Swedish Volvo dealerships generates a financial contract with Volvofinans Bank. New and used vehicle penetration is 46 % and 39 % respectively. Volvofinans Bank finances the Swedish Volvo dealers' truck sales, apart from those that take place through the AB Volvo-owned Volvo Truck Centre. Penetration for new trucks was 48 % (52). The total contract portfolio (loan and leasing contracts) amounted to 188,831 contracts (185,339). The truck and bus element of the contract portfolio amounted to 8,234 contracts (8,447) which represents more than 4 % of the total. The number of corporate customers for whom Svensk Vagnparksfinans manages the car administration remains stable. Administration with cost follow-up was being provided for (31 838) cars at the end of the reporting period. Goods and services purchased using the Volvo Card totalled about SEK 8 billion and the number of active accounts is half a million per month. Goods and services to a value of SEK 382 million were purchased using the 23,000 Volvo dealerships' Truck Cards. The accumulated profit for the year is 20 % better than last year The Group's lending volume was SEK 22,5 billion compared with SEK 22,1 billion in the previous year. The truck and bus share of lending was SEK 3,5 billion (3,7), which corresponds to 16 % of total lending. The Group's primary segments are the business lines of the passenger car market and truck market. The geographic distribution reflects the Group as a whole. The passenger car market segment includes financing for passenger cars through loans and leases, vehicle administration and the Volvo Card. The truck market segment includes financing for trucks and buses as well as the Volvo Truck Card. The operating income, operating profit, number of contracts and lending volume for Volvofinans Bank's lines of business are presented below. Operating income is defined as the net of interest income, interest expenses, leasing net, dividends received, net result of financial transactions, commission income and commission expenses. Jan-Sep 2010 Cars Trucks Group Assets, SEK million (average) 19,800 4,092 23,892 Lending volume, SEK million (average) 19,266 3,966 23,232 Operating revenue, SEK T 380,115 24, ,108* Operating profit, SEK T 175,170 12, ,502 Expenses, SEK T 193,690 12, ,731* Number of contracts (average) 210,198 8, ,488 * The amounts differ from the Group's operating income and expenses because the followup of segment performance occurs without any Group eliminations and reclassification of operational leasing assets to financial leasing assets. Expenses are defined as general administration expenses and other operating expenses. Volvofinans Bank is of the opinion that it is not relevant to divide up its liabilities among the various segments. Borrowing is determined by the total requirement and cannot be attributed to a specific segment. Income Volvofinans Bank's income before credit loss expenses is SEK million (166.2). Primarily due to improved earnings on higher margins and lower costs. Income before appropriations and taxes for the period increased by 20 % to SEK million (156.0). CREDIT RISKS AND CREDIT LOSSES The Group's credit risk continues to be very low as most of the credit risk and residual value risk is borne by the Volvo dealers. Problem credits are all receivables that are overdue by more than 90 days. Volvofinans Bank's problem credits for credit card receivables total SEK million (127.8) and, for loan and lease lending, SEK million (156.6). The decrease in problem credits with regard to loans and leases can be attributed to improved business conditions and the majority, million, of these are dealer credit risk through recourse agreements Number of contracts Average contract, SEK T Collateral value, SEK million Drawn credit, SEK million Loan to value ratio Market value, SEK million Surplus, SEK million Surplus, per cent Loans 114, ,228 10, % 17,116 6, % Leases 74, ,162 9, % 10,947 1, % Total 188, ,390 19, % 28,063 8, % 4

