Scania Interim Report January – June 2016Scania Group
Summary of the first six months of 2016
* Operating income amounted to SEK 1,348 m. (4,737), negatively impacted by a provision of SEK 3.8 billion related to the European Commission’s competition investigation
* Operating income excluding items affecting comparability rose by 9 percent to SEK 5,148 m. (4,737), resulting in an operating margin of 10.3 (10.1) percent
* Net sales rose by 7 percent to SEK 50,110 m. (46,798)
* Cash flow amounted to SEK -492 m. (1,106) in Vehicles and Services
Scania Interim Report, January–March 2016Scania Group
Scania’s sales amounted to SEK 23.1 billion and earnings for the first quarter amounted to SEK 2,295 m. Higher vehicle volume in Europe and higher service volume were partly offset by negative currency rate effects and low capacity utilisation in the production system in Latin America. The high level of investments is starting to impact earnings.
Scania interim report, january september 2015Scania Group
Scania’s sales during the first nine months of 2015 rose to SEK 69.7 billion and earnings amounted to SEK 7,046 m., resulting in an operating margin of 10.1 percent (9.7).
Scania Interim Report January-June 2013Scania Group
Summary of the first six months of 2013
Operating income fell to SEK 3,971 m. (4,257), and earnings per share fell to SEK 3.47 (4.06)
Net sales rose by 7 percent to SEK 42,139 m. (39,338)
Cash flow amounted to SEK 744 m (1,769) in Vehicles and Services
Tendencies in the car logistics sector of the RF. In terms of new passenger car sales, Russia takes second place in Europe (following Germany) and seventh in
the world (between India and France). According to forecasts published by BDW Automotive, by 2014 Russia
will become the largest car market in Europe.
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- Down from historic Q3 2018 peak of €1,193
- Granular data shows relatively flat picture at European level masks volatility on individual lanes
Scania Interim Report January – June 2016Scania Group
Summary of the first six months of 2016
* Operating income amounted to SEK 1,348 m. (4,737), negatively impacted by a provision of SEK 3.8 billion related to the European Commission’s competition investigation
* Operating income excluding items affecting comparability rose by 9 percent to SEK 5,148 m. (4,737), resulting in an operating margin of 10.3 (10.1) percent
* Net sales rose by 7 percent to SEK 50,110 m. (46,798)
* Cash flow amounted to SEK -492 m. (1,106) in Vehicles and Services
Scania Interim Report, January–March 2016Scania Group
Scania’s sales amounted to SEK 23.1 billion and earnings for the first quarter amounted to SEK 2,295 m. Higher vehicle volume in Europe and higher service volume were partly offset by negative currency rate effects and low capacity utilisation in the production system in Latin America. The high level of investments is starting to impact earnings.
Scania interim report, january september 2015Scania Group
Scania’s sales during the first nine months of 2015 rose to SEK 69.7 billion and earnings amounted to SEK 7,046 m., resulting in an operating margin of 10.1 percent (9.7).
Scania Interim Report January-June 2013Scania Group
Summary of the first six months of 2013
Operating income fell to SEK 3,971 m. (4,257), and earnings per share fell to SEK 3.47 (4.06)
Net sales rose by 7 percent to SEK 42,139 m. (39,338)
Cash flow amounted to SEK 744 m (1,769) in Vehicles and Services
Tendencies in the car logistics sector of the RF. In terms of new passenger car sales, Russia takes second place in Europe (following Germany) and seventh in
the world (between India and France). According to forecasts published by BDW Automotive, by 2014 Russia
will become the largest car market in Europe.
Ti x Upply - The European Road Freight rate development BenchmarkUPPLY
The first edition of this joint report shows that rates remain historically high for Q3 2019, despite falling by 1.1% year-on-year.
- Q3 2019 average international European road freight rate €1,180, down 1.1% y-o-y
- Down from historic Q3 2018 peak of €1,193
- Granular data shows relatively flat picture at European level masks volatility on individual lanes
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Scania’s net sales in the first nine months of 2017 rose to a record high SEK 86.4 billion, an increase of 15 percent compared to the previous year. Demand for the new truck range was good and the service trend remains positive.
Scania interim report january september 2016Scania Group
Scania’s sales reached SEK 75.2 billion in the first nine months of 2016 and the company’s underlying operational performance was strong. Higher vehicle volume in Europe and increased service revenue was partly offset by negative currency rate effects and lower deliveries in Latin America.
