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volvo car group annual report 2017 TABLE OF CONTENTS OVERVIEW 3 This is Volvo Car Group 4 2017 in Brief 6 CEO Comment 8 Our Year 10 Our World STRATEGY 12 Challenges & Opportunities 18 Corporate Strategy 24 Brand Strategy 26 People Strategy 28 Our Approach to Sustainability 30 Strategic Focus Areas 32 Business Model CREATING VALUE 35 Product Creation 61 Manufacturing & Logistics 69 Consumer Experiences 77 People 91 Society 97 Market Highlights MANAGEMENT REPORT 101 Board of Directors’ Report 104 Enterprise Risk Management SOCIETY, PAGE 91 109 Corporate Governance Report FINANCIAL STATEMENTS 116 Contents Financial Report 117 Consolidated Financial Statements 122 Notes to the Consolidated Financial Statements 161 Parent Company Financial Statements 163 Notes to the Parent Company Financial Statements 169 Auditor’s Report 172 Board of Directors 174 Executive Management Team SUSTAINABILITY - TABLES & FACTS 176 Stakeholder Engagement & Materiality Analysis PEOPLE, PAGE 77 178 Sustainability Scorecard 184 GRI Index NOW AND THEN 186 Our Heritage 2 VOLVO CAR GROUP | ANNUAL REPORT 2017 Volvo car group Our history dates back to 1927 when Volvo Car Corporation was founded in Sweden. That year we put the first Volvo car on the road and since then we have continuously CONSUMER EXPERIENCES, developed, creating world changing PAGE 69 innovations along the way. Our cars are produced in factories around the globe; Gothenburg in Sweden, Ghent in Belgium, Chengdu, Daqing and Luqiao in China, and soon in Charleston in the US as well. Our mobility and subscription services are developed in Stockholm and Gothenburg in Sweden for customers all over the world. Together our operations deliver on consumer demand for current and future mobility. Volvo Car Group is headquartered PRODUCT CREATION, in Gothenburg, Sweden. PAGE 35 “2017 was Volvo Cars’ fourth consecutive year of growth and we are delivering according to the plan we set out. We are investing heavily - in people, in our products and in our global footprint, but also in the future of mobility; electrification autonomous driving, connectiv- ity and subscription services.” HÅKAN SAMUELSSON MANUFACTURING PRESIDENT AND CHIEF EXECUTIVE OFFICER & LOGISTICS, PAGE 61 CEO COMMENT, PAGE 6 ANNUAL REPORT 2017 | VOLVO CAR GROUP 3 2017 in brief NET REVENUE EBIT RETAIL SALES MSEK MSEK UNITS 250,000 20,000 600,000 500,000 200,000 15,000 400,000 150,000 10,000 300,000 100,000 200,000 5,000 50,000 100,000 0 0 0 13 14 15 16 17 13 14 15 16 17 13 14 15 16 17 4 VOLVO CAR GROUP | ANNUAL REPORT 2017 7.0% 16.6% Retail sales up to 571,577 Net revenue increased to (534,322) units MSEK 210,912 (180,902) 14,061 -3,800 Operating income (EBIT) increased to Cash flow from operating and investing activities MSEK 14,061 (11,014) decreased to MSEK -3,800 (6,515) 38,000 30% Average number of employees increased T8 Plug-in Hybrid sales increased to 38,000 (30,400) by 30% compared to last year RETAIL SALES BY RETAIL SALES BY KEY FIGURES MARKET CARLINE MSEK 2017 2016 Net revenue 210,912 180,902 Research and development expenses –10,187 –10,174 Operating income, EBIT 14,061 11, 014 Net income 10,225 7,460 EBITDA 26,159 21,541 Cash flow from operating and investing activities –3,800 6,515 Gross margin, % 22.1 21.4 Europe, 50% S, 20% EBIT margin, % 6.7 6.1 V, 34% China, 20% EBITDA margin, % 12.4 11. 9 XC, 46% US, 16% Net cash (net debt if positive) –12,513 –18,873 Other, 14% ANNUAL REPORT 2017 | VOLVO CAR GROUP 5 CEO comment CEO COMMENT 2017 was Volvo Cars’ fourth consecutive year of growth and we are delivering according to the plan we set out. We are investing heavily - in people, in our products and in our global footprint, but also in the future of mobility; electrification, autonomous driving, connectivity and subscription services. In Sweden, we have grown from 16,000 employees in 2011 to 21,000 employees this year with a total workforce of 38,000 globally. Volvo Cars continues to stand out as a pioneer within the auto that no one should be seriously injured or killed in a new Volvo car space. With our sustainability commitment OMTANKE firmly by 2020. embedded in our business, we are finding solutions to the disrup- By launching the XC40 we have a complete SUV offering for the tions being posed around electrification, connectivity, mobility ser- first time. Production started in November at our plant in Ghent, vices and autonomous driving (AD). This year we have laid out clear Belgium, and the car will come to market in the beginning of 2018. strategies in each of these areas, but before elaborating on them, The XC40 launch brought with it the launch of Care by Volvo, our let me recap on developments in our core business during 2017. response to