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Volvo Group: Building the Case for Electric Buses
VolvoClient case — Group: Building the case for electric buses About the Transforming to a low-carbon economy brings disruptive changes to Volvo Group many industry sectors. Industry leaders must not only deal with The Volvo Group disruption effectively, but also identify the upside of risks and act on is one of the those opportunities. world’s leading manufacturers In the transport sector, Volvo Group of Sweden, supported by of trucks buses, KPMG in Sweden, has carried out pioneering work on the case for construction low-carbon electric buses by building environmental and social impacts equipment into the total cost of ownership. We asked Niklas Gustafsson, Volvo and marine Group’s Chief Sustainability Officer, how this analysis has helped to and industrial reinforce Volvo Group’s position as a leader in sustainable engines. transport solutions. The Group also provides complete There is a shift to cleaner, quieter reach an estimated annual sales volume solutions for and more efficient cities approaching 35,000 units by 2020.1 Volvo Group is already embarking on a mission to financing and Momentum is building worldwide behind a address this demand. service. The technological shift towards low-carbon city transport including fully electric bus systems. group, with its True cost of ownership goes headquarters The C40 Cities Climate Leadership Group is committed to accelerate the implementation of beyond direct financial costs in Gothenburg, ultra-low emission bus technologies and 23 of Municipalities and transport authorities must Sweden, its members have signed the Clean Bus base their investment decisions on the best employs about Declaration calling on the finance and transport available data which traditionally focuses solely 100,000 people, sectors to support them through technology on direct financial costs. -
Green Financing Framework
VOLVO CARS GREEN FINANCING FRAMEWORK SEPTEMBER 2020 1 INTRODUCTION Volvo Cars Volvo Car AB and its consolidated subsidiaries (“Volvo Cars”) is a truly global organisation with Scandinavian roots. Founded in 1927, it is today, one of the most well-known and respected premium car brands in the world with sales of over 700,000 cars in 2019 in about 100 countries. Volvo Cars has been under the direct ownership of Geely Sweden Holdings AB and ultimately by Zheijang Geely Holding Group Co ltd since 2010. In 2019, Volvo Cars employed on average approximately 41,500 full-time employees. Volvo Cars’ Head Office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. The company’s main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), South Carolina (US), Chengdu and Daqing (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden). Our group comprises of Volvo Cars including the car sub- scription and mobility businesses Care by Volvo and M. Our non-consolidated, independent joint venture companies Polestar and Lynk & Co are important strategic affiliates, ena- bling us to deliver on our strategy. Through collaboration between the different brands, greater competitiveness and/or synergies are created within the areas of electrification, mass market sales and ADAS/AD software technology. 2 SUSTAINABILITY Central to our business and key to our future success As a human-centric mobility provider company, we are a brand We commit to the highest standard of sustainability in mobil- for people who care about other people and the world in which ity. -
Standard STD 5051,16 Volvo Group
Standard STD 5051,16 Volvo Group Issue date May 2020 Issue 17 Page 1 (50) The English language version is the original and the reference in case of dispute. MARKING AND DESIGNATIONS Text marking on parts Marking of parts Orientation This issue differs from issue 16 in that: - it has been clarified that the standard covers both Volvo Group brands as well as joint venture brands. - the standard has been restructured (rearranged) for better readability. - section 3.3 has been revised to comply with European competition legislation. - sections 6.6 and 6.7, which describe free-text marking and supplementary marking, respectively, have been added. - the option to perform the VOLVO PENTA marking on a single line has been added in section 8.4. - the Nova Bus logo has been updated. - the reference to figures for date clock in table 3 have been changed from 4a and 5a to 3a and 4a, respectively. - the ARQUUS brand marking has been added in section 8. Standard STD 5051,16 Volvo Group Issue 17 Page 2 (50) Contents 1 Scope and field of application ......................................................................................................... 3 2 Terms and definitions ....................................................................................................................... 3 3 Location and visibility....................................................................................................................... 3 3.1 General ............................................................................................................................................... -