5 There are no loans for which interest concessions have been agreed and no property has been received to provide security for receivables. The credit losses incurred refer to credit card transactions. Anticipated credit loss impairment for the household segment is determined using statistical risk models and for the corporate segment by means of a manual review. Amounts in SEK T Group Parent Company Confirmed credit losses Confirmed credit losses -12,348-8,688-12,348-8,688 Recovered losses Total -12,292-8,601-12,292-8,601 Provisions for credit risk Reserve for anticipated credit losses 417-1, ,531 Credit losses, net -11,875-10,132-11,875-10,132 CAPITAL PROCUREMENT After frequent periods of financial concern during the first six months, the third quarter ended in a more stable period with a greater risk appetite on the market. Volvofinans Bank has successfully borrowed both short and long-term on the market through the bank's commercial paper and MTN programmes respectively. The total outstanding financing from capital markets amounted to SEK 12.5 billion at the end of the quarter. In addition to market borrowing, operations were financed to the amount of SEK 4.1 billion in the form of bank loans, as well as customer deposits of SEK 2.4 billion at the end of the period. At year-end, 61 % of long-term financing had a remaining term of more than one year. Rating Volvofinans Bank has international credit ratings from Moody s Investors Service as follows: Short-term financing: P-2 Long-term financing: Baa2 Moody s analysis is available for viewing on our website, FINANCIAL RISKS As the company operates within the financial sector, the company is continuously exposed to a number of financial risks. Liquidity risk is the risk that Volvofinans Bank's payment obligations will not be able to be met on maturity without the cost of the means of payment increasing considerably or, in the worst-case scenario, not being able to be met by any means. For shorter periods of liquidity instability, Volvofinans Bank has a daily surplus liquidity of SEK million. In order to secure its ability to pay, Volvofinans Bank has entered into agreements with banks concerning credit facilities that can be utilised at short notice. Borrowing with a remaining period of less than one year must be covered at all times by undrawn credit facilities. The total volume of available facilities at the end of the quarter was SEK 9.6 billion. Interest rate risk is the current and future risk that net interest income declines as a result of unfavourable changes in the interest rate. The vast majority of Volvofinans Bank's lending and all borrowing follow the short-term market interest rate, which involves a limited interest rate risk. Currency risk is the risk of unfavourable changes in exchange rates. All of Volvofinans Bank's lending is in Swedish kronor and any borrowing in foreign currency is hedged, thus Volvofinans Bank is not exposed to fluctuations in exchange rates. CAPITAL ADEQUACY Capital adequacy means that capital requirements are connected to the total risk profile of the institute, which, in the case of Volvofinans Bank, entails a lower minimum capital requirement. Volvofinans Bank calculates the capital requirement for credit risk using the standardised method, which means that all exposures are allocated to one of fifteen exposure categories with a different risk weighting for each category. The capital requirement for operational risk is calculated using the base indicator method, which means that the capital requirement is 15 % of the average operating income for the last three financial years. EVENTS AFTER THE BALANCE SHEET DATE No significant events have occurred since the end of the reporting period. Bert Björn President Volvofinans Bank AB The report for 31 December will be published on 21 February 2011 and will be available from our website: If you have any questions, please contact our President, Bert Björn, on +46 (0) This report has not been the subject of special examination by the company's auditors. 5

