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Scania Annual Report 2008

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Scania Annual Report 2008 ANNUAL REPORT 2008 PRIDE QUALITY DRIVER APPEAL PRODUCTIVITY SUSTAINABLE DEVELOPMENT VISION Scania’s vision is to be the leading company in its industry by creating lasting value for its customers, employees, shareholders and the societies in which it operates. MISSION Scania’s mission is to supply its customers with high-quality heavy vehicles and services related to the transport of goods and passengers by road. By focusing on customer needs, high-quality products and services, as well as respect for the individual, Scania shall create value-added for the customer and grow with sustained profitability, while contributing to a sustainable society. Scania’s operations specialise in developing and manufacturing vehicles, which shall lead the market in terms of performance and life cycle cost, as well as quality and environmental characteristics. Scania’s sales and service organisation shall supply customers with vehicles and services that provide maximum operating time at minimum cost, while preserving environmental characteristics, over the service life of their vehicles. The English-language version of Scania’s Annual Report is a translation of the Swedish-language original, the binding version that shall prevail in case of discrepancies. Translation: Victor Kayfetz, Scan Edit. The Financial Reports encompass pages 64–130 and were prepared in compliance with International Financial Reporting Standards. The Report of the Directors encompasses pages 4–52, 59–66 and 129–130. The Report of the Directors and accompanying Financial Reports also fulfil the requirements of the Swedish Annual Accounts Act and have been audited by Scania’s auditors. Scania’s Swedish corporate identity number: Scania AB (publ) 556184-8564. Unless otherwise stated, all comparisons in this Annual Report refer to the same period of the preceding year. 1 TRUCKS CONTENTS Scania develops, manufactures and sells VEHICLES AND SERVICES trucks with a gross weight of more than 16 tonnes (Class 8), intended for long- OPERATIONS distance, construction and distribution haulage as well as public services. Statement of the President and CEO 2 During 2008, Scania delivered 66,516 Scania in brief 4 new trucks to customers at a value of Core values and strategy 8 SEK 55,566 million. Market trends 10 Trucks 10 Buses and coaches 16 BUSES AND COACHES Engines 18 Services 20 Scania concentrates on buses and Financial services 24 coaches with high passenger capacity for use as tourist coaches and in intercity Research and development 26 and urban traffic. Bus and coach Sustainable working methods 28 operations focus on delivering fully-built vehicles based on Scania components Production 30 to customers. Scania achieves this Sustainability report 32 through its own bodybuilding operations The environment 36 and through collaboration with selected manufacturers of bus and coach bodies. Road safety 42 During 2008, Scania delivered 7,277 Employees 44 buses and coaches. Scania share data 46 ENGINES Articles of Association 48 Risks and risk management 49 Industrial and marine engines from Scania Engines are used in electric generator sets Corporate Governance Report 53 (gensets), construction and agricultural Board of Directors 60 machinery as well as in ships and pleasure Executive Board and Corporate Units 62 boats. Most deliveries are industrial engines. During 2008, Scania delivered 6,671 engines. FINANCIAL REPORTS Group financial review 64 Consolidated income statement 67 SERVICES Consolidated balance sheet 68 Scania’s growing range of service-related Consolidated statement of recognised products supports transport and logistics income and expense 70 companies in their business operations. These service-related products Consolidated cash flow statement 71 encompass everything from parts, Notes to the consolidated financial maintenance agreements and round- statements 72 the-clock workshop services on various Parent Company financial statements, continents to driver training and IT support for vehicle performance data and Scania AB 125 transport planning. Notes to the Parent Company financial statements 127 Proposed guidelines for salary and other remuneration 129 FINANCIAL SERVICES Proposed distribution of earnings 130 Audit report 131 Financial services are an important part of FINANCIAL SERVICES Quarterly data 132 Scania’s business. Financing is often one element of cost-effective comprehensive Key financial ratios and figures 134 solutions for customers, who can choose Definitions 135 between loan financing, various forms of leases and insurance solutions. Multi-year statistical review 136 Annual General Meeting and financial information 138 2 STATEMENT OF THE PRESIDENT AND CEO Scania is stable in hard times