Volvo Group Report on the Third Quarter 2020
REPORT ON THE THIRD QUARTER 2020 Customers in Southern California have begun testing Volvo VNR Electric. In Q3 2020, net sales amounted to SEK 76.9 Currency movements had a negative impact on billion (98.7). Adjusted for currency movements, operating income of SEK 1,499 M. net sales decreased by 16%. Diluted earnings per share amounted to SEK Adjusted operating income1 amounted to SEK 2.81 (3.67). 7,217 M (10,885), corresponding to an adjusted Operating cash flow in the Industrial Operations operating margin of 9.4% (11.0). was positive in an amount of SEK 11,712 M Reported operating income amounted to SEK (1,831). 7,508 M (10,885). Third quarter First nine months SEK M unless otherwise stated 2020 2019 2020 2019 Net sales 76,852 98,723 241,528 326,625 Adjusted operating income ¹ 7,217 10,885 17,629 38,687 Adjusted operating margin, % 9.4 11.0 7.3 11.8 Operating income 7,508 10,885 15,270 40,153 Operating margin, % 9.8 11.0 6.3 12.3 Income after financial items 7,640 10,129 14,040 37,975 Income for the period 5,903 7,549 10,714 29,664 Diluted earnings per share, SEK 2.81 3.67 4.97 14.36 Operating cash flow in Industrial Operations 11,712 1,831 1,877 18,453 Net financial position in Industrial Operations, SEK bn ² 62.3 62.6 Return on capital employed in Industrial Operations, % 13.2 25.8 Return on equity, % 12.2 24.6 Net order intake, number of trucks 57,530 35,726 122,436 129,431 Deliveries, number of trucks 37,709 52,357 110,507 176,188 Net order intake, number of construction equipment 20,848 14,885 68,168 61,216 Deliveries, number of construction equipment 19,774 16,460 69,028 66,487 1 For information on adjusted operating income, please see note 7. -
Freedom to Move in a Personal, Sustainable and Safe Way
VOLVO CAR GROUP ANNUAL REPORT 2020 Freedom to move in a personal, sustainable and safe way TABLE OF CONTENTS OVERVIEW 4 2020 Highlights 6 CEO Comment 8 Our Strenghts 10 The Volvo Car Group 12 Our Strategic Affiliates THE WORLD AROUND US 16 Consumer Trends 18 Technology Shift OUR STRATEGIC FRAMEWORK 22 Our Purpose 24 Strategic Framework HOW WE CREATE VALUE 28 Our Stakeholders 30 Our People and Culture 32 Product Creation 38 Industrial Operations 42 Commercial Operations MANAGEMENT REPORT 47 Board of Directors Report 52 Enterprise Risk Management 55 Corporate Governance Report FINANCIAL STATEMENTS 60 Contents Financial Report 61 Consolidated Financial Statements 67 Notes to the Consolidated Financial Statements 110 Parent Company Financial Statements 112 Notes to the Parent Company Financial Statements 118 Auditor’s Report 120 Board of Directors 122 Executive Management Team Freedom to move SUSTAINABILITY INFORMATION 124 Sustainability Management and Governance 129 Performance 2020 PERSONAL SUSTAINABLE SAFE 139 Sustainability Scorecard 144 GRI Index Cars used to be the symbol for personal freedom. Owning a car meant that you had the We commit to developing We commit to the highest We commit to pioneering 146 TCFD Index means to be independently mobile – that you owned not just a vehicle, but choice as and building the most per- standard of sustainability the safest, most intelligent 147 Auditor's Limited Assurance Report on sonal solutions in mobility: in mobility to protect technology solutions in Sustainability well. Nothing of that has changed, but the world we live in has. The earth, our cities and to make life less compli- the world we share. -
Press Release
PRESS RELEASE Ref: 2016/03 SMT Group takes Moroccan Volvo CE distribution Volvo Construction Equipment (Volvo CE) has announced that it is divesting its business within Volvo Maroc SA to a longstanding distribution partner SMT Group. Subject to regulatory approval, the agreement between SMT Group and Volvo CE will come into effect in the second quarter of 2016 and cover the sale, importation and distribution of Volvo and SDLG branded construction equipment products and services in Morocco. Volvo CE business and employees will transfer to SMT, along with all warranties and service agreements, maintaining the Volvo brand’s strong customer relationships and high quality of service in Morocco. SBMH who is distributing the SDLG brand products in Morocco, will continue to act under the new direction of SMT. “Our colleagues at Volvo Maroc have built up the Volvo CE business in Morocco almost from scratch over the last 10 years and benefited from a close association with the strong Volvo Truck brand image in the country,” says Tomas Kuta, president of Volvo CE’s Europe, Middle East and Africa sales region. “We now feel that further growth would be best achieved by a strong independent dealer, one that can offer the right investments and give the opportunity to develop new business and achieve economies of scale as part of a large group in North West Africa. “With many years of experience doing business in North and West Africa, and with a clear vision for growth in the region, SMT is an ideal partner to take over and grow the Volvo CE business in Morocco,” Kuta concludes. -
Standard STD 121-0007 Volvo Group
