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Volvoq42019report.Pdf Freedom to move in a personal, sustainable and safe way. VOLVO CAR GROUP INTERIM REPORT FOURTH QUARTER AND FULL YEAR 2019 VOLVO CAR GROUP Fourth Quarter 2019 Full Year 2019 • Retail sales 197,748 (169,700) units • Retail sales 705,452 (642,253) units • Revenue MSEK 79,195 (73,025) • Revenue MSEK 274,117 (252,653) • Operating income (EBIT) MSEK 5,292 (4,505) • Operating income (EBIT) MSEK 14,303 (14,185) • Net income MSEK 3,829 (3,089) • Net income MSEK 9,603 (9,781) • Cash flow from operating and investing activities • Cash flow from operating and investing activities MSEK 12,356 (10,486) MSEK 11,573 (4,705) Q4 Q4 Full year Full year Key figures (MSEK) 2019 2018 Change % 2019 2018 Change % Revenue 79,195 73,025 8.4 274,117 252,653 8.5 Research and development expenses –2,734 –3,204 –14.7 –11,446 –10,903 5.0 Operating income (EBIT) 5,292 4,505 17.5 14,303 14,185 0.8 Net income 3,829 3,089 24.0 9,603 9,781 –1.8 EBITDA 9,338 7,860 18.8 29,851 27,398 9.0 Cash flow from operating and investing activities 12,356 10,486 17.8 11,573 4,705 146.0 Net cash 25,214 18,029 39.9 25,214 18,029 39.9 Gross margin, % 19.1 19.2 19.0 19.5 EBIT margin, % 6.7 6.2 5.2 5.6 EBITDA margin, % 11.8 10.8 10.9 10.8 All amounts are in MSEK unless otherwise stated. Amounts in brackets refer to the same period for the preceding year, unless otherwise stated. All performance measures are further described on page 26. INTERIM REPORT FOURTH QUARTER AND FULL YEAR 2019 | GOTHENBURG FEBRUARY 5TH 2020 2 OF 29 VOLVO CAR GROUP CEO Comment 2019 was another year of growth. For the sixth consecutive year Volvo Cars sets a new sales record. I am very pleased to see that for the first time in our history we sold more than 700,000 cars. We also gained market share in all our main markets. Revenue increased by 8.5 per cent to SEK 274bn and led to an operating income of SEK 14.3bn. During the second half of the year, and specifically during the fourth quarter, both profit and profit margin outperformed the comparative period in 2018, and the robust financial result led to a strong cash flow from operating and investing activities. This is a result of con- tinued strong growth in volume, especially in SUVs, as well as cost efficiency measurements initiated early in 2019. “2020 will be the year of electrification and I believe we are well prepared.” Despite tough market conditions in the auto sector, we are pleased to report growth in all regions, as our progressive and modern products continue to gain attraction. In China, we to invest in our people and the evolving technology that sup- sold almost 155,000 cars, an increase of nearly 19 per cent, ports our growing business. With the competence shift, we comfortably outperforming the overall market. We broke the are also transforming the way we work, becoming an increas- 100,000 cars sold threshold for the first time since 2007 in ingly technologically driven organisation which aims to exceed the US, generating a 10 per cent sales increase. In Europe, we our customers’ expectations. saw strong growth in Germany, where sales reached more During 2020, we will continue to develop our brand with than 50,000 cars for the first time. Despite political uncer- innovative product offers and customer services to further tainty, the UK reported its best sales result since 1990. increase sales and revenue, all while maintaining a strong As part of our electrification strategy, we now offer a plug-in focus on cost. We are seeing positive effects from already variant on every model, the Recharge line-up, and sales is implemented, as well as ongoing cost efficiencies and we will picking up reaching 7 per cent of sales in 2019. Given the continue to create synergies within the wider Geely Group. As availability of the Recharge line-up and an increased produc- an example, we have announced our intention to separate our tion capacity on electrified vehicles, we aim to sell 20 per cent combustion engine operations into a stand-alone business rechargeable cars in 2020. unit, including potentially merging these activities with those In November, we revealed the first fully electric Volvo of Geely. The proposed new business would clear the way for model, the XC40 BEV, with production starting in 2020 and Volvo Cars to focus on the development of its all-electric