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Volvo Car Group Volvo Car GROUP Interim report THIRD quarter and first nine months 2017 VOLVO CAR ABGROUP (PUBL.) (556810–8988) INTERIM REPORT THIRD QUARTER AND FIRST NINE MONTHS 2017,2017 GOTHENBURG OCTOBER 26TH 2017 THIRD QUARTER FIRST NINE MONTHS • Retail sales increased by 10.6 per cent to • Retail sales increased by 9.0 per cent to 413,472 135,831 (122,766) units (379,329) units • Net revenue increased by 18.4 per cent to • Net revenue increased by 18.9 per cent to MSEK MSEK 48,880 (41,273) 149,250 (125,519) • Operating income (EBIT) increased by 77.5 per • Operating income (EBIT) increased by 36.4 per cent to MSEK 3,669 (2,067) cent to MSEK 10,445 (7,659) • Net income increased by 89.4 per cent to • Net income increased by 42.1 per cent to MSEK MSEK 2,513 (1,327) 7, 26 2 (5 ,111) • Cash flow from operating and investing • Cash flow from operating and investing activities activities at MSEK -4,357 (921) at MSEK -7,503 (-2,254) • Electrification strategy announced • Full SUV line up launched • Further investments in US operations • Upgraded credit rating announced • Volvo Cars recognised on the 2017 list of the • Launch of the new XC40 and of Care by Volvo World’s Most Ethical Company® by the Ethisphere Institute 2 OF 22 VOLVO CAR GROUP INTERIM REPORT THIRD QUARTER AND FIRST NINE MONTHS 2017 First nine First nine Q3 Q3 months months Full year Key figures 2017 2016 2017 2016 2016 Net revenue, MSEK 48,880 41,273 149,250 125,519 180,902 Research and development expenses, MSEK -2,612 -2,767 -8,214 –7,892 –10,174 Operating income (EBIT), MSEK 3,669 2,067 10,445 7,659 11, 014 Net income, MSEK 2,513 1,327 7,262 5 ,111 7,460 EBITDA, MSEK 6,588 4,767 19,312 15,506 21,541 Cash flow from operating and investing activities, MSEK -4,357 921 -7,503 –2,254 6,515 Gross margin, % 24.4 21.9 23.2 22.6 21.4 EBIT margin, % 7.5 5.0 7.0 6.1 6.1 EBITDA margin, % 13.5 11. 5 12.9 12.4 11. 9 Net Cash (Net debt if positive) -8,253 -5,722 -8,253 -5,722 -18,873 First nine First nine Q3 Q3 months months Full year Retail sales (units) 2017 2016 2017 2016 2016 Europe 64,027 60,832 219,840 207,058 290,925 China 30,427 22,699 82,341 63,387 90,930 US 22,861 21,878 56,963 58,532 82,726 Other 18,516 17,357 54,328 50,352 69,751 Retail sales total 135,831 122,766 413,472 379,329 534,332 Wholesales1) 128,841 118,797 416,915 376,843 536,211 Production 134,540 114,76 6 441,625 381,968 533,156 1) Wholesales refers to new car sales to dealers and other customers including own units and rentals. All amounts are in MSEK unless otherwise stated. Amounts in brackets refer to the same period for the preceding year, unless otherwise stated. All performance measures are further described on page 20. This report contains statements concerning, among other things, Volvo Car Group’s financial condition and results of operations that are forward-looking in nature. Such statements are not historical facts but, rather, represent Volvo Car Group’s future expectations. Volvo Car Group believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, however, forward-looking statements involve inherent risks and uncertainties, and a number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement. Such important factors include, but may not be limited to: Volvo Car Group’s market position, growth in the automotive industry, and the effects of competition and other economic, business, competitive and/or regulatory factors affecting the business of Volvo Car Group, its associated companies and joint ventures, and the automotive indus- try in general. Forward-looking statements speak only as of the date they were made and, other than as required by applicable law, Volvo Car Group undertakes no obligation to update any of them in light of new information or future events. 