Scania Year-end Report January-December 2016Scania Group
net sales rose to a record level of nearly SEK 104 billion. Total deliveries of trucks and buses and coaches reached all-time high levels. Service revenue amounted to a record of almost SEK 22 billion, an increase of 5 percent (7 percent in local currency).
Scania Interim Report, January-March 2014Scania Group
Scania’s earnings for the first quarter amounted to SEK 2,257 m. Both vehicle and service volume increased, which was partly offset by weaker emerging markets currencies. Total order bookings for trucks during the first quarter were higher than the beginning of last year.
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Scania interim report january september 2017Scania Group
Scania’s net sales in the first nine months of 2017 rose to a record high SEK 86.4 billion, an increase of 15 percent compared to the previous year. Demand for the new truck range was good and the service trend remains positive.
Scania interim report january september 2016Scania Group
Scania’s sales reached SEK 75.2 billion in the first nine months of 2016 and the company’s underlying operational performance was strong. Higher vehicle volume in Europe and increased service revenue was partly offset by negative currency rate effects and lower deliveries in Latin America.
Scania Year-end Report January-December 2016Scania Group
net sales rose to a record level of nearly SEK 104 billion. Total deliveries of trucks and buses and coaches reached all-time high levels. Service revenue amounted to a record of almost SEK 22 billion, an increase of 5 percent (7 percent in local currency).
Scania Interim Report, January-March 2014Scania Group
Scania’s earnings for the first quarter amounted to SEK 2,257 m. Both vehicle and service volume increased, which was partly offset by weaker emerging markets currencies. Total order bookings for trucks during the first quarter were higher than the beginning of last year.
Scania Interim Report January-September 2014Scania Group
“Scania's earnings for the first nine months of 2014 amounted to SEK 6,356 m. Positive currency rate effects and higher service volume were offset by a weaker market mix."
Scania Interim Report January–June 2014Scania Group
Scania's earnings for the first half of 2014 amounted to SEK 4,276 m. Higher service volume was offset by a weaker market mix and negative currency rate effects. Total order bookings for trucks during the second quarter were at a high level.
Scania Interim Report January-September 2013Scania Group
Scania's earnings for the first nine months of 2013 fell to SEK 5,939 m. Higher vehicle volume and better capacity utilisation had a positive effect. The stronger krona had a negative impact and earnings were also pulled down by a competitive pricing environment.
Summary of the first nine months of 2013
• Operating income fell to SEK 5,939 m. (6,135), and earnings per share fell to SEK 5.30 (5.94)
• Net sales rose by 8 percent to SEK 61,864 m. (57,261)
• Cash flow amounted to SEK 1,362 m. (2,176) in Vehicles and Services
Comments by Martin Lundstedt, President and CEO:
“Scania's earnings for the first nine months of 2013 fell to SEK 5,939 m. Higher vehicle volume and better capacity utilisation had a positive effect. The stronger krona had a negative impact and earnings were also pulled down by a competitive pricing environment. Order bookings for trucks in Europe continued to improve during the third quarter. Demand has been supported by customers that are investing in Euro 5 vehicles before year-end, when the transition to Euro 6 will occur. There is also a replacement need. Scania has a strong position with its broad engine range and the launch of its second-generation Euro 6 engines. The company’s market share in Europe has increased during the period, among other things thanks to its leading position in Euro 6. In Latin America too, Scania has captured market shares. Order bookings in Latin America remained at a good level but decreased compared to the high level of the previous quarters. Order bookings for buses and coaches fell related to Latin America and Asia. In Engines, order bookings increased in Europe compared to the second quarter, driven by investments ahead of the transition to the new emission standard in 2014. Scania is continuing its long-term efforts to boost market share in Services. Service revenue rose by 9 percent in local currency during the third quarter. Scania has raised its daily production rate in Europe while increasing flexibility at its production units. There are good growth opportunities and the expansion of annual technical production capacity towards 120,000 vehicles is continuing. To strengthen competitiveness, the level of activity related to development projects remains high, at the same time as Scania is expanding its sales and service capacity in emerging markets.”
View the full report: http://bit.ly/18aqP5e
Infographics about commercial vehicles in Europe : figures about the European automotive industry, the number of registered CVS in Europe, growth per vehicle type...
These days, no one wants to face issues when they have full use of the internet and technology. In the recent past years, every industry and each field of manufacturing has undergone some Rapid changes and that those changes could be due to the advancement of Technology and the internet. When you talk about the Brexit Impact on automotive sector then you should have to collect ample information and details about this Brexit.
