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Volvo Fact Book ANKOM ··~ ~~-~ Financial and ~ Perating Statistics 1990/91

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Volvo Fact Book ANKOM ··~ ~~-~ Financial and ~ Perating Statistics 1990/91 --3 A Volvo Fact Book ANKOM ··~ ~~-~ Financial and ~ perating Statistics 1990/91 VOLVO Volvo Financial and Operating Statistics ~,_..., ...-· . Note to the reader ~- . Only minor changes have been made in In the financialstatements and accompa­ lr!- . the present edition of Volvo Financial nying tables in the nates, parentheses are and Operating Statistics. For changes in osed to indicate negative figures. In the accounting principles affecting Consoli­ narrative text, parentheses enclose fig­ fi: dated Financial Statistics, please note ures related to 1989 operations. [;{ comments on page 10. All amounts are in millions of Swedish We hope that you will find this year's kronor (SEK M) uniess otherwise indi­ issue to be of help in forming your view cated. @_ · of Volvo's total operations and welcome Figures in Swedish kronor (SEK) may your comments and suggestions for be translated at the approximate 1990 forther improvements of this publication. year-end exchange rates as follows: First quarter figures for 1991 and major events up to the end of J une, 1991 are GBP 1 .00 = SEK 10.81 included. r;.,·. ---USD 1.00 =SEK 5.69 ar:._. June 30, 1991 DEM 1.00 = SEK 3.75 FRF 1.00 = SEK 1.10 ~ ­ --BEF 1.00=SEK 0.18 CHF 1.00= SEK 4.39 ~0 1.00 = SEK 3.32 NLG --- ~.~ During the years 1980-1990 annual rates of inflation in Sweden, based upon the ~;· · Consumer Price Index published by statistiska Centralbyrån, were as follows: ~ ~ 1980 14 percent 1986 3 percent ~­ 1981 9 percent 1987 5 percent 1982 19 percent 1988 6 percent ~-­ 1983 9 percent 1989 7 percent 1984 8 percent 1990 11 percent ~ · --- 1985 6 percent ~ : ~ - ~ : ~­ ~- ~ ~ :.:3 -~~~ Volvo in brief Page 2 Hi~tory ami business Investment in Procordia The Volvo/Renault Alliance Volvo Group Structure Summary of Ba<,iness Recent Development'i Produchon facilities Capita] Expenditures and Reseruch and De"elopment Sales organization Supplien; Personnel Environmentai policy for the Volvo Group ---------- Financial Statistics, Consolidated 9 Finanemi statements Capita] expenditurcs Rec;earch aod development costs Sales, income, assets by operating r.ector and market area Keyfinancial ratios Capitaliz.ation ------·---··---- Share capitalandshare data 21 ---------- -·----------------- Operating Statistics, Consolidated 25 Range of products Production, sales, regi~ttahons Number of employces Salaries and vvages World production of vehicles -----···---------·--··---------·------. ------- --- Administration 35 Volvo's top organization Board of Dircctors and Auditors Volvo in Brief History and business Volvo, which in 60 years has grown to be In the 1960s Volvo's Swedish ear as­ An important part of the Group's During the past few years Volvo has the largest industrial group, measured by sembly operations and Corporate Head­ assets is in the form of large holdings in focused on creating a major alliance that sales, in the Nordie region (Sweden, Nor­ quarters were transferred to a new cam­ associated companies, many of them would allow Volvo to maintain its inde­ way, Denmark, Finland and Iceland), plex at Torslanda, Göteborg, Sweden, publicly traded. pendenee while strengthening its com­ began operations as a ear manufacturer. where Volvo still has its headquarters petitiveness. Volvo was incorporated in 1915 as a and its largest plant. There has been a considerable broad­ As a part of this effort, discussions subsidiary of AB SKF, the Swedish ball In the beginning of 1973 Volvo acquired ening and internationalization of Volvo's were initiated with the Renault group of bearing manufacturer. It began assemb­ a part-ownership in DAF Car BV (later operations during the past decade. More France in early 1989. In September 1990, ling cars in 1926, and trucks in 1928, and Volvo Car BV), the Netherlands. Today, than 80 percent of Volvo Group sales these negotiations resulted in the signing became an independent company Volvo owns 30 percent of Volvo Car BV are to enstomers outside Sweden, mainly of an agreement leading to world-seale in 1935. and the Dutch Government holds the bal­ in Western Europe and North America. cooperation in the ear, truck and bus Following three years of development ance. Volvo Car BV has achieved an in­ In addition to its productian resourees operating sectors. work, the first series- produced Volvo dependent position but conducts its oper­ in Sweden, the Group has a self-sufficient The cooperation invalving procure­ rolled out of the Hisingen plant in Göte• ations in close cooperation with Volvo truck operation in the United States and ment, research and development pro­ borg in April1927. A year later the first Car Corporation. (See also Recent De­ well-established productian of cars, trucks grams and coordination of investment cars were exported to Finland. velopments page 5.) and buses within the European Communi­ plans is expected to result in benefits of The