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FINANCIAL UPDATE Full Year 2020

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FINANCIAL UPDATE Full Year 2020 FINANCIAL UPDATE Full year 2020 Carla De Geyseleer, Per Ansgar, Therese Jandér 2021-02-04 Disclaimer By accepting this document, the person to whom it is from or in connection with the use of or reliance on this provided (the “Recipient”) agrees to be bound by the document and any such liability is expressly disclaimed. following obligations and limitations. Analyses and opinions contained herein may be based on assumptions that, if altered, can change the analyses or This document has been prepared and issued by Volvo opinions expressed. This document speaks as of the date Car AB (together with its subsidiaries, “Volvo Cars”). hereof and in providing this document, Volvo Cars gives The information contained in this document is derived no undertaking and is under no obligation to provide the from sources that have not been independently verified. Recipient with access to any additional information or to Except in the case of fraudulent misrepresentation, no update this document or to correct any inaccuracies in it responsibility or liability is accepted by Volvo Cars or by which may become apparent. Volvo Cars’ past perfor- any of its respective officers, employees, affiliates or mance is not necessarily indicative of future results and agents in relation to the accuracy, completeness or nothing contained herein shall constitute any represen- sufficiency of any information contained herein or any tation or warranty as to future performance of Volvo Cars other written or oral information made available by Volvo or any security, credit, currency, rate or other market or Cars in connection therewith or any data which any such economic measure. Nor does this document constitute a information generates, or for any loss whatsoever arising recommendation with respect to any securities. Volvo Car Group Results Presentation January – December 2020 2 Highlights 2020 Financial Review Outlook Volvo Car Group Results Presentation January – December 2020 3 Strong recovery Financial performance Accelerated transformation • Record-sales in second half of • Record revenue and EBIT in • Recharge car sales more than the year H2, partly offsetting Covid-19 doubled over the year effects • 31% Recharge share of sales • In China and the US, sales in Europe growth for the full-year • Continued strong mix • The leading plug-in premium • In Europe, sales picked up in • Cost efficiencies intensified brand in Europe (share of total the second half-year • Strong cash flow and liquidity volume) • Increased market shares in • All-electric XC40 BEV and • First green bond issued most markets Polestar 2 rolled out to the markets • Accelerated online sales • Overperformance on EU CO2 emission targets Volvo Car Group Results Presentation January – December 2020 4 Highlights 2020 Financial Review Outlook Half Year 2020 Financial Performance Full Year 2020 Financial Performance Balance Sheet Cash flow Debt and Maturity profile Financial Summary Volvo Car Group Results Presentation January – December 2020 5 2020 FINANCIAL PERFORMANCE Retail sales Revenue EBIT / margin Cash flow (K UNITS) (BNSEK) (MSEK/%) from operating and investing activities (MSEK) -6.2% -4.0% +8.0% +82.5% YoY YoY YoY YoY -40.6% 661 263 9,500 YoY 26,100 8,500 +14.7% +7.4% +4.9% YoY YoY YoY 13,300 -20.8% 392 -14.1% 6.3% 3.2% YoY YoY 151 -364.0% 269 112 YoY -117.9% YoY -0.9% -1,000 -12,800 H1 H2 FY H1 H2 FY H1 H2 FY H1 H2 FY Volvo Car Group Results Presentation January – December 2020 6 ACCELERATED RECHARGE VOLUMES LED TO EXCESS CO2 CREDITS Recharge sales volume (k units) Recharge % of total volume Volvo Cars fleet CO2e decrease (WLTP, g/km EU Fleet) +151% 17.4% -17% 115 157 130 46 2019 2020 2019 2020 Polestar 2 XC40 Recharge “BEV only” (2021) XC90 BEV and more... 470km >400km 408hp 408hp Volvo Car Group Results Presentation January – December 2020 7 FINANCIAL PERFORMANCE 2020 H2 FINANCIAL HIGHLIGHTS (MSEK) 2020 H2 2019 H2 Change (%) Revenue 151,074 144,022 4.9 Cost of sales -122,333 -116,597 4.9 Gross income 28,741 27,425 4.8 Gross margin 19.0% 19.0% - Operating income (EBIT) 9,505 8,784 8.2 EBIT margin 6.3% 6.1% - Net income 8,959 6,205 44.4 Volvo Car Group Results Presentation January – December 2020 8 REVENUE INCREASE FOLLOWING RECORD VOLUME DEVELOPMENT 2020 H2 REVENUE COMPOSITION (MSEK) MSEK +7,052 +4.9% 4,087 151,074 -7,730 144,022 10,695 Revenue 2019 H2 Volume, sales Used cars, Foreign Revenue 2020 H2 mix and pricing P&A* and other exchange rates * P&A: parts & accessories Volvo Car Group Results Presentation January – December 2020 9 EBIT GROWTH FROM VOLUME AND EFFICIENCIES 2020 H2 EBIT (MSEK) MSEK +721 +8.2% 2,946 1,425 9,505 8,784 -3,650 6.3% 6.1% EBIT 2019 H2 Volume, sales Efficiencies Foreign exchange rates EBIT 