Standard STD 121-0007 Volvo Group Issue date December 2016 Issue 11 Page 1 (9) The English language version is the original and Den engelska språkversionen är originalversion och the reference in case of dispute. ska åberopas i händelse av tvist. Common list of colours Gemensam kulörförteckning Paint materials Lackmaterial Orientation Orientering This standard does not apply to Volvo Trucks’ Denna standard gäller inte för Volvo Lastvagnars or Renault Trucks’ brand-unique cab colours. eller Renault Trucks varumärkesunika hytt- To Volvo Trucks’ brand-unique colours, kulörer. För Volvo Lastvagnars varumärkes- STD 5750,12 applies. To Renault Trucks’ brand- unika kulörer gäller STD 5750,12. För Renault unique colours, 03.30.4002 applies. Trucks varumärkesunika kulörer gäller 03.30.4002. This issue differs from issue 10 in that: Denna utgåva skiljer sig från utgåva 10 genom att: The colour Power Blue (4017) has been kulör Power Blue (4017) har lagts till Volvo added to Volvo Penta’s colour list. Pentas kulörlista Contents Innehåll 1 General 1 Allmänt 2 1.1 Company-specific number series 1.1 Bolagsuppdelade nummerserier 2 1.2 Design-engineering documentation 1.2 Konstruktionsteknisk dokumentation 3 3 VTC colours 3 Volvo Lastvagnars kulörer 3 3.1 Number allocation 3.1 Nummeruttag 3 3.2 Colour master samples 3.2 Kulörlikare 3 3.3 Colour number classification 3.3 Kulörnummersindelning 3 3.4 List of colours 3.4 Kulörförteckning 4 4 Volvo Penta colours 4 Volvo Pentas kulörer 4 4.1 Number allocation 4.1 Nummeruttag 4 4.2 Colour master samples 4.2 -
Technical, Organisational and Social Aspects of Language Integration for Complex Systems
Putting the Pieces Together { Technical, Organisational and Social Aspects of Language Integration for Complex Systems H˚akan Burden Computer Science and Engineering Chalmers University of Technology and University of Gothenburg Gothenburg, Sweden [email protected] Abstract. Dealing with heterogenuous systems is often described as a technical challenge in scientific publications. We analysed data from 25 interviews from a study of Model-Driven Engineering at three companies and found that while the technical aspects are important, they do not encompass the full challenge { organizational and social factors also play an important role in managing heterogenuous systems. This is true not only for the development phase but also for enabling early validation of interdependent systems, where processes and attitudes have an impact on the outcome of the integration. Keywords: Empirical and Exploratory Case Study, Model-Driven Engineering 1 Introduction Complex systems, consisting of numerous and interdependent subsystems [15], require a plethora of languages for efficient implementation [7]. From the as- pect of Model-Driven Engineering (MDE), the challenges are often described in technical terms [4] since heterogenuous languages imply different abstraction levels, representations and aspects of software [8], but also since the languages have their own domain-specific and platform-dependent constraints [11]. The one-sided focus on technical aspects is surprising since Kent already in 2002 pointed out that if MDE is to be successful it needs to encompass also the or- ganisational and social aspects of software engineering [10], a claim that has since been reiterated [1, 9]. To explore to what extent language integration for comlex systems is a chal- lenge in terms of technical, organisational and social aspects we analysed data collected at three different companies, looking for evidence regarding the mo- tivations and challenges of heterogenuous development of embedded systems. -
2019 Annual and Sustainability Report
2019 Annual and Sustainability Report Contents Swedbank in brief 2 Income, balance sheet and notes, Group The year in brief 4 Income statement 54 CEO statement 6 Statement of comprehensive income 55 Goals and results 8 Balance sheet 56 Value creation 10 Statement of changes in equity 57 Business model 12 Statement of cash flow 58 Sustainability 14 Notes 59 The share and owners 24 Income, balance sheet and notes, Parent company Board of Directors’ report Income statement 154 Financial analysis 26 Statement of comprehensive income 154 Swedish Banking 30 Balance sheet 155 Baltic Banking 31 Statement of changes in equity 156 Large Corporates & Institutions 32 Statement of cash flow 157 Group Functions & Other 33 Notes 158 Corporate governance report 34 Alternative performance measures 192 Board of Directors 46 Group Executive Committee 50 Sustainability Disposition of earnings 52 Sustainability report 194 Materiality analysis 195 Sustainability management 197 Notes 199 GRI Standards Index 212 Signatures of the Board of Directors and the CEO 217 Auditors’ report 218 Sustainability report – assurance report 222 Annual General Meeting 223 Market shares 224 Five-year summary – Group 225 Three-year summary – Business segments 228 Definitions 231 Contacts 233 Financial information 2020 Annual General Meeting 2020 Q1 Interim report 23 April The Annual General Meeting will be held on Thursday, 26 March at 11 am (CET) at Cirkus, Djurgårdsslätten Q2 Interim report 17 July 43–45, Stockholm, Sweden. The proposed record day for the dividend is 30 March 2020. The last day for Q3 Interim report 20 October trading in Swedbank’s shares including the right to the dividend is 26 March 2020. -
