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Annual Report 2014 Compared with a Conventional Diesel Bus

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Annual Report 2014 Compared with a Conventional Diesel Bus THE VOLVO GROUP ANNUAL REPORT 2014 ANNUAL REPORT The Volvo Group 2014 The Volvo 2014 EFFICIENCY THE VOLVO 7900 ELECTRIC HYBRID REDUCES FUEL CONSUMPTION AND CARBON DIOXIDE EMISSIONS BY UP TO 75% COMPARED WITH A CONVENTIONAL DIESEL BUS. TOTAL ENERGY CONSUMPTION IS REDUCED BY 60%. www.volvogroup.com CONTENT A GLOBAL GROUP OPERATING CONTEXT The world evolves at a CEO comment 2 1 rapid pace, making it more Improved underlying profi tability 4 important than ever for the Volvo Group to have an informed under- OPERATING CONTEXT 6 standing of our global operating envi- Long-term challenges 7 ronment. As part of our business and Economic growth drives the demand for transport solutions 12 sustain ability strategies, we continually Material issues 13 analyze megatrends and regional varia- tions to assess their impact on our Group and to seek new STRATEGY 14 business opportunities. Vision, Core values, Code of conduct and Wanted position 16 PAGE 6 Strategic framework 18 Strategy for the period of 2013-2015 20 STRATEGY Increased scope of the strategic program 24 Financial targets 25 The Volvo Group’s strategy 2 contributes to realizing the BUSINESS MODEL 26 Group’s vision and wanted Creating value in every stage of the value chain 28 position by developing and driving strat- Brands 30 egies for profi table growth, effi ciency Effi cient products and services 32 and transformation towards sustainable Renault Trucks T-range 34 transport solutions. Product development 36 PAGE 14 Volvo 7900 Electric Hybrid 42 Industrial structure 44 BUSINESS MODEL Higher effi ciency in truck manufacturing 46 The Volvo Group’s business Effi cient production and responsible sourcing 48 3 model is focused on World-class services and distribution 50 utilizing its strong brands, Strong momentum for both truck brands in North America 54 technological expertise, effi cient prod- A high-performing organization 56 ucts and world-class services and distribution to create value for its GROUP PERFORMANCE 62 customers. Global strength 64 PAGE 26 BOARD OF DIRECTORS’ REPORT GROUP PERFORMANCE Signifi cant events 66 Since the streamlining Trucks 70 4 towards commercial vehicles Construction Equipment 74 was initiated more than ten Buses 77 years ago, the Volvo Group has grown into Volvo Penta 79 the world’s second largest manufacturer Volvo Financial Services 81 of heavy-duty trucks and one of the larg- Risks and uncertainties 83 est manufacturers of buses and construc- Financial management 86 tion equipment and is today also a leading The share 87 manufacturer of heavy-duty diesel engines and marine and industrial engines. Year 2014 was characterized by mixed market conditions CORPORATE GOVERNANCE 90 and internal measures to increase effi ciency and profi tability. Corporate Governance Report 92 Board of Directors and Secretary 100 PAGE 62 Group Management 104 CORPORATE FINANCIAL INFORMATION 108 GOVERNANCE Financial performance 110 5 The Volvo Group appreci- Volvo Group and Other comprehensive income 110 ates the value of sound Financial position 114 corporate governance as a fundamental Consolidated balance sheet 114 base in achieving a trusting relation with Consolidated cash-fl ow statements 117 shareholders and other key parties. The Changes in consolidated Shareholders’ equity 118 Swedish Corporate Governance Code, Notes to consolidated fi nancial statements 119 which is applied by the Volvo Group, Parent Company AB Volvo 166 aims at empowering the shareholders and creating a sound Proposed remuneration policy 176 balance of power between shareholders, the board of directors Proposed disposition of unappropriated earnings 177 and the senior management. Sound corporate governance, Audit Report for AB Volvo 178 characterized by high standards when it comes to transparency, Eleven-year summary 179 reliability and ethical values, has always been a well-established guiding principle within the Volvo Group’s operations. Fold-out Defi nitions PAGE 90 Annual General Meeting FINANCIAL INFORMATION The Volvo Group’s formal fi nancial reports are presented on pages PAGE 108 66–89 and 108–177 in the printed version and has been audited by 6 the company’s auditors. VOLVO GROUP COMPLETE PARTNER The Volvo Group is one of the world’s leading Volvo Group net sales manufacturers of trucks, buses, construction 2000–2014, SEK bn 282.9 equipment and marine and industrial engines. The Group also provides complete solutions for fi nancing and service. The Volvo Group, which +117% employs about 100,000 people, has production facilities in 19 countries and sells its products in 130.1 more than 190 markets. In 2014 the Volvo Group’ss sales amounted to about SEK 283 billion. AB Volvo’s shares are listed on Nasdaq Stockholm.m. 2000 2014 Share of net sales Trucks, 67% Construction Equipment, 19% Buses, 6% Volvo Penta, 3% Customer Finance, 3% Other, 2% GLOBAL STRENGTH Since the streamlining towards commercial vehicles was initiated more Share of net sales by market 2014 than ten years ago, the