2020 H2 mix and pricing* and other *New car sales Volvo Car Group Results Presentation January – December 2020 10 IMPROVED EBITDA AND WORKING CAPITAL DROVE STRONG CASH FLOW 2020 H2 CASH FLOW (MSEK) 8,676 13,844 -12,581 61,592 16,146 -7,781 43,288 MSEK +26,085 Cash EBITDA Net working Other** Investments Financing*** Cash June capital* December 2020 2020 * Change in inventories, accounts receivable and accounts payable ** Change in other current and non current assets and liabilities *** Including foreign exchange effects on cash (-2,760) Volvo Car Group Results Presentation January – December 2020 11 Highlights 2020 Financial Review Outlook Half Year 2020 Financial Performance Full Year 2020 Financial Performance Balance Sheet Cash flow Debt and Maturity profile Financial Summary Volvo Car Group Results Presentation January – December 2020 12 RETURN TO PRE-PANDEMIC VOLUME GROWTH 2020 VOLUMES BY MARKET, CARLINE AND POWERTRAIN Model range distribution 15% CAGR XC +5.6% -6.1% V 14% 705 S 71% 642 662 H2 Sales 572 54 Sweden 535 504 341 288 +7.4% RECHARGE sales (k units) 318 47 UK 299 392 151% 291 365 282 47 Germany 115 Europe 165 155 167 BeLux* 167 131 18 China Italy 114 18 US 82 91 101 98 108 110 87 46 Other 70 83 82 58 67 95 101 97 70 70 77 53 59 2015 2016 2017 2018 2019 2020 H2 2019 H2 2020 FY 2019 FY 2020 Europe China US Other * BeLux: Belgium & Luxembourg Volvo Car Group Results Presentation January – December 2020 13 FINANCIAL PERFORMANCE 2020 FINANCIAL HIGHLIGHTS (MSEK) 2020 2019 Change (%) Revenue 262,833 274,117 -4.1 Cost of sales -216,813 -222,047 -2.4 Gross income 46,020 52,070 -11.6 Gross margin 17.5% 19.0% - Operating income (EBIT) 8,516 14,303 -40.5 EBIT margin 3.2% 5.2% - Net income 7,788 9,603 -18.9 Volvo Car Group Results Presentation January – December 2020 14 REVENUE DECLINE LESS THAN VOLUME 2020 REVENUE COMPOSITION (MSEK) REVENUE DISTRIBUTION BY MAIN MARKETS MSEK -11,284 -4.1% 274,117 -6,165 15% 1,541 -6,660 262,833 46% 23% 15% Revenue 2019 Volume, sales Used cars, Foreign Revenue 2020 Europe US China Other mix and pricing P&A* and other exchange rates * P&A: parts & accessories Volvo Car Group Results Presentation January – December 2020 15 DISCIPLINED COST EFFICIENCIES THROUGHOUT THE YEAR COST REDUCTION 2020 vs 2019 (BNSEK) 3.0 6.2 • Direct cost efficiencies intensified during H2 • Indirect cost reduction continued in all areas throughout the year 3.2 • Continuous implementation of headcount efficiencies and competence shift • Efficiency flow through paving the way for a more balanced cost structure H1 H2 Total Indirect Direct Volvo Car Group Results Presentation January – December 2020 16 CONTINUOUSLY IMPROVED HEADCOUNT EFFICIENCY 2020 FTE* END OF PERIOD DISTRIBUTION BY REGION -2,952 46,414 Other 2% -1,181 45,233 China 20% -1,771 43,462 US 4% 43,462 74% Europe Dec-18 Dec-19 Dec-20 *FTE: number of full time equivalents, includes both employees and agency personnel No impact of technical unemployment included Volvo Car Group Results Presentation January – December 2020 17 EBIT IMPACTED BY VOLUME DECREASE AND FOREX 2020 EBIT (MSEK) MSEK -5,787 -40.5% 14,303 2,750 1,013 -4,580 8,516 -4,970 5.2% 3.2% EBIT 2019 Volume, sales Governmental Efficiencies Foreign EBIT 2020 mix and pricing* support related and other exchange rates to Covid-19 *New car sales Volvo Car Group Results Presentation January – December 2020 18 Highlights 2020 Financial Review Outlook Half Year 2020 Financial Performance Full Year 2020 Financial Performance Balance Sheet Cash flow Debt and Maturity profile Financial Summary Volvo Car Group Results Presentation January – December 2020 19 BALANCE SHEET REMAINS STRONG ASSETS DECEMBER DECEMBER EQUITY AND LIABILITIES DECEMBER DECEMBER (MSEK) 2020 2019 (MSEK) 2020 2019 Intangible assets 37,168 32,786 Total equity 70,418 63,648 Property, plant and equipment 57,453 69,738 Provisions for post-employment benefits 14,187 12,583 Operating leases 4,490 3,243 Bonds and Liabilities to credit institutions 26,832 26,132 Investments in JVs and associates 9,997 9,211 Other interest bearing liabilities 4,815 5,076 Deferred taxes and other non-current assets 14,371 10,878 Other non-current liabilities and provisions 19,706 19,947 Total non-current assets 123,479 125,856 Inventories 35,513 38,911 Total non-current liabilities 65,540 63,738 Accounts receivable 14,776 13,243 Accounts payable 46,635 44,876 Current tax assets and other current assets 11,016 9,842 Bonds and liabilities to credit institutions 7,529 4,105 Marketable securities, Cash and cash equivalents 69,679 55,515 Other interest bearing liabilities 1,160 1,073 Assets held for sale 7,849 - Other current liabilities and provisions 69,281 65,927 Total current assets 138,833 117,511 Liabilities held for sale 1,749 - TOTAL ASSETS 262,312 243,367 Total current liabilities 126,354 115,981 ROIC 8.4% 14.5%
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