3 OF 22 VOLVO CAR GROUP INTERIM REPORT THIRD QUARTER AND FIRST NINE MONTHS 2017 ceo COMMENT Volvo Cars has delivered another quarter of sales growth and increased net revenue, building on the good progress in the first half of the year. The growth in net revenue was driven by the pos- itive sales development in all markets and an improved sales mix as a result of increased sales of the new S and V90 as well as the XC60. As a result, the operating profit and the EBIT margin also improved, demonstrating progress in line with our goals of main- taining sustainable profit levels and being a truly global company with an attractive model line-up in all regions. We see strong demand for our products even in regions where markets are softening. In China, we have seen a strong growth in sales and our local manufacturing footprint supports our local expansion. The US has been showing signs of recovery since the beginning of the year, when our sales was impacted by delivery constraints. European sales showed good growth with the XC60 continuing to be our best-selling model. The start of production and roll out of the new XC60 has been successful and from December we will stop producing the XC60 Classic. Our global manufacturing structure gives us the flexibility to gradually shift production from one location to another depend- ing on demand. Consistent with this we have decided to increase our investment in the Charleston manufacturing plant that is now under construction in the US. The plant will produce the new S60 as well as the next generation XC90. It will serve both the US and the international markets in a similar way as has been success- fully implemented in Daqing, China, for the S90. In September we entered into a new segment on the SUV mar- ket by launching our new small XC40 SUV. It will be produced in Gent, Belgium, and in Luqiao, China. With the XC40 alongside the XC60 and XC90 we are, for the first time, covering the whole SUV segment making Volvo one of the most SUV focused companies in the industry. The SUV market remains one of the fastest grow- ing in the industry. ment about our new brand in Polestar, with a state-of-the-art With the launch of the XC40 we also introduced a new model manufacturing facility in Chengdu, China, reinforces that we are of car ownership with the Care by Volvo subscription service. Care committed to deliver on this strategy. by Volvo redefines the traditional model of car ownership and For the full year 2017, I anticipate continuous growth in line with introduces a transparent monthly subscription which will include the previous nine months along with more exciting news about digital concierge services and e-commerce ordering. our cars and service products. The results so far demonstrate that I am also very proud that we have been recognised by the we are heading in the right direction. United Nations for our ground-breaking electrification strategy, unveiled in July, stating that all models launched from 2019 will have hybrid or fully electric propulsion. We think this is the right future for Volvo Cars and this recognition confirms that we are Håkan Samuelsson leading the way on this important journey. Our recent announce- CEO 4 OF 22 VOLVO CAR GROUP INTERIM REPORT THIRD QUARTER AND FIRST NINE MONTHS 2017 The Volvo Car Group Volvo Car AB (publ.), with its registered office in Gothenburg, is Volvo Car AB (publ.) holds shares in its subsidiary Volvo Car majority owned (99 per cent) by Geely Sweden Holdings AB, Corporation and provides the Group with certain financing solu- owned by Shanghai Geely Zhaoyuan International Investment Co., tions. Volvo Car AB (publ.) indirectly, through Volvo Car Corpora- Ltd., registered in Shanghai, China, owned by Zhejiang Geely tion and its subsidiaries, operates in the automotive industry with Holding Group Ltd., registered in Hangzhou, China. business relating to the design, development, manufacturing, mar- keting and sales of cars and thereto related services. Volvo Car Group and its global operations are referred to as “Volvo Cars”. Sales development Volvo Cars’ global retail sales increased by 9.0 per cent to 413,472 overall market in Sweden of 3.1 per cent, Germany 2.2 per cent, (379,329) units and wholesale increased by 10.6 per cent to and Italy 9.0 per cent. The exception was the United Kingdom, 416,915 (376,843) units during the first nine months of 2017. The which recorded a decline in sales of 3.9 per cent year-on-year. XC60 Classic together with the new XC60 were the best-selling Volvo Cars reported a retail sales increase of 6.2 per cent to models, followed by the V40/V40 Cross Country. Strong demand 219,840 (207,058) units in the first nine months of 2017. Sales for the 90 series contributed to Volvo Cars’ sales growth. was supported by stronger demand for the 90 series, as well as Volvo Cars’ third quarter retail sales increased by 10.6 per cent the XC60. to 135,831 (122,766) units. The sales growth was supported by In the third quarter, Volvo Cars increased its retail sales by 5.3 strong momentum in China.
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