orders are already coming in. As part of our ambition to sell 50 range of premium cars. per cent fully electric cars and reduce total lifecycle carbon 2020 will be the year of electrification. I believe we are well footprint per car by 40 per cent by 2025, we will be launching prepared; we have competitive products and a global foot- one fully electric car per year and we have set out our ambition print with sufficient capacity. By delivering on existing, as well to be a climate neutral company by 2040. as developing new innovative business models and expand Sustainability is as important to Volvo Cars as safety – and our range of products and services, we will continue to deliver we should have the same distinguished reputation for our sus- the mobility our customers want and need. I look forward to tainability achievements as we do for safety. another prosperous year for Volvo Cars. We face a great shift in technology, which offers great potential, but also creates a need for new competences. To Håkan Samuelsson ensure that we have the right skills for the future, we continue Chief Executive INTERIM REPORT FOURTH QUARTER AND FULL YEAR 2019 | GOTHENBURG FEBRUARY 5TH 2020 3 OF 29 VOLVO CAR GROUP Sales and Market Development Fourth Quarter Volvo Cars’ solid sales momentum continued during the fourth quarter. Global retail sales increased 16.5 per cent year-over-year to 197,748 (169,700) units, with SUVs accounting for 67.1 (61.0) per cent of total retail sales. Wholesales increased by 9.8 per cent to 197,930 (180,221) units. All main regions reported growth. China registered the strongest sales growth of 32.1 per cent driven by the XC40, as well as the S90 and the XC60, all of which are locally produced. China continued to be Volvo Cars’ largest market, followed by the US and Sweden. Plug-in hybrid Volvo car sales reached 15,594 units during the quarter, mainly driven by sales in Europe, in particular Norway, Sweden and Finland. About 60 per cent of the PHEV sales was driven by the XC90 and the XC60; nonetheless, the year-over-year PHEV sales increase was mainly driven by the V60, V90 and S60. Overall, demand for Volvo Cars’ XC line-up continued to remain strong in most markets. This resulted in increased worldwide sales of the XC40 to 44,372 (27,285) units, particularly in Europe and China, where the car has been introduced successfully and is produced locally. The XC60 remained Volvo Cars’ bestseller with 59,341 (52,412) units sold, a growth of 13.2 per cent. Sales of the XC90 reached 28,899 (23,853) units, an increase of 21.2 per cent, mainly driven by the US and China. Sales of the V60 reached 19,010 (14,725) units, mainly from European sales, particulary in Sweden. The S60 reached 14,685 (7,622) units, mainly driven by sales in the US; the car reached the dealers there late in 2018 (fourth quarter), explaining the relatively high increase. Sales of the S90 reached 14,681 (13,308) units from strong demand in China. Sales of the V90 declined by 14.6 per cent, mainly due to relatively higher demand for the new V60. Production of the V40 ceased in July 2019, as we ended produc- tion on our legacy platforms and shifted capacity to newer models, such as the XC40. Thus, the V40 sales declined by 65.9 per cent to 6,165 units. Q4 Q4 Full year Full year Retail sales (units) 2019 2018 Change % 2019 2018 Change % Europe 93,244 84,303 10.6 341,200 318,235 7.2 China 45,449 34,401 32.1 154,961 130,593 18.7 US 30,802 24,334 26.6 108,234 98,263 10.1 Other 28,253 26,662 6.0 101,057 95,162 6.2 Retail sales total 197,748 169,700 16.5 705,452 642,253 9.8 Whereof rechargeable vehicles 15,594 10,719 45.5 45,933 37,386 22.9 Wholesales 197,930 180,221 9.8 703,534 656,688 7.1 Production volume 183,981 176,687 4.1 706,530 669,410 5.5 EUROPE Volvo Cars Market Sales continued to grow at 10.6 per cent in the fourth quarter, New car registrations in Europe grew by around 11 per cent reaching 93,244 (84,303) units, with SUVs accounting for during the fourth quarter for the total passenger car market 64.3 (55.2) per cent of total retail sales in Europe. Although and around 12 per cent for the premium car market. The the growth was mainly driven by Sweden, markets such as growth is largely a reflection of a low base of comparison, Italy, Belgium and France also had double digit growth.
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