Scania’s earnings for the first quarter of 2013 amounted to SEK 1,933 m. The stronger Swedish krona and price pressure on trucks pulled down earnings. Higher truck volume and higher capacity utilisation in Latin America had some positive effect.
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Highlights:
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- Inflation has reached its upswing potential
- Increase in external demand accelerates external trade
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Scania Year-end Report, January-December 2012Scania Group
Scania's earnings for the full year 2012 amounted to SEK 8,300 m. Lower vehicle volume, lower capacity utilisation and a higher level of costs pulled down earnings. Order bookings for trucks rose during the fourth quarter of 2012.
Scania Interim Report January–June 2012Scania Group
Summary of the first six months of 2012
Operating income fell to SEK 4,257 m. (6 652), and earnings per share fell to SEK 4.06 (6.18)
Net sales decreased by 10 percent to SEK 39,338 m. (43,665)
Cash flow amounted to SEK 1,769 m (3,218) in Vehicles and Services
Summary of the full year 2011
Operating income fell to SEK 12,398 m. (12,746), and earnings per share rose to SEK 11.78 (11.38)
Net sales increased by 12 percent to SEK 87,686 m. (78,168)
The Board of Directors proposes a dividend of SEK 5.00 (5.00) per share
Scania’s earnings and cash flow for the full year 2010 were the best ever in the company’s history. Operating income rose to SEK 12,746 m. Higher vehicle and service volume and significantly higher capacity utilisation mainly explain the improvements.
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𝘼𝙣𝙩𝙞𝙦𝙪𝙚 𝙋𝙡𝙖𝙨𝙩𝙞𝙘 𝙏𝙧𝙖𝙙𝙚𝙧𝙨 𝙞𝙨 𝙫𝙚𝙧𝙮 𝙛𝙖𝙢𝙤𝙪𝙨 𝙛𝙤𝙧 𝙢𝙖𝙣𝙪𝙛𝙖𝙘𝙩𝙪𝙧𝙞𝙣𝙜 𝙩𝙝𝙚𝙞𝙧 𝙥𝙧𝙤𝙙𝙪𝙘𝙩𝙨. 𝙒𝙚 𝙝𝙖𝙫𝙚 𝙖𝙡𝙡 𝙩𝙝𝙚 𝙥𝙡𝙖𝙨𝙩𝙞𝙘 𝙜𝙧𝙖𝙣𝙪𝙡𝙚𝙨 𝙪𝙨𝙚𝙙 𝙞𝙣 𝙖𝙪𝙩𝙤𝙢𝙤𝙩𝙞𝙫𝙚 𝙖𝙣𝙙 𝙖𝙪𝙩𝙤 𝙥𝙖𝙧𝙩𝙨 𝙖𝙣𝙙 𝙖𝙡𝙡 𝙩𝙝𝙚 𝙛𝙖𝙢𝙤𝙪𝙨 𝙘𝙤𝙢𝙥𝙖𝙣𝙞𝙚𝙨 𝙗𝙪𝙮 𝙩𝙝𝙚 𝙜𝙧𝙖𝙣𝙪𝙡𝙚𝙨 𝙛𝙧𝙤𝙢 𝙪𝙨.
Over the 10 years, we have gained a strong foothold in the market due to our range's high quality, competitive prices, and time-lined delivery schedules.
1. 28 July 2017
Scania AB (publ)
Corporate idenity number
556184-8564
151 87 Södertälje
Sweden
www.scania.com
Tel +46 8 553 810 00
Fax +46 8 553 810 37
Scania Interim Report January–June 2017
Summary of the first six months of 2017
Operating income rose to SEK 6,464 m. (1,316)
Operating income, excluding items affecting comparability, amounts to SEK 6,464 m. (5,116)
Net sales increased by 17 percent to SEK 58,738 m. (50,110)
Cash flow amounted to SEK 3,291 m. (-492) in Vehicles and Services
Comments by Henrik Henriksson, President and CEO
“Scania’s net sales rose to a record high SEK 58.7
billion, an increase of 17 percent compared to last year.
The period was affected by a high investment level and
increased production costs for double product ranges.
In spite of this, the company delivered a very strong
performance thanks to strong demand for the new truck
range and a continued positive trend in services.
