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Annual Report 2010 Annual Report 2010 SCANIA ANNUAL REPORT 2010 SCANIA ANNUAL REPORT ANNUAL REPORT 2010 TRUCKS BUSES AND COACHES ENGINES SERVICES FINANCIAL SERVICES Scania AB (publ), SE-151 87 Södertälje, Sweden. Telephone: +46 8 553 810 00. Fax: +46 8 553 810 37 For more information: www.scania.com 2011 Tryckeri, Gavin Anderson/Trosa 1598572/Kreab Annual Report and financial information Financial information is available in Swedish and English and Scania shareholders are the main target group for the Annua l may be ordered from: Report, which is sent only to those who have ordered it. Scania AB, Investor Relations, SE-151 87 Södertälje, Sweden All new shareholders receive a letter welcoming them to Phone: +46 8 553 810 00 Scania’s shareholder services, where they may personally www.scania.com/shareholder order the information they want, in the format and quantity www.scania.com/subscribe they wish. They may subscribe to the Interim Reports, the www.scania.com/printedmaterial Annual Reports, the shareholder magazine Scania Value, invitations to the Annual General Meeting and press releases Website via e-mail. They may also choose to receive printed Annual On Scania’s website, www.scania.com, it is easy to follow Reports, Interim Reports and Scania Value by post. events at the company during the year. You can monitor In addition, other stakeholders have the opportunity to Scania’s share price and compare its performance with subscribe to financial information via Scania’s website, where that of competitors, as well as see the latest transactions, it is also possible to order printed information in single copies share price history, dividend history and other share data. and have them sent by post. Share holders can easily calculate the return on their own holdings. The website also provides historical financial data, truck registration statistics, key financial ratios and much more. This English 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 68–136 and were prepared in compliance with International Financial Reporting Standards (IFRSs). The Report of the Directors encompasses pages 4–71 and 135–136. The Report of the Directors and accompanying Financial Reports also fulfil the requirements of the Swedish Annual Accounts Act and Photographers: Karl-Erik Andersson, Peggy Bergman, Dan Boman, Gilmare Gomes, Fred Lorca, have been audited by Scania’s auditors. Wagner Menezes, Jonas Nordin, Silvio Serber, Göran Wink, Brian Winstanley, Lassila & Tikanoja, Scania and Terex. Scania’s Swedish corporate identity number: Scania AB (publ) 556184–8564. Illustrations: E3D arkitekturvisualisering, Semcon Informatic Graphic Solutions and Kjell Thorsson. Unless otherwise stated, all comparisons in this Annual Report refer to the same period of the preceding year. CONTENTS 1 OP ERATIONS Statement of the President and CEO 2 REPORT OF THE DIRECTOrs 4–71 Scania in brief 4 Scania’s strategy 6 Scania’s modular system 8 Scania’s working methods 12 Market trends 14 Trucks 14 Buses and coaches 18 Engines 22 Services 26 Financial services 30 Production 32 Research and development 36 Sustainability report 40 Sustainable entrepreneurship 40 Sustainable transport 42 Employees 44 The environment 46 Managing and monitoring sustainability work 48 Scania share data 50 Articles of Association 52 Risks and risk management 53 Corporate Governance Report 57 Board of Directors 64 Executive Board and Corporate Units 66 FIN ANCIAL REPORTS Group financial review 68 Consolidated income statements 72 Consolidated balance sheets 74 Consolidated statements of changes in equity 76 Consolidated cash flow statements 77 Notes to the consolidated financial statements 78 Parent Company financial statements, Scania AB 131 Notes to the Parent Company financial statements 133 REPORT OF THE DIRECTOrs 135–136 Proposed guidelines for salary and other remuneration 135 Scania is a leading manufacturer of trucks and buses Proposed distribution of earnings 136 for heavy transport applications, and of industrial Audit report 137 and marine engines. A growing proportion of the Quarterly data 138 company’s operations consists of products and Key financial ratios and figures 140 services in the financial and service sectors, assuring Definitions 141 Scania’s customers of cost-effective transport solutions and maximum uptime. Multi-year statistical review 142 Annual General Meeting and financial information 144 SCANIA 2010 2 STATEMENT OF THE PRESIDENT AND CEO Scania stronger after the crisis The past year was characterised by clearly improved sales volume for vehicles, engines and service in most markets. Scania was well equipped for the upturn and is a stronger company today than before the deep economic downturn. We not only preserved our core competency in the company by avoiding lay-offs, but also enhanced the skills of our employees through extensive training programmes, both theoretical and practical, directly at workplaces. Our renewed product ranges – for trucks, buses, engines and services – were well received by our customers. When demand