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Financial Report 2012 volvo car group Financial report 2012 Renewed model range SUCCESSFUL LAUNCHES investment strategy continued HIGH PACE IN TRANSFORMATION PROCESS 1 This is Volvo Car Group Volvo Car Group’s history dates back to 1927 when the Swedish company Volvo Car Corporation was founded and the first Volvo car was launched. Volvo Car Group is headquartered in Gothenburg and has its major manufacturing plants in Torslanda, Sweden and in Ghent, Belgium. In 2012 our 2,238 dealers sold 421,951 cars in more than 100 countries around the world. In 2010, Zhejiang Geely Holding Group acquired Volvo Car Group from Ford Motor Company. Currently, Volvo Car Group employs around 22,500 people. THE TRANSFORMATION OF THE VOLVO CAR GROUP Volvo Car Group is going through a radical transformation. The corporate strategy of Volvo Car Group, launched in 2011, is all about customer focus. Designed Around You is the foundation for the corporate culture and the strategy sets clear and ambitious objectives. Volvo Car Group will truly establish itself as a leading car manufacturer in the premium segment. With roots firmly based in its Swedish heritage, China is planned to become the second home market with extensive commercial and industrial presence. Additionally, new vehicle and engine technology in SPA and VEA will serve the global market and ensure a premium customer experience based on safety, modern Scandinavian design, environmental care and clever functionality. Vision Objectives To be the world’s most progressive and desired premium car brand. • Provide cars people want • Be a lean nimble company • Have a top tier premium auto brand perception • Be the employer of choice WHICH WILL LEAD TO • Sales of over 800,000 vehicles globally • Top car industry ROIC Sales by region (2012) Average number of employees by region (2012) Models by range (2012) China, 10.0% Sweden, 69.0% S, 22.4% USA, 16.1% Nordic countries other V, 32.5% EU20, 53.8% than Sweden, 1.7% XC, 38.6% Other, 20.1% Belgium, 18.5% C, 6.5% Europe other than the Nordic countries and Belgium, 4.7% North and South America, 1.1% Asia, 4.4% Other countries, 0.5% 2 VOLVO CAR GROUP FINANCIAL REPORT 2012 Highlights 2012 Adapting to a new market situation In 2012, a new market situation affected by economic uncertainty in Europe significantly impacted sales and earnings. Volvo Car Group has during the second half of 2012 focused on re-balancing its cost base around the new sales environment, while still securing the long-term investments for the transformation of the Group. For the full year 2012, Volvo Car Group delivered a break-even result with an operating income of MSEK 18. Renewing the model range Volvo Car Group launched the all-new V40 and the V40 Cross Country during 2012. The car was positively received by customers around Europe, and 22,446 units were sold for the full year. The major upgrade of the Volvo S60, V60, XC60, V70, XC70, S80 and V60 Plug-in Hybrid, were revealed in February 2013. Overall, despite a challenging market situation, Volvo Car Group is well-positioned to capture positive sales trends and new customers, with almost a full renewal of its product range now completed. Investments continue at a high pace Presently, Volvo Car Group allocates around 6 per cent of its revenue to its Research & Development programmes. This is a vital part of creating a future as a strong independent car manufacturer in the premium segment. Despite the challenges of the current market situation, Volvo Car Group has been able to continue the transfor- mation journey with full focus on delivering the new products to customers starting in early 2015. The first car model based on the new Scalable Product Architecture (SPA) is the next-generation Volvo XC90. Key figures Contents 2012 2011 This is Volvo Car Group ................................................................................................................................................2 Retail sales, 000 422 449 Highlights 2012 ......................................................................................................................................................................3 China 42 47 CEO comment ............................................................................................................................................................................4 USA 68 67 Market overview .......................................................................................................................................................................6 EU 20 227 252 Products ...............................................................................................................................................................................................8 Rest of World 85 83 Financial summary ...............................................................................................................................................................9 Net Revenue, BSEK 125 126 Income statements .........................................................................................................................................................10 Operating Income, MSEK 18 2,017 Balance sheets .....................................................................................................................................................................11 Operating & investing cash flow, MSEK –4,929 2,502 Cash flows ....................................................................................................................................................................................11 VOLVO CAR GROUP FINANCIAL REPORT 2012 3 ceo comment ADJUSTED COST BASE SUPPORTS INVESTMENTS FOR FUTURE STRENGTH The considerable uncertainty in the global economy and the – have now undergone a major update. Immediately after the acquisi- European financial crisis had a major impact on the car industry tion by Geely in 2010, this was identified as one of the most strategic in 2012. For Volvo Car Group this resulted in a sales slowdown, projects in the Group’s recent history. This model year, launched in forcing the Group to trim its costs to match the new levels of 2013, was destined to deliver a far more comprehensive upgrade demand. than a conventional facelift, which is otherwise the more common path halfway through a model’s lifecycle. More than 4,000 parts have Sales decreased in all by 6.1 per cent compared with the previous year. been replaced, the design has been enhanced and modernised, and The operating income was 18 million SEK, affected by lower sales several properties and functions have been added. This autumn an volumes, higher cost levels as well as a one-time effect relating to sale entirely new engine range, VEA, will be launched. of technology that impacted the result positively by 590 million SEK. This means that 8 of our total of 9 models are entirely new or In this challenging market, Volvo Car Group continued to pursue significantly updated, creating the necessary prerequisites for tackling its transformation process in 2012 with the same level of intensity. the tougher market situation we are facing. The year started with the launch of the world-first V60 Plug-in Hybrid, a combination of an electric car, an economical hybrid and a power- 2013 – BuildinG ON THE STRENGTH ful high-performance car that was developed in cooperation with OF A GLOBAL BRAND Swedish energy supplier Vattenfall. We are immensely proud of this Volvo is a global brand with global sales. Our strategy for 2013 is model: an example of the daring vision we have in developing unique to retain our market shares in the countries in which we operate by solutions for the modern consumer. The first thousand V60 Plug-in strengthening our presence in our chosen segments, but with even Hybrids sold out even before the car was launched, and in 2013 more precision than before. The highly competitive climate is likely to about 4,000 to 6,000 cars will be built. continue in 2013 with discounts and fighting over customers. We do The all-new Volvo V40 was last year’s most important new release. not operate in the broadest high-volume segments. We compete in With the V40, Volvo Car Group has truly entered the competition a different arena and that is something we should exploit by building in the premium compact-car segment and sales figures show that on the strength of our relatively niche brand identity. We know our customers throughout Europe appreciate the car’s design, driving customers and our segments and they are unique. pleasure and innovative content. At the same time the V40 confirms Two markets, China and the USA, are expected to show growth in our world lead in the field of safety by receiving the highest overall 2013. Successes in the USA, our largest market, have recently relied score ever recorded by Euro NCAP. Last autumn the sister model was on two models, the XC60 and S60. Now we are adding the V60 to launched: the Volvo V40 Cross Country, an elegant crossover with the model range – a model that we feel has considerable potential 40 mm higher ground clearance. for winning customer approval in the USA thanks to our established In December 2012 ground was broken on the construction of a heritage in the V-line segment and with the sporty properties offered new body shop in Torslanda, Gothenburg, which will be completed in by the V60. autumn 2013. This and other investments in plants such as Skövde In China we are in the establishment phase, which aims to support and Olof ström are part of our preparation for the
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