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Scania Annual Report 2009 Report Annual Scania Driver Appeal Pr Appeal Driver Pride Quality O Du C Tivit Y

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Scania Annual Report 2009 Report Annual Scania Driver Appeal Pr Appeal Driver Pride Quality O Du C Tivit Y scania annual report 2009 scania annual report ANNUAL report 2009 trucks buses engines services Financial services pride quality driver appeal prOductivity sustainable develOpment Scania AB (publ), SE-151 87 Södertälje, Sweden. Tel: +46 8 55 38 10 00. Fax: +46 8 55 38 10 37 For more information: www.scania.com 2010 Tryckeri, Gavin Anderson/Trosa 1598286/4/Kreab 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 62-130 and were prepared in compliance with International Financial Reporting Standards (IFRS). The Report of the Directors encompasses pages 4-50, 57-65 and 129-130. The Report of the Directors and accompanying Financial Reports also fulfil the requirements of the Swedish Annual Accounts Act and have been audited by Scania’s auditors. Scania’s Swedish corporate identity number: Scania AB (publ) 556184-8564. Photographers: Stefan Almers, Carl-Erik Andersson, Stefan Bohlin, Dan Boman, Oupa Nkosi, Unless otherwise stated, all comparisons in this Annual Report refer to the same period of the preceding year. Jonas Nordin, Silvio Serber, Tedd Soost, Göran Wink and Bryan Winstanley. Illustrations: Carl Berge and Semcon Informatic Graphic Solutions. 1 cOntEntS operations Scania’s objective is to deliver optimised heavy trucks Statement of the President and cEO 2 and buses, engines and services, provide the best total Scania in brief 4 operating economy for our customers, and thereby be Strategy 6 the leading company in our industry. The foundation is Scania’s modular product system 8 our core values, our focus on methods and the dedicated people of Scania. Market trends 10 Trucks 12 Buses 16 Engines 20 Services 22 Financial services 26 Production 28 Research and development 30 Sustainability report 34 Sustainable entrepreneurship 34 Sustainable transport 36 Employees 38 The environment 40 Management and monitoring 42 Scania share data 44 articles of association 46 Risks and risk management 47 corporate Governance Report 51 Board of Directors 58 Executive Board and corporate Units 60 financial reports Group financial review 62 consolidated income statements 66 consolidated balance sheets 68 consolidated statements of changes in equity 70 consolidated cash flow statements 71 notes to the consolidated financial statements 72 Parent company financial statements, Scania aB 125 notes to the Parent company financial statements 127 Proposed guidelines for salary and other remuneration 129 Proposed distribution of earnings 130 audit report 131 Quarterly data 132 Key financial ratios and figures 134 Definitions 135 Multi-year statistical review 136 annual General Meeting and financial information 138 Scania 2009 2 statement of the president and ceo hard work to build the future We saw the first signs of an approaching recession as the potential for robust long-term growth is also good early as the beginning of 2008. the Lehman Brothers in buses and coaches. Shifting transport work in bankruptcy in September that year then triggered a very urban areas from cars to buses has major advantages, powerful series of events, including the sharpest and fast- especially in environmental respects. est downturn i have seen during my nearly forty years at Drivers play a crucial role in reducing environmental Scania. the market disappeared within a few weeks, and impact. this is why for many years Scania has invested numerous existing orders were cancelled by customers. resources in effective driver training and in such systems Our priorities have been to take the best care of our as Scania Driver Support. customers with our products and services, safeguard Experience shows that the normal economic cycle Scania’s cash flow and lower overall costs. Despite the for heavy vehicles is eight to ten years. a repetition of largest downturn in vehicle deliveries of the post-war this pattern would mean seven years of growth until period, 41 percent, and the sizeable increase in credit the next peak around 2017/18. losses in customer finance, Scania reported positive operating income of SEK 2,473 m., largely due to relatively A well-equipped Scania stable service revenue as well as successful cost savings. Our very large investments in employee training during During 2009 virtually all of Scania’s markets except 2009 are aimed at enabling us to take quick and efficient Brazil were characterised by low economic activity and advantage of the next economic upturn. Our vision to weak demand for transport equipment. Our vehicle de- produce 150,000 vehicles per year at the next economic liveries declined by 41 percent. Meanwhile we prioritised peak during the second half of the 2010 decade remains selling off the inventory of completed vehicles that had unchanged. Because of our training programme, we can accumulated due to order cancellations. the overall effect achieve this with an unchanged production workforce. was