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Volvo Car Group Annual Report 2019 Report Annual VOLVO CAR GROUP GROUP CAR VOLVO ANNUAL REPORT 2019 Freedom to move in a personal, sustainable and safe way. VOLVO CAR GROUP ANNUAL REPORT 2019 TABLE OF CONTENTS 2019 Highlights OVERVIEW 1 2019 Highlights 2 Market Development 5 CEO Comment Volvo Cars' company purpose embodied THE WORLD AROUND US Our purpose is to deliver the freedom to move in a personal, 8 Changing Consumer Demands sustainable and safe way by offering mobility, regardless of 9 Technology Shift what that looks like or who wants to use it. During the year we 10 The Volvo Car Group continued to deliver on that purpose. 12 Our Strategic Affiliates OUR STRATEGY In addition to selling cars via our retail partners, we continued to develop our commercial offers within the direct consumer 16 Company Purpose business area. Care by Volvo, our subscription concept, contin- 18 Strategic Framework ued to roll out to the markets, and we also launched our mobil- HOW WE CREATE VALUE ity brand M - Volvo Car Mobility, in Stockholm, Sweden. 30 Creating Sustainable Value and Growth 32 Product Creation Furthermore, by introducing the first fully electric XC40, and 46 Manufacturing and Logistics launching a plan aiming to reduce the lifecycle carbon footprint per car by 40 per cent by 2025, we demonstrated our true 50 Consumer Experiences commitment to sustainability. 52 People 58 Society In the interest of safer roads for all, we shared more than 60 MANAGEMENT REPORT years of safety research, underlining our leading position in 61 Board of Directors’ Report safety. Also, depending on the development of the Covid-19 65 Enterprise Risk Management situation, we will deliver on our decision to limit the speed on all new Volvo cars to 180 kph from 2020, paving the way for 68 Corporate Governance Report further deliveries on our safety vision that nobody should be FINANCIAL STATEMENTS seriously injured or killed in a new Volvo car. 74 Contents Financial Report 75 Consolidated Financial Statements Volvo Cars recognised as one of the 80 Notes to the Consolidated Financial Statements World's Most Ethical Company 120 Parent Company Financial Statements For the third consecutive year, Volvo Cars was recognised as 122 Notes to the Parent Company Financial Statements one of the World’s Most Ethical Company by the Ethisphere 128 Auditor’s Report Institute, highlighting that the company performs ethical and 130 Board of Directors responsible business. 132 Executive Management Team SUSTAINABILITY – TABLES AND FACTS 134 Sustainability Management and Governance 138 Sustainability Scorecard 143 GRI Index 145 Auditor's Limited Assurance Report on Sustainability OUR HERITAGE 146 Looking Back Helps Us Look Forward KEY FIGURES RETAIL SALES RETAIL SALES BY MARKET BY CARLINE MSEK 2019 2018 Revenue 274,117 252,653 Research and development expenses –11,446 –10,903 Operating income (EBIT) 14,303 14,185 Net income 9,603 9,781 EBITDA 29,851 27,398 Cash flow from operating and investing activities 11,573 4,705 Net cash 25,214 18,029 Europe 48% Gross margin, % 19.0 19.5 S 14% China 23% V 23% EBIT margin, % 5.2 5.6 US 15% XC 63% EBITDA margin, % 10.9 10.8 Other 14% REVENUE EBIT RETAIL SALES MSEK MSEK UNITS 300,000 20,000 700,000 600,000 240,000 15,000 500,000 180,000 400,000 10,000 300,000 120,000 200,000 5,000 60,000 100,000 0 0 0 15 16 17 18 19 15 16 17 18 19 15 16 17 18 19 ANNUAL REPORT 2019 | VOLVO CAR GROUP 1 MARKET DEVELOPMENT Market Development Volvo Cars maintained strong global sales development with over 700,000 cars sold. Double digit growth across 7 of our top 10 markets translated into a global growth of 9.8 per cent; growing faster than the industry in Europe, China and the US. EUROPE CHINA US 0THER 7% 19% 10% 6% 341,200 (318,235) UNITS 154,961 (130,593) UNITS 108,234 (98,263) UNITS 101,057 (95,162) UNITS INDUSTRY DEVELOPMENT The passenger and premium The auto industry in China The US car market recorded a Total passenger car registra- car market in Europe recorded continued to decline during decline during the year, as a tions in Japan, Korea and Can- slight increases. The growth the year. Despite softening, small growth in the light truck ada recorded declines was marked by a few key mar- the premium market contin- segment was offset by a sharp between 1.4 to 3 per cent, kets during the fourth quarter, ued to deliver growth. decline in the passenger car while registrations of imported particularly in December, segment. The premium car cars in Japan declined by which pushed the overall car market of imported cars mar- almost 5 per cent. These three registrations in Europe for the ginally declined. markets represent Volvo Cars' full year. largest 'other' markets. VOLVO CARS RETAIL SALES