original productian models were Through acquisitions during the first ty. A large number of trucks and buses large-scale operations and greater com­ designed to withstand the rigaurs of part of the Eighties Volvo acquired a ]arge are also produced in Brazil. petitiveness for the two groups. Sweden's rough roads and cold tempera­ number of food campanies which were tures. This emphasis on durability has brought tagether within the Provendar Volvo has a strong trademark. lt stands The structure of the Volvo Group has been a feature of Volvo products ever Group, the former Food operating seetar for quality, safety and durability, for ens­ changed significantly during 1990 and since. of Volvo. In 1989, with a view to strength­ tomer care and cancern for the environ­ 1991 as a result of the transactions with Following the acquisition in 1931 of ening the Swedish food and pharmaceu­ m€nt. Proeardia and Renault. Sköfde Gjuteri och Mekaniska Verkstad tieal industry, Volvo, the Swedish Govern­ Volvo's strategy in each of its oper­ Volvo's industrial operations are now AB, which manufactured engines for the ment and Proeardia agreed to combine ating seetars is to concentrate on distinct being concentrated in the transport Volvo vehicles, the Company developed operations within Procordia. Under terms products and market segments. Substan­ vehicle field. At the same time, Volvo's its business from an assembly to a manu­ of the agreement Volvo divested its food tial investments are continuously made ineome will be substantially affected by facturing operation. This was the first of operating seetar in J une 1990 to become, in product development, improved pro­ its share of earnings from Renault's ear, a number of acquisitions of manufactur­ the principal industrial owner ofthe ex­ ductian systems, marketing, enstomer truck and bus operations and from ing companies, forming the foundation panded Proeardia group. service and logistics. Procordia. for the development of the Volvo Group. The Volvo organization is based on At year-end 1990, Volvo had 68,800 In 1941 AB Volvo acquired a majority Today Volvo isengagedin a broad range shared values and far-reaching delegation employees, of whom 47,300 were in holding in Svenska Flygmotor AB (now of actlvities in the transport vehicle field, of responsibility. There are only slightly Sweden and 21,500 in other countries. Volvo Flygmotor AB). Köpings Mekaniska with Cars, Trucks and Buses as its largest more than 100 employees in the Corpo­ Volvo has approximately 169,000 Verkstads AB was acquired in 1942, AB operating sectors. Other seetars include rate Headquarters office. Allline oper­ shareholders. Its shares are traded on Bolinder-Munktell (later Volvo BM AB, Marine and industrial engines and Aero­ ations have been deeentralized to subsidi­ stock exchanges in Stockholm, Tokyo, now part of VME Group NV) in 1950, space (aircraft andspace engines). aries in Sweden and other eountries. London, Frankfurt am Main, Dusseldorf, and Olofström AB (now part of Volvo Volvo's industrial operations provide Hamburg, Paris, Zurich, Basel, Geneva, Car Corporation) in 1969. the base for the Group's financial aetivi­ The alliance with Renanit of France is Brussels, Antwerp, Oslo and Helsinki, ties, which are coordinated mainly through stimulating and strengthening Volvo's and in the United States via NASDAQ. wholly owned finance companies. Cars, Trucks and Buses operating sectors. 2 Volvo in Brief Investment in Procordia The Volvo/Renault Alliance The agreement reached in December In January 1991, the alliance between Exchange of shares. In January 1991, fol­ A comprehensive survey has been 1989 between Volvo, the Swedish Govern­ Volvo and Renault was established lowing the appropriate shareholder and made with respect to the capabilities of ment and Proeardia to unite Procordia, through an exchange of shares between regulatory approvals, the alliance was Renault V.I. and Volvo Truck Corpora­ Provendar and Pharmacia in a new the two groupsand start-up under the implemented through an exchange of tion in various areas of truck operations. group was implemented in J une 1990. implementing agreements. The alliance shares between Volvo and Renault. These studies show a substantial poten­ Under the terms of the agreement, is based on a structure of cross-owner­ tial for cooperation in the field of drive • AB Volvo acquired 20 percent of the Volvo exchanged all of its Provendar ship in Volvo's and Renault's cars, trucks train components, among others. share capita! and voting rights in Regie AB and Pharmacia AB shares for a hold­ and bus operations. Volvo Bus Corporation, Renault V.I. Nationale des Usines Renault S.A. (in ing equal to 43 percent of the share capi­ Volvo's share ofincome in Renault and and Heuliez Bus, on e of France's leading which the cars seetar of Renault is in­ tal and 39 percent of the voting rights in Renault's minority interest in Volvo's in­ makers of bus bodies, have entered an cluded). Proeardia AB. Volvo sold 10 million come are included in the Volvo Group agreement of cooperation.
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