very low capacity utilisation. During the first half of We will continue to streamline our operations within the 2009, production was only 35 percent of the level during framework of the Scania Production System. We are the same period of 2008. also continuing with our outsourcing and expect 75 per- However, service revenue was more stable – volume cent of materials and components in a Scania chassis to decreased by about 10 percent – and this limited the fall come from external suppliers within a number of years. in earnings. Scania’s long-term expansion of its service network proved to be a source of strength. New products enhance customer efficiency there are major geographic differences in market During a recession, it is especially important for trans- trends. the problems in Scania’s markets are largely port companies to have access to efficient production connected to Europe, except that the nordic markets have equipment with high uptime. Low transport activity leads performed decently. Elsewhere in the world, for example to intensive competition for assignments and depressed in asia and Latin america, activity strengthened during margins. in its product and service portfolio, Scania’s the second half of 2009, unlike Europe. in Brazil the mar- priority is to offer customers the best cost-effectiveness ket was strong, and i am especially pleased that Scania and highest uptime over the service life of its products. regained its role as the market leader for heavy trucks. For this reason, Scania implemented several product launches during 2009. the new R-series truck range, Long-term trends will benefit Scania featuring better fuel economy and an improved driver Despite the powerful recession, it is vital that we do not environment, will ensure Scania’s leading position in the to lose our focus on the future. Globalisation will lead to important long-haulage truck segment. Meanwhile we a steady increase in the need to transport goods and launched Scania Driver Support, an advanced system people. today 70 percent of all goods in Europe are trans- that makes it easier for drivers to refine their driving style ported by road – a level that has been stable for many and reduce their fuel consumption by about 10 percent. years – and there is reason to believe that this situation will a new coach range, the Scania touring − developed continue. Virtually the entire increase in transport needs in collaboration with chinese bus and coach manu- since the mid-1970s has been met by road transport. this facturer Higer − is a major step in Scania’s strategy of is why there have been, and will continue to be, major ef- increasing the degree of industrialisation and expand- forts to reduce the environmental impact of vehicle trans- ing its service range related to complete buses and port and make it more and more environmentally efficient. coaches. Scania 2009 3 During the spring, we launched a new generation of indus- costs, postpone capital spending and successfully reduce trial, marine and power-generating engines that meet the new vehicle inventories. By the end of the summer of 2009, new environmental standards that will apply from 2011, inventories reached normal levels in most markets, with the without increased fuel consumption. exception of central and eastern Europe. Adjustment of costs Cautious view of 2010 We have made a broad-based effort to lower costs and My assessment is that in Europe, the downturn in demand streamline operations throughout the Scania Group − from has levelled off. in Latin america, demand remains relatively research and development units to the sales and service good, and in asia a certain recovery has occurred. the bus organisation. Unfortunately about 4,000 employees have and coach market was generally more stable during 2009, had to leave the Group since September 2008, among while the market for engines declined sharply. them more than 2,000 with temporary contracts. although the downturn has levelled off, activity among in addition, we shortened working hours in a number of our customers remains low. How quickly demand returns European countries. in Sweden we introduced a four-day will depend largely on developments in the financial system. week for about 12,000 employees starting in June, with a Many of our customers among small and medium-sized pay reduction of 10 percent, representing a cost saving of companies in Europe are still having problems obtaining more than SEK 300 m. during 2009. business loans. this is also true of most of our suppliers. amid this deep recession, we have focused on pre- Scania is continuing its efforts to lower costs and serving core competency at Scania. We have implemen- strengthen cash flow. the right product portfolio, together ted a large-scale training programme for about 8,000 with large-scale cost savings and our investment in em- employees at European production units. this has sub- ployee training at production units, has created good stantially boosted the production engineering proficiency conditions for profitability and for profitable growth when of all employees at these units.
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