PERFORMANCE Volvo Cars' strong growth tra- Strong demand continued for Despite the decline in the mar- Retail sales in other markets jectory continued, mainly Volvo cars in China. The dou- ket, Volvo Cars' retail sales in continued to grow driven by driven by SUV sales. Five of ble digit sales growth was the US continued to grow, strong demand for the XC40 Volvo Cars' main European mainly driven by the locally mainly driven by increased and XC60 and also supported markets displayed double digit produced XC60, XC40 and demand for the locally pro- by an increase in V60 sales. growth and sales records S90, followed by the XC90. duced S60, followed by the The largest markets were were established in various XC40 and also supported by Japan, Korea and Canada. markets during the year. an increase in XC90 sales. 2 VOLVO CAR GROUP | ANNUAL REPORT 2019 ANNUAL REPORT 2019 | VOLVO CAR GROUP 3 CEO COMMENT 4 VOLVO CAR GROUP | ANNUAL REPORT 2019 CEO Comment 2019 was again a year of growth. For the sixth consecutive year Volvo Cars sets a new sales record of more than 700,000 cars, and we gained market share in all our main markets. Revenue increased by 8.5 per cent to SEK 274bn and led to an continue to create synergies within the wider Geely Group. As operating income of SEK 14.3bn. During the second half of the an example, we have announced our intention to separate our year, and specifically during the fourth quarter, both profit and combustion engine operations into a stand-alone business profit margin outperformed the comparative period in 2018, unit, including potentially merging these activities with those and the robust financial result led to a strong cash flow from of Geely. The proposed new business would clear the way for operating and investing activities. This is a result of continued Volvo Cars to focus on the development of its all-electric range strong growth in volume, especially in SUVs, as well as cost of premium cars. efficiency measurements initiated early in 2019. 2020 will be the year of electrification. I believe we are well Despite tough market conditions in the auto sector, we are prepared; we have competitive products and a global footprint pleased to report growth in all regions, as our progressive and with sufficient capacity. By delivering on existing, as well as modern products continue to gain attraction. In China, we sold developing new innovative business models and expanding our almost 155,000 cars, an increase of nearly 19 per cent, com- range of products and services, we will continue to deliver the fortably outperforming the overall market. We broke the mobility our customers want and need. 100,000 cars sold threshold for the first time since 2007 in the US, generating a 10 per cent sales increase. In Europe, we saw strong growth in Germany, where sales reached more than 50,000 cars for the first time. Despite political uncer- tainty, the UK reported its best sales result since 1990. “2020 will be the year of As part of our electrification strategy, we now offer a plug-in electrification and I believe variant on every model, the Recharge line-up, and sales is pick- ing up reaching 7 per cent of sales in 2019. Given the availabil- we are well prepared.” ity of the Recharge line-up and an increased production capac- ity on electrified vehicles, we aim to sell 20 per cent rechargeable cars in 2020. In November, as part of the Recharge line-up, we revealed Since January 2020, the corona pandemic is spreading and the first fully electric Volvo model, the XC40 BEV. Production is now severely affecting Volvo Cars in many ways with con- is starting in 2020 and orders are already coming in. As part of cern for its employees, a weakening market, as well as produc- our ambition to sell 50 per cent fully electric cars and reduce tion disruptions. As an effect, the European and US manufac- total lifecycle carbon footprint per car by 40 per cent by 2025, turing plants will be temporarily closed. At the date of signing, we will be launching one fully electric car per year and we have the assessment is that the Belgium plant will remain closed set out our ambition to be a climate-neutral company by 2040. until April 5. The Swedish and US plants will be closed Sustainability is as important to Volvo Cars as safety – and between March 26 and April 14. we target to have the same distinguished reputation for our Our primary focus is the health and safety of all employees. sustainability achievements as we do for safety. Our commit- Initially some precautionary measures and travel restrictions ment to conduct business in a responsible manner remain were taken, followed by enhanced measures to reduce the strong and so is our engagement in the UN Global Compact.
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