Scania Year-end Report 2011
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Scania Year-end Report 2011

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Scania’s earnings for the full year amounted to SEK 12,398 m. Higher vehicle and service volume was offset by a significantly stronger Swedish krona, a higher cost level and a changed market ...

Scania’s earnings for the full year amounted to SEK 12,398 m. Higher vehicle and service volume was offset by a significantly stronger Swedish krona, a higher cost level and a changed market mix.

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Scania Year-end Report 2011 Presentation Transcript

  • 1. Press conference Erik Ljungberg, Corporate Relations
  • 2. Year-end Report, January–December 2011 Jan Ytterberg, CFO
  • 3. FY 2011 – highlights
    • Strong earnings
    • Record high EPS of SEK 11.78 (11.38)
    • Proposed DPS of SEK 5.00 (5.00)
  • 4. Volume trend Total deliveries, trucks and buses
    • Record high deliveries in 2011
    • More vehicles to Russia and Middle East – fewer to Brazil
    • Production cuts in November 2011 and January 2012
    2007 2008 2009 2011 2010 Units
  • 5. Service revenue
    • Volume increase ~10% in 2011
    • All-time high revenue
    • Negative impact from currency rates
    SEK m. 2007 2008 2009 2011 2010
  • 6. Earnings trend Operating income, Scania Group SEK m.
    • Net sales +12% in FY 2011
    • EBIT margin 14.1% (16.3) FY and 12.0% (16.6) in Q4
    2007 2008 2009 2011 2010 Percent Operating margin Operating income
  • 7. Earnings per share SEK
  • 8. Operating income Vehicles and Services EBIT decrease: SEK 694 m., FY 2011
    • + Volume
    • + Price
    • - Currency
    • Mix
    • Cost level
    • EBIT decrease due to:
      • Currency rates
      • Higher cost level
      • Market mix
    • Positive effects:
      • Volume
      • Price
  • 9. Cash flow Vehicles and Services
    • Good cash generation in Q4
    • High inventory level in Brazil due to Euro 3 vehicles
    • Higher level of investments in 2011
    2007 2008 2009 2011 2010 SEK m.
  • 10. Net debt Vehicles and Services SEK m.
    • Net cash SEK 10,615 m. (Net cash 7,700 at end of 2010)
    • Dividend paid SEK 4,000 m. in Q2
    • Board proposes DPS of SEK 5.00 for 2011
    Net debt/equity ratio Net debt
  • 11. Conservative refinancing policy EUR 2016 EUR 2016 SEK 2016 SEK 2017
    • Unutilised credit facilities of SEK 28 bn.
    • Financing secured for the coming years
    • High level of liquid assets
    Credit facilities per 31 December 2011 SEK m.
  • 12. Volume trend Credit portfolio, Financial Services SEK m.
    • Portfolio +20%* since end of 2010
    • Lower level of bad debt expenses
    • Operating income SEK 517 m. (171) in 2011
    *In local currencies
  • 13. Summary
    • Strong earnings
    • Record high EPS SEK 11.78 (11.38)
    • Strong balance sheet
  • 14.
  • 15. Outlook Leif Östling, President and CEO
  • 16. Business overview – 2011
    • Record high deliveries
    • Decelerating order bookings for trucks in H2 2011
    • Production rate in balance with current demand level
    • High demand for service in all regions
  • 17. Europe Scania trucks, order bookings Units
    • Low level in Southern Europe throughout H2
    • Northern Europe somewhat lower in Q4
    • Short delivery times
    2011 2010
  • 18. Latin America Scania trucks, order bookings Units
    • Brazil affected by Euro 5 transition
    • Lower order bookings in the final months
    • Short delivery times
    2011 2010
  • 19. Eurasia Scania trucks, order bookings Units
    • Lower momentum in Eurasia in Q4
    2011 2010
  • 20. Asia Scania trucks, order bookings Units
    • Very low level in Middle East in Q4
    2011 2010
  • 21. Growing demand of services 2006 2008 2007 2009 2010 2011 2002 2004 2003 2005
    • Strong demand in Europe due to ageing fleet
    • Good demand outside Europe
    • Stablising Group profitability
    • Expanded capacity and offering
    SEK m.
  • 22. Adjusting to lower demand
    • Production was cut in two steps, each 15%
    • Both European and Latin American production units affected
    • Total of 1,900 employees affected
    • Deferring some investments
    • Restrictive in recruitment and spending
  • 23. Well positioned
    • Recent service and product launches
      • Euro 6 trucks
      • Scania Citywide
      • Driver support systems
      • Ecolution by Scania
  • 24. Summary
    • Adjusting to lower demand level
    • 2012 outlook difficult to assess
    • Strong demand for services
    • Growing replacement need in Europe in 2013 and onwards
    • Scania well positioned
    Europe - Scania truck deliveries Units