flexible mobility. The aim is to give our customers more The Chinese passenger car market remains the fastest growing freedom – without having to own a car. I believe subscription ser- market worldwide, and Volvo Cars performed very well in China in vices are one way forward as new mobility solutions continue its 2017, breaking the 100,000 unit threshold for the first time. With rapid development. car plants in Chengdu, Luqiao and Daqing, as well as a stable dealer For subscription services and AD, connectivity and digitalisation network, we are driving greater awareness of our product quality, are essential. Being a small player in this sector, we have chosen to make a virtue of our agility in forming a number of strong and mutu- ally beneficial partnerships during the year. Our collaborations are all with experts in their respective areas. Developing the software required for AD, we have joined up with “This year we have laid out Autoliv, which is a world leading automotive safety company, and set up a joint venture - Zenuity. Importantly, we believe that we can clear strategies for our benefit from commercialising our AD technology as Zenuity will sell its products to other OEMs in the future. continued work with With Uber we are developing the redundant base cars needed for AD. We have also agreed to sell up to 24,000 cars to them for electrification, autonomous their AD taxi service. Uber is already using XC90s for its self-driv- driving, connectivity and ing tests, reflecting the strength of our credentials and commit- ment to becoming the supplier of choice for AD ride-sharing ser- mobility services.” vices globally. On electrification, our strategy, laid out in July 2017, is that all new HÅKAN SAMUELSSON Volvo cars launched from 2019 will be hybrids or all electric. We PRESIDENT AND CHIEF EXECUTIVE OFFICER think we have a very firm advantage with our progressive, pure elec- tric performance brand Polestar already having started construc- tion at its first plant in Chengdu, China. This clear move towards electrification also underlines our commitment to low carbon mobil- technology, brand values and Scandinavian heritage. We continued ity, as well as our belief that a sustainable approach is key to our to increase sales in Europe where the market remained strong. We future success. In this respect, I am pleased to report that Volvo are particularly pleased with 6 per cent increase in Sweden selling Cars is an active supporter of the United Nations Global Compact. almost 75,000 cars against market growth of 2 per cent. In 2018, we foresee continued growth both in revenue and retail Overall, the US market was softer this year than last. Our sales sales. We are launching and ramping up production of our last two during the first half of 2017 declined, but during the second half, models on the SPA platform, the V60 and the S60. The latter will be we saw a positive sales development, almost ending the year on built in the new factory in Charleston, US. We will also ramp up pro- the same level as 2016. We are opening our new factory in duction of the XC40 and we are looking forward to its reception Charleston later in 2018 and we believe a stronger presence in the when it reaches our customers. In addition to our core business of market will have a positive bearing on sales going forward. building and selling cars, we will continue to develop business areas I am very pleased with the successful ramp up of production of within subscription services, as well as embrace the business oppor- the new XC60 after the very impressive launch at the beginning of tunities provided through electrification and AD. This, we expect, will the year. As of December, the XC60 is now being built in both result in improved 2018 profits while we will continue to lead the way Gothenburg, Sweden, and in Chengdu, China. Recently, it was in responding to the disruptive challenges in our industry. named the car with the best overall performance by the prestig- ious Euro NCAP 2017 Best in Class safety awards. This adds to a Håkan Samuelsson list of achievements that exemplify our commitment to our vision President and Chief Executive Officer 6 VOLVO CAR GROUP | ANNUAL REPORT 2017 CEO comment “We expect improved profits while we continue to lead the way in responding to the disruptive challenges in our industry.” HÅKAN SAMUELSSON PRESIDENT AND CHIEF EXECUTIVE OFFICER ANNUAL REPORT 2017 | VOLVO CAR GROUP 7 ORU year 2017 - A SUCCESSFUL TRANSITION YEAR With the launch of the XC60 and XC40 premium SUVs, we completed the renewal of the XC model range, now utilising both our platforms, the Scalable Product Architechture (SPA) and Compact Modular Architechture (CMA) platforms.
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