After several years of strong global demand, turbulence in the financial system is impacting the real economy. This includes lower demand for investments in goods and passenger transport. Our ongoing efforts to boost efficiency, restructure and improve flexibility, along with our highly developed service business, will enable Scania to handle the downturn well and be even better equipped for the next upturn. In 2008 Scania showed the strongest earnings in its histo- Our employees show impressive dedication to this way of ry with net income of SEK 8,890 m. and return on capital working. By continuously re-assessing and improving their employed of 43.1 percent. Meanwhile order bookings fell work, while focusing on the customer and on quality, they by 46 percent, with an accelerating decline late in the year, help ensure that Scania can offer its customers better and which led Scania to cut back its production rate sharply. better products and services with greater efficiency. Since March 2008, Volkswagen AG has been the The Scania Production System (SPS) has created a majority owner of Scania. Volkswagen has been Scania’s learning organisation that carries out continuous improve- main shareholder since 2000 and has backed our strategy ments in the production network. Scania’s target is to throughout that period. improve efficiency by 6 to 8 percent annually. This applies, not least, to energy efficiency – both in production and in Greater efficiency and flexibility our own transport of input goods. During 2008 Scania carried out extensive changes that Using the same principles as in SPS, we have devel- strengthen its efficiency and flexibility. In January, Scania oped the Scania Retail System (SRS), which we are now successfully introduced a single global product range for introducing in our sales and service organisation. We will trucks, having previously produced different truck series thus improve the efficiency of our service network and in Europe and Latin America. This change gives us greater services, while continuing to expand to meet the increas- flexibility, which is especially positive in a situation where ing needs of customers. Scania will thus help its custom- markets outside Europe and Latin America are of growing ers gain maximum benefit from their vehicle investment. importance. They can now be supplied from either one. Meanwhile we completed the concentration of European Energy-efficient engines axle and gearbox production in Södertälje, Sweden. Since Every year, Scania invests about 4 percent of its sales in the end of 2008, our Falun and Sibbhult plants are closed. research and development. The most important develop- ment task is to gradually improve the energy efficiency Customer focus at all levels of vehicles. This improves the operating economy of our Improving the productivity of the customer’s transport customers and makes our vehicles environmentally better. business is our top priority at Scania. This implies that we During 2008 we were the first truck manufacturer to consistently – throughout the organisation – eliminate activi- introduce engines that meet the European Union’s Euro 5 ties and work processes that do not benefit the customer. environmental standards without exhaust aftertreatment. 3 “Scania is a strong company, whose technology, efficiency and flexibility give it the best potential to deal with the difficult market situation we face.” Euro 5 applies to vehicles sold from October 2009 onward. Outlook The next set of emission rules, Euro 6, will enter into force The financial crisis and worsening economic conditions at the end of 2013. Scania has already developed tech- have affected Scania. In response to the rapid downturn nologies to meet its standards. in demand, which has led to increased inventories and poorer cash flow, we have greatly lowered our production Halving carbon dioxide emissions by 2020 rate. During 2009 we will focus further on cash flow and, The EU has set a target of 20 percent lower greenhouse among other things, postpone investments in machinery gas emissions by 2020. One important element of this is and development projects. If weak demand persists, it will obviously reducing road transport emissions. At Scania, continue to have an adverse impact on the company, but we believe it is possible to halve carbon dioxide emissions by virtue of its technology, efficiency and flexibility, Scania generated by transporting a tonne of cargo in a Scania ve- has the best potential to deal with the difficult market situ- hicle by 2020, compared to 2000, by means of continued ation we face. engine efficiency improvements, greater driver training, In the short term, there is great uncertainty about reduced air and rolling resistance and by working towards demand, but the long-term picture is clear. There will be
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