returned, we were quickly able to ramp up production, which helped us to deliver the best earnings and cash flow in the company’s history. Operating income rose to SEK 12,746 m. in 2010. Higher delivery times. Scania customers must be able to count on vehicle and service volume and significantly higher capacity quick delivery of the vehicle they have ordered, normally utilisation were the main reasons for the sharp improvement six to eight weeks from order date to chassis delivery. compared to 2009. The global economic recovery led to in- A large order backlog with long delivery times always creased activity in the transport industry during 2010, with a represents a high risk of cancellations of existing orders. number of markets outside Europe quickly rebounding after Scania hired more employees in 2010 to meet increas- the downturn. Latin America showed strong growth, and ing demand. To ensure flexibility, in many cases this was such countries as Brazil have been able to benefit greatly done using temporary contracts. I would also like to from Asian demand for agricultural products and minerals. point out the impressive contribution made by Scania’s Meanwhile middle-class consumption is growing rapidly, sub-contractors during the rapid upturn, especially in the also increasing the need for transport. In addition, demand second half of 2010. Collaboration with our suppliers has for trucks in Brazil has been supported by tax breaks and been outstanding, despite the large and rapid fluctuations interest rate subsidies. Scania has taken advantage of the we have experienced over the past two years. Group’s common global product range and production structure, which has enabled the company to meet the Successful new product ranges strong demand for vehicles and parts in Latin America. Scania has launched a number of new products and Demand in the European truck market improved gradually services that have been well received in the market. during 2010. Hauliers’ capacity utilisation improved and Scania’s R-series – International Truck of the Year 2010 freight prices began to recover. The Russian truck market – is built to meet high standards of fuel economy, driver recovered strongly during the fourth quarter. Service appeal and reliability. The R-series is available with a very volume in Europe gained momentum during the second wide selection of powertrain alternatives and has been half of 2010, leading to higher capacity utilisation in work- very well received by our customers. shops. Scania’s new V8 features high torque and high output compared to its market competitors. Scania’s V8 models Strong productivity growth enjoy a strong position in the high-output segment of the During the 2009/10 recession, Scania made very large truck market, with a market share of about 30 percent in investments in employee training. Above all, it improved the the output segment above 600 hp. Our V8 engines are collective competency of the production network. This in- highly appreciated by our customers who work under volved a majority of employees at Scania’s production units. really tough operating conditions and require outstanding When higher order bookings led to a sharp increase in performance and functionality. the production rate, this occurred quickly without bottle- necks or disruptions. We were thus quickly able to regain Reducing environmental impact, step by step the productivity that prevailed before the autumn 2008 The step-by-step task of reducing the environmental im- downturn. During a recession as deep as in 2009/10, there pact of the vehicles we deliver and from Scania’s industrial is better openness and understanding about eliminating operations continued with undiminished intensity. Scania time-consuming, costly tasks and operations that do not has the technical solutions in place for Euro 6, the next contribute to customer value. During the period of four-day stage of European emission legislation. Technical develop- weeks, we also learned to work more efficiently in the ment work until the end of 2013, when Euro 6 takes effect, company’s administrative units. will focus on making various technical solutions simpler Our flexible production structure enabled us to imple- and more robust, to ensure that we can deliver high-quality ment rapid production increases without lengthening Euro 6 vehicles to our customers. SCANIA 2010 3 Scania implements continuous efficiency improvements in trial area, mainly related to commercial vehicles, which its industrial processes when it comes to the use of energy, would make it possible for Scania and MAN to profit from water, chemicals and raw materials, in an effort to minimise synergies in research and development, manufacturing all forms of waste. and sourcing. These investigations have shown that a full realisation of potential synergies requires closer coopera- Ecolution by Scania tion by combining the two companies, while maintaining Scania works closely with its customers to environmentally the unique brand values of each respective company.
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