6 CAPITAL ADEQUACY Amounts in SEK million Parent Company Parent Company Capital base Capital base 3,059 2,961 Core capital 2,854 2,752 Supplementary capital Capital requirement Capital requirement for credit risk using the standardised method 1,567 1,548 Capital requirement for operational risk using the base indicator method Total minimum capital requirement pursuant to Basel II 1,655 1,637 Total minimum capital requirement pursuant to Basel I 1,855 1,835 Measurement of capital adequacy Capital adequacy ratio Capital adequacy level Core capital ratio Information concerning capital adequacy disclosed by the Parent Company, Volvofinans Bank AB, is set out above since the company is not part of a financial corporate group. The capital adequacy amount is translated from 2009 because of changes in the calculation of risk-weighed amount (adjustment with respect to operational risk). STATEMENT OF INCOME Amounts in SEK T Group Parent Company Jan-Sep 2010 Jul-Sep 2010 Jan-Sep 2009 Jul-Sep 2009 Jan-Sep 2010 Jul-Sep 2010 Jan-Sep 2009 Jul-Sep 2009 Interest income 393, , , , , , , ,326 Lease income 573, , ,734 51,238 1,857, ,137 1,740, ,584 Interest expense -223,216-86, ,080-75, ,216-86, ,080-75,592 Dividends received Commission income 227,444 77, ,888 76, ,444 77, ,888 76,538 Commission expenses -30,378-9,638-24,556-8,897-30,378-9,638-24,556-8,897 Net result of financial transactions* 556 1,422 2, ,422 2, Total operating income 941, , , ,228 2,142, ,130 1,969, ,698 General administration expenses -162,529-46, ,564-49, ,529-46, ,564-49,926 Depreciation of property, plant and equipment -551, , ,524-53,257-1,752, ,751-1,618, ,727 Other operating expenses -27,883-9,425-20,789-4,805-27,883-9,425-20,785-4,805 Total operating expenses -742, , , ,988-1,943, ,726-1,803, ,458 Income before credit losses 199,377 80, ,161 73, ,377 80, ,165 73,241 Credit losses, net -11,875-2,534-10,132-3,320-11,875-2,534-10,132-3,320 Income before appropriations and taxes 187,502 77, ,029 69, ,502 77, ,034 69,921 Appropriations Taxes -49,313-20,480-41,036-18,389-49,313-20,480-41,037-18,389 Income 138,189 57, ,994 51, ,189 57, ,997 51,531 * Net income from financial transactions Currency related Interest-bearing securities and related derivatives 556 1,422 2, ,422 2, Total 556 1,422 2, ,422 2,

7 BALANCE SHEET Amounts in SEK T Group Parent Company Lending to credit institutions 1,341,384 1,214,349 1,341,384 1,214,349 Lending to the public 19,876,455 21,265,340 13,833,883 14,481,891 Shares and participations in associated companies 13,589 11,514 6,624 6,624 Shares and participations in Group companies , ,740 Intangible fixed assets 43,804 52,624 43,804 52,624 Equipment 2,949 4,941 2,949 4,941 Property, plant and equipment, lease items 2,608, ,684 8,650,949 7,601,133 Other assets* 480, , , ,163 Prepaid expenses and deferred income 131, , , ,307 Total assets 24,498,097 24,115,656 24,541,872 24,263,770 Liabilities to credit institutions 4,121,095 4,413,537 4,121,095 4,529,336 Borrowing and deposits from the public 2,371,874 1,772,110 2,423,661 1,823,701 Securities issued 12,501,888 12,673,709 12,501,888 12,673,709 Other liabilities* 743, , , ,641 Accrued expenses and prepaid income 648, , , ,323 Subordinated liabilities 205, , , ,392 Deferred tax liability 812, , Guarantee fund loan 200, , , ,000 Untaxed reserves 0 0 3,087,919 3,064,869 Shareholders equity 2,705,660 2,623, , ,765 Income before appropriations and taxes 187, , , ,034 Total liabilities and shareholders equity 24,498,097 24,115,656 24,541,872 24,263,770 * Of which derivative instruments with positive and negative market value Derivative instruments with positive market value 114, , , ,110 Derivative instruments with negative market value -24,665-7,798-24,665-7,798 KPI The Group Parent Company Return on shareholders equity 6.81 % 5.84 % 6.83 % 5.89 % Risk capital/balance sheet total % % % % Operating profit/risk-weighted assets 1.21 % 1.02 % 1.21 % 1.02 % Capital adequacy ratio * * Capital adequacy level * * % % Core capital ratio * * % % Credit losses/lending 0.07 % 0.06 % 0.07 % 0.06 % E/I ratio E/I ratio, excl. credit losses * These figures are only reported for the Parent Company since the Group is not part of a financial corporate group. The capital adequacy amount is translated from 2009 because of changes in the calculation of the risk-weighted amount (adjustment to reflect operational risk). 7

