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Scania Annual Report 2014

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Scania Annual Report 2014 Annual Report 2014 ANNUAL REPORT 2014 Scania AB, SE-151 87 Södertälje, Sweden Telephone: +46 8 55 38 10 00. Fax: +46 8 55 38 10 37 www.scania.com EN / One Stone / Kreab / Vitt Grafiska, 2015 For Scania, ensuring profitability for our This is the English language version of Scania’s Annual Report. customers depends on close dialogue and The Swedish language Annual Report is the binding version that shall prevail in case of discrepancies. The Financial Reports partner ship to find solutions throughout encompass pages 51–104, and were prepared in compliance with the logistics value chain. By succeeding International Financial Reporting Standards (IFRSs). The Report of in this ambition, we strengthen our own the Directors encompasses pages 35–49 and 105. The Report of competitiveness, profitability and future the Directors and accompanying Financial Reports also fulfil the success. requirements of the Swedish Annual Accounts Act and have been audited by Scania’s auditors. Scania Swedish corporate identity On the journey to a more sustainable number: Scania AB (publ) 556184-8564. Unless otherwise stated, future, we are guided by our core values all comparisons in Annual Report refer to the same period of the and a strong focus on continuous preceding year. improvement. Dedicated employees, flexible produc tion, the modular system, a strong quality focus, an extensive service net- work, and cutting -edge R&D comprise our strengths. Together, these qualities make Scania resilient and give us a strong leadership position in a world increas- ingly dependent on safe, sustainable and efficient transport systems. SCANIA 2014 CONTENTS SCANIA IN BRIEF Scania at a glance 2 Overview of 2014 4 Our core values 6 CEO statement 8 Executive Board 10 STRATEGY AND BUSINESS MODEL The customer at the centre 12 Opportunities in a changing world 14 Path to sustainable transport 16 Tailor-made solutions 18 Maximum efficiency, high performance 20 Full-service offering key to profitability 22 OUR APPROACH Our strength lies with our people 24 Future-focused innovation 26 CREATING STAKEHOLDER VALUE 28 CORPORATE GOVERNANCE 31 REPORT OF THE DIRECTORS 35–49, 104 Market trends, 2014 35 Risks and risk management 39 Board of Directors and Executive Board 44 Group financial review 47 FINANCIAL REPORTS 51–105 Consolidated income statements 52 Consolidated balance sheets 54 Consolidated statements of changes in equity 56 Consolidated cash flow statements 57 Notes to the consolidated financial statements 58 Parent Company financial statements, Scania AB 102 Notes to the Parent Company Financial statements 103 Proposed distribution of earnings 105 Audit report 106 Key financial ratios and figures 108 Definitions 109 Multi-year statistical review 110 Financial information 112 SCANIA 2014 2 SCANIA IN BRIEF SCANIA IN BRIEF 3 SCANIA AT A GLANCE With the aim to be the leader in sustainable transport, at Scania we are building our business while creating value for our customers, employees and society. Delivering customised heavy trucks, buses, engines and services, our focus is on efficient, low-carbon solutions that enhance customer profitability. With 42,000 employees in 100 countries, we are strategically With parts supply facilities, located in Opglabbeek, Belgium, placed where our customers need us, wherever they operate. Singapore and Vinhedo, Brazil, we are able to be closer to our Scania’s head office, with 5,000 employees, is located in customers and thereby improve their vehicle uptime. Södertälje, Sweden. We take a coordinated approach to our supply chain with an R&D operations are mainly located in Södertälje, Sweden, emphasis on high quality and increased focus on sustainability. with some 3,500 employees. Our aim is to develop high-quality Central purchasing is based in Södertälje, with local offices in products and solutions for the specific customer demand with Latin America, India, Russia and China. short lead times from idea to launch. About 18,400 employees work with sales and services global- About 12,400 people work at production units in seven ly. Our network and mobile service solutions enable us to be close countries in Europe and Latin America. The modular product to the customer in order to provide support on site where the system and the global interchange of both components and products are used. vehicles create flexibility. Some 760 employees work with Financial Services, support- We strengthen our position in emerging markets through ing customers in many markets worldwide by providing finance Regional Product Centres located in six emerging markets, solutions and vehicle insurance. By offering financing on good with about 640 employees. These employees work with terms together with an efficient claims management service and assembly, body-work, and fitting out locally-adapted rapid repairs, with access to Scania’s entire service network, we vehicles. mini mise downtime and lost revenue for our customers. SALES AND DELIVERIES, 2014 TRUCKS Sales & Deliveries – Trucks BUSES AND COACHESSales & Deliveries – Buses Scania truck deliveries Scania bus and coach amounted to 73,015 units Asia, 18% Latin America, deliveries amounted to Asia, 24% Latin America, in 2014. The deliveries 22% 6,767 units in 2014. In 38% in Europe increased due Europe deliveries rose Eurasia, 8% to higher market share. from a low level and Eurasia, 1% Deliveries in Asia rose Africa and deliveries in Eurasia sharply due to increased Oceania, 5% decreased due to one Africa and demand in the Middle large order in 2013. Oceania, 17% East, whereas deliveries Deliveries increased decreased in Latin America. Europe, 47% in Asia and Africa and Europe, 20% Oceania. SCANIA 2014 2 SCANIA IN BRIEF SCANIA IN BRIEF 3 A GLOBAL PRESENCE LULEÅ SÖDERTÄLJE LATHIS OSKARSHAMN ST. PETERSBURG SŁUPSK MEPPEL ZWOLLE ANGERS BUSAN TAIPEI BENGALURU KUALA LUMPUR TUCUMÁN SÃO PAULO JOHANNESBURG SALES AND SERVICES PRODUCTION UNITS REGIONAL PRODUCT CENTRES RESEARCH AND DEVELOPMENT ENGINESSales & Deliveries – Engines SERVICESSales & Deliveries – Services Asia, 8% Eurasia, 4% America, 14% Scania engines deliveries Asia, 21% America, 38% Service revenue totalled Africa and rose to an all-time high SEK 18.8 billion in 2014, Oceania, 6% level of 8,287 units. Eurasia, 2% which was a record high. Deliveries increased Africa and Revenue increased in all strongly in Asia. Oceania, 5% regions. Europe, 34% Europe, 68% SCANIA 2014 4 SCANIA IN BRIEF SCANIA IN BRIEF 5 OVERVIEW OF 2014 In 2014, net sales reached an all-time high and operating income improved. More people were employed to strengthen Scania’s position. Deliveries of connected vehicles showed strong growth, one important enabler for sustainable transport. NET SALES OPERATING INCOME Global economic growth has Scania has invested over the been slow in recent years. past few years to position Net sales92,051 – Scania Group Operating income8,721 – Group Scania has compensated the company for future for this by increasing market growth. Despite this higher SEK m. SEK m. share in some regions and 100,000 investment level and a muted 14,000 expansion to new markets. business climate, operating 12,000 This has made it possible to 80,000 income has been above SEK keep deliveries at a stable 8 billion the past three years. 10,000 level. A growing fleet of 60,000 Operating income in 2014 8,000 Scania vehicles, more repair was slightly better than 2013. and maintenance contracts, 40,000 Record service volume, 6,000 new tailored service pack - record earnings in Financial 4,000 ages, and expansion in 20,000 Services and currency 2,000 emerging markets has effects were partly offset by boosted service revenue. 0 a weaker market mix. 0 20142013201220112010 20142013201220112010 NUMBER OF EMPLOYEES CONNECTED VEHICLES In the past few years, Scania There has been strong has employed more people in 42,129 growth in deliveries of 103,426 sales, marketing and services Number of employees connected vehicles. This Connected vehicles to support growth in emerg- enables Scania to increase ing markets. The number the support to customers. Units Accumulated 50,000 120,000 of employees in Research Benefits include lower fuel and Development has also consumption and emissions, 100,000 40,000 increased to further strengthen improved traffic safety and 80,000 the product and service port- 30,000 optimization of filling rates folio to achieve growth and transport routes. 60,000 and profitability ambitions. 20,000 40,000 10,000 20,000 0 0 20142013201220112010 2011 2012 2013 2014 SCANIA 2014 4 SCANIA IN BRIEF SCANIA IN BRIEF 5 TRUCKS BUSES AND COACHES ENGINES ■ Scania managed the transition to Euro 6 ■ During the third quarter, the Scania ■ Atlas Copco opted for Scania engines for as the leader in the industry, with improved Citywide LE bus was presented, featuring their portable air compressors. The partner- fuel efficiency and quality, as well as a full Scania’s own hybrid technology. ship covers deliveries of Scania’s 9-, 13- and range of engines. ■ Scania will deliver 62 buses for Mexico 16-litre engines. ■ British transport companies Eddie City’s public transport system and will also ■ Scania and the South Korean equipment Stobart and A.W. Jenkinson Forest provide workshop services for the entire manu facturer, Doosan Infracore, agreed to Products ordered 1,500 Scania Euro 6 fleet, vehicle follow-up as well as driver further deepen their cooperation. Scania trucks. training and coaching. is delivering engines for articulated dump ■ The Austrian public procurement organ- ■ Scania has signed an agreement with trucks and large wheel loaders. From 2014 isation Bundesbeschaffungs GmbH (BBG) Ghana’s Ministry for Transport to supply Scania will supply engines for Doosan Large signed an agreement for the delivery of up 300 buses and equipment for the Bus Excavators intended for Europe and North to 485 Scania Euro 6 trucks. Rapid Transit System under implemen- America. tation in Accra. SERVICES FINANCIAL SERVICES ■ Service revenue reached an all-time high ■ Operating income in Scania Financial during 2014 with SEK 18,828 m.
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