Financial Reporting and the Swedish Annual Accounts Act
Freedom to move in a personal, sustainable and safe way. VOLVO CAR GROUP INTERIM REPORT FIRST SIX MONTHS 2021 VOLVO CAR GROUP First Six Months 2021 • Retail sales increased 41.0% to 380,757 (269,962) • In May the Board announced its intention to evaluate units resulting in a total of 773,000 sold cars for the the possibility of an Initial Public Offering (IPO) later last 12 months. this year. A final decision to list will be subject to • Recharge line-up grew significantly and accounted for market conditions and there can be no certainty that 25% (14%) of total sales. a listing will proceed. • Revenue increased 26.3% to MSEK 141,131 (111,759) • Volvo Cars announced that it will become fully electric driven by strong demand and positive mix effects. by 2030. • Operating income increased to MSEK 13,238 (–989), • Volvo Cars initiated the process of carving out all com- corresponding to an EBIT margin of 9.4% (–0.9%). bustion engine operations. A major step was taken in June when Volvo Cars distributed its shares in Power- • Net income was MSEK 9,627 (–1,171). Basic earnings train Engineering Sweden AB and in Volvo Car Services per share was SEK 163.63 (–35.99). 5 AB, to the majority owner. • Cash flow from operating and investing activities was • Fully electric Volvo C40 was launched, to be offered MSEK –6,899 (–12,803). online only. • Volvo Cars’ investment in Polestar increased its value as • In June, Volvo Car Group and Northvolt announced the a private placement triggered a valuation effect of MSEK intention to join forces in battery development and 2,039 for Volvo Cars. -
The Volvo Group 2006 by Creating Value for Our Customers
A global group The Volvo Group is one of the leading suppliers of commercial 2 Organization The Volvo Group 2006 4 Volvo in society transport solutions providing products such as trucks, 6 Vision, mission and values buses, construction equipment, drive systems for marine 8 Market overview T By creating value for 10 CEO comment and industrial applications compo- h as well as aircraft engine e our customers, we 12 Our customers’ needs govern our nents. The Volvo Group also offers its customers strategy… V o create value for our 13 1. Profitable growth fi nancial services. l 14 2. Innovation and product development v o 15 3. Highest quality in implementation The Group has about 83,000 employees, production facilities shareholders 16 Financial strategy G in 18 countries, and sales activities in some 180 countries. 18 Leading supplier of commercial r o transport solutions During 2006 Volvo Group sales rose 7% to SEK 248 billion, u 20 Volvo 3P – Development and synergies p SEK 40.20. 24 Volvo Powertrain - Uniform power with earnings per share advancing 25% to The 2 28 Long-term strategy in Asia 0 share is listed on the Stockholm Stock Exchange and on 30 The share 0 6 Sustainable development NASDAQ in the US. 32 Introduction 35 Environmental responsibility 40 Social responsibility Board of Directors’ Report 46 Significant events 50 Financial performance 52 Financial position 54 Cash-flow statement 56 Risk management 59 Business areas 60 Mack Trucks 62 Renault Trucks 64 Volvo Trucks 66 Trucks 68 Buses Information about IFRS 70 Construction Equipment As of January 1, 2005, AB Volvo complies with International Financial Reporting Standards (IFRS), 72 Volvo Penta 74 Volvo Aero previously known as IAS, as adopted by the European Union. -
Creating the Technology to Connect the World
Nokia Annual Report on Form 20-F 2019 on Form Nokia Annual Report Creating the technology to connect the world Nokia Annual Report on Form 20-F 2019 As filed with the Securities and Exchange Commission on March 5, 2020 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 Commission file number 1-13202 Nokia Corporation (Exact name of Registrant as specified in its charter)) Republic of Finland (Jurisdiction of incorporation) Karaportti 3 FI-02610 Espoo, Finland (Address of principal executive offices) Esa Niinimäki, Deputy Chief Legal Officer, Corporate, Telephone: +358 (0) 10 44 88 000, Facsimile: +358 (0) 10 44 81 002, Karakaari 7, FI 02610 Espoo, Finland (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the “Exchange Act”): Title of each class Trading Symbol(s) Name of each exchange on which registered American Depositary Shares NOK New York Stock Exchange Shares New York Stock Exchange(1) (1) Not for trading, but only in connection with the registration of American Depositary Shares representing these shares, pursuant to the requirements of the Securities and Exchange Commission. Securities registered pursuant to Section 12(g) of the Exchange Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Exchange Act: None Indicate the number of outstanding shares of each of the registrant’s classes of capital or common stock as of the close of the period covered by the annual report.