8 CONSOLIDATED CASH FLOW STATEMENT Amounts in SEK T Jan-Sep 2010 Jan-Sep 2009 Ongoing operations Operating profit 187, ,029 Amortisation 551, ,524 Changes in operating assets and liabilities Lending to credit institutions 122, ,035 Lending to the public -361,465 1,557,517 Other assets 233, ,310 Liabilities to credit institutions 5,155-2,853,394 Borrowing from the public 519,376 1,051,038 Securities issued -343, ,077 Other liabilities 146,100 41,333 Cash flows from operating activities 1,061, ,397 Investing activities Change in intangible fixed assets -9, Change in shares and participations 1,222 - Change in property plant and equipment -968,838-80,723 Cash flows from investing activities -977,078-81,326 Financing activities Debenture loans -4, Dividend paid -80,000-35,900 Cash flows from financing activities -84,054-36,071 Cash flow for the period Cash and cash equivalents at start of year - - Cash flows from operating activities 1,061, ,397 Cash flows from investing activities -977,078-81,326 Cash flows from financing activities -84,054-36,071 Cash and cash equivalents at the end of the period 0 0 LEASE INCOME AND ACCUMULATED NET INTEREST Amounts in SEK T Group Parent Company Jan-Sep 2010 Jul-Sep 2010 Jan-Sep 2009 Jul-Sep 2009 Jan-Sep 2010 Jul-Sep 2010 Jan-Sep 2009 Jul-Sep 2009 Income from operating and finance leases 573, , ,734 51,238 1,857, ,137 1,740, ,584 Scheduled amortisation -536, , ,635-48,005-1,737, ,315-1,602, ,475 Interest income 393, , , , , , , ,326 Interest expense -223,216-86, ,080-75, ,216-86, ,080-75,592 Accumulated net interest 207,485 72, ,490 65, ,485 72, ,490 65,843 At the Parent Company, all leasing agreements are reported as operational, while, at Group level, some are reported as financial. This means that the net finance leases are reclassified as interest income in the consolidated accounts. 8

9 CHANGES IN EQUITY Amounts in SEK T Retained earnings Group Share capital incl. net profit for the year Total shareholders' equity Opening shareholders equity, 1 January ,000 2,559,754 2,659,754 Net profit for the year 161, ,806 Total change before transactions with shareholders - 161, ,806 Dividends -35,900-35,900 Bonus issue 100, ,000 - Shareholders equity, 31 December ,000 2,585,660 2,785,660 Opening shareholders equity, 1 January ,000 2,585,660 2,785,660 Profit for the period after tax 138, ,189 Total change before transactions with shareholders - 138, ,189 Dividends -80,000-80,000 Shareholders equity, 30 September ,000 2,643,849 2,843,849 Restricted shareholders equity Restricted shareholders equity Parent Company Share capital Statutory reserve fund Opening shareholders equity, 1 January ,000 20, , ,665 Net profit for the year 142, ,742 Total change before transactions with shareholders , ,742 Dividends -35,900-35,900 Bonus issue 100, ,000 - Shareholders equity, 31 December ,000 20, , ,507 Opening shareholders equity, 1 January ,000 20, , ,507 Transfer from Volvofinans Konto Bank AB in connection with the liquidation 2,000 11,344 13,344 Profit for the period after tax 138, ,189 Total change before transactions with shareholders - 2, , ,533 Dividends -80,000-80,000 Shareholders equity, 30 September ,000 22, , ,041 ACCOUNTING POLICIES Volvofinans Bank has adopted the IFRS (International Financial Reporting Standards) as approved by the European Union. This interim report has been prepared in accordance with IAS 34. The Parent Company prepares quarterly reports in accordance with legally limited IFRS. The Company applies the same valuation and accounting policies as in the latest annual report. Volvofinans Bank AB (publ) Corporate ID no Bohusgatan 15 Box 198 SE Gothenburg, Sweden Tel: +46 (0) Fax: +46 (0)

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