Volvo Group has signifi cantly strengthened its positions outside the traditionally big markets of Western Europe and North America. Positions have been moved forward by acquisitions and Europe North America expansion of the distribution and service networks in for instance Eastern 38% Europe and South America. In the year 2000, markets outside of Western 27% Asia Europe and North America accounted for 16% of Group sales. In 2014 18% that share had grown to 42%. South America Rest of the world 10% 7% STRONG BRANDS By developing and delivering products and services under different brands, the Group can address many different customer and market segments in mature as well as growth markets. This report contains ‘forward-looking statements’. Such statements refl ect manage- changes in economic, market and competitive conditions, (ii) success of business and ment’s current expectations with respect to certain future events and potential fi nan- operating initiatives, (iii) changes in the regulatory environment and other government cial performance. Although the Company believes that the expectations refl ected in actions, (iv) fl uctuations in exchange rates and (v) business risk management. such forward looking statements are reasonable, no assurance can be given that such This report does not imply that the company has undertaken to revise these for- expectations will prove correct. Such statements are subject to risk and uncertainties ward-looking statements, beyond what is required under the company’s registration and such future events and fi nancial performance could differ materially from those contract with Nasdaq Stockholm if and when circumstances arise that will lead to set out in the forward looking statements as a result of, among other factors, (i) changes compared to the date when these statements were provided. STRONG POSITIONS • The world’s second largest manufacturer of heavy-duty trucks. • One of the world’s largest manufacturers of buses and construction equipment. • A leading independent supplier of marine and industrial engines. • One of the world’s largestest manufacturersmananufauf ctuurere s ofof heavy-dutyheavea y-dutyu dieseldieseel engines.enging nesnes. • Global market presence.e.e GROUP MARKET SHARES – Heavy-duty trucks 2014 Europe North America Brazil Japan 24.4% 20.1% 21.3% 18.8% India* Australia South Africa 4.3% 24.6% 26.8% Environmental performance of Volvo production plants, Industrial operations Absolute values related to net sales 2014 2013 20121 2011 Energy consumption (GWh; MWh/SEK M) 2,176; 7.9 2,536; 9.6 2,518; 8.6 2,471; 8.1 CO2 emissions (1,000 tons; tons/SEK M) 231; 0.8 280; 1.1 235; 0.8 255; 0.8 Water consumption (1,000 m3; m3/SEK M) 4,982; 18.1 5,815; 21.9 7,372; 25.2 7,970; 26.2 NOx emissions (tons; kilos/SEK M) 332; 1.2 347; 1.3 413; 1.4 474; 1.6 Solvent emissions (tons; kilos/SEK M) 2,387; 8.6 2,221; 8.4 2,358; 8.1 2,554; 8.4 Sulphur dioxide emissions (tons; kilos/SEK M) 18.3; 0.1 23.4; 0.1 26; 0.1 34; 0.1 Hazardous waste (tons; kg/SEK M) 24,944; 90.4 28,395; 107.0 32,547; 111.4 25,943; 85.5 Net sales, SEK bn 276.0 265.4 292.2 303.6 * In India Eicher, which is part of the Group’s joint venture VE Commercial1 Restated Vehicles, according has a particularlyto new accounting strong position rules. within 2medium-duty Excluding trucksUD Trucks with a andmarket Ingersoll share of Rand 30.7%. Road Development. THE VOLVO GROUP 2014 Net sales increased by 4% to SEK 282.9 billion (272.6). Operating income excluding restructuring charges amounted to SEK 8.4 billion (7.9). Operating margin excluding restructuring charges amounted to 3.0% (2.9). Improved underlying profi tability with good traction in the activities to improve effi ciency and reduce the cost base. Increased cost-savings scope in addition to the Strategic Program. Strengthened fi nancial position – at year end net debt in the Industrial Operations amounted to 14% of shareholders’ equity. Proposed dividend of SEK 3.00 per share (3.00). Net sales, SEK bn Operating income excl. Operating cash fl ow, restructuring charges, SEK bn Industrial operations, SEK bn (4.9) 10 11 12 13 14 10 11 12 13 14 10 11 12 13 14 265 310 300 273 283 18.0 26.9 19.6 7.9 8.4 19.0 14.1 1.5 6.4 Key ratios 2014 2013 Key ratios 2014 2013 Net sales, SEK M 282,948 272,622 Return on shareholders’ equity, % 2.8 5.0 Operating income excl. Number of permanent employees 92,822 95,533 restructuring charges, SEK M 8,393 7,854 Share of women, % 18 17 Operating margin excl. restructuring charges, % 3.0 2.9 Share of women, Presidents and other senior executives, % 21 19 Restructuring charges, SEK M (2,569) (715) Employee Engagement Index, % 72 76 Operating income, SEK M 5,824 7,138 Energy consumption, MWh/SEK M 7.9 9.6 Operating margin, % 2.1 2.6 CO emissions, tons/SEK M 0.8 1.1 Income after fi nancial items, SEK M 5,089 4,721 2 Water consumption, m3/SEK M 18.1 21.9 Income for the period, SEK M 2,235 3,802 Share of direct material purchasing spend Diluted earnings per share, SEK 1.03 1.76 from suppliers having made a CSR self- Dividend per share, SEK 3.001 3.00 assessment, % 80 72 Operating cash fl ow, 1 According to the Board’s proposal.
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