Earnings in the first half of 2017 amounted to SEK 6,464
m., giving an operating margin of 11.0 percent. Order
bookings for trucks rose by 29 percent compared to the
same period last year. Demand for trucks in Europe is
holding up due to the favourable economic situation and
Scania’s market share for trucks in Europe remains
strong at 16.8 percent. The trend in Latin America is
positive and we see increased demand in Brazil from
very low levels, mainly related to increased activity in
the agricultural sector. In Eurasia, the trend in demand is
positive as Russia is continuing to recover. In Asia,
demand increased thanks to a good sales performance,
particularly in China and Iran. In Asia, the European truck
segment is growing in line with the advancement of the
logistics systems − a development largely driven by the
major e-commerce players. Order bookings in Buses
and Coaches remained strong overall but fell slightly
compared to the same period in 2016. In the business
area Engines, the demand trend is positive in all three
segments, industrial, marine and power generation.
Service revenue amounted to a record high SEK 11.7
billion, an increase of 12 percent. This was driven by
high uptime in customer vehicle fleets and an increase
in services directly or indirectly generated from the
270,000 connected vehicles in the Scania fleet.
Connectivity is an important business driver, which is
enabling Scania to offer customers more efficient
services aimed at improving their profitability. Financial
Services reported operating income of SEK 520 million
and credit losses remain at low levels.”
Financial overview H1 Q2
Trucks and buses, units 2017 2016
Change,
% 2017 2016
Change,
%
Order bookings 54,653 43,919 24 26,718 22,310 20
Deliveries 43,608 40,310 8 22,952 21,870 5
Net sales and earnings
EUR
m.*
Net sales, Scania Group, SEK m. 6,090 58,738 50,110 17 30,327 27,054 12
Operating income, Vehicles and Services,
SEK m.
616 5,944 810 3,113 -1,212
Operating income, excl. items affecting
comparability, Vehicles and Services, SEK
m.** 616 5,944 4,610 29 3,113 2,588 20
Operating income, Financial Services, SEK
m.
54 520 506 3 270 253 7
Operating income, SEK m. 670 6,464 1,316 3,383 -959
Income before taxes, SEK m. 654 6,313 1,115 3,314 -1,051
Net income for the period, SEK m. 478 4,611 -323 2,400 -1,869
Operating margin, % 11.0 2.6 11.2 -3.5
Operating margin, excl. items affecting
comparability, %**
11.0 10.2 11.2 10.5
Return on capital employed,
Vehicles and Services, %
24.8 12.8
Return on capital employed, excl. items
affecting comparability, Vehicles and
Services, % **
22.9 20.9
Cash flow, Vehicles and Services, SEK m. 340 3,291 -492 940 -625
* Translated to EUR solely for the convenience of the reader at a closing day rate of SEK 9.6450 = EUR 1.00.
** 2016 figures are adjusted for the provision in June 2016 relating to the European Commission´s competition investigation.
Unless otherwise stated, all comparisons refer to the corresponding period of the preceding year.
This interim report has not been subject to review by the company’s auditors. This report is also available on www.scania.com
2. Scania Interim Report January-June 2017
Business overview
Sales performance
During the first six months of 2017, total vehicle deliveries increased by 8 percent to 43,608 (40,310) units, compared
to the first half of 2016. Net sales rose by 17 percent to SEK 58,738 m. (50,110). Currency rate effects had a positive
impact of 5 percent on sales.
Order bookings rose by 24 percent to 54,653 (43,919) vehicles, compared to the first half of 2016.
Strong demand in most regions
In the second quarter, Scania’s total vehicle order bookings reached the highest level since 2007, thanks to a
continued strong demand in almost all regions for trucks. For buses and coaches however, global demand slowed
down compared with the second quarter last year, primarily due to delayed decisions in several large tenders.
In Europe a stable freight growth in combination with a replacement need, attractive financing levels and the low oil
price, are factors supporting the positive trend in demand for trucks in Europe. Sales of the new truck generation are
positively contributing to Scania’s strong market position. Demand for used vehicles in Europe is still good.
Truck demand in Latin America increased compared to the second quarter of 2016. The Brazilian market seems to
have bottomed out at a low level with increases in demand coming from the Brazilian agriculture and mining sectors.
In Russia truck demand rose sharply compared to the second quarter of 2016 but the outlook for the Eurasia region
remains uncertain. Demand is very strong in Asia.
Continued high market share in Europe
Scania’s market share for trucks in Europe in the first six months of 2017 amounted to 16. 8 percent, compared to 17.1
the same period 2016. The continued high level confirms that the current truck range, with its good performance and
high quality, is highly appreciated by customers. It is also a proof point of a very good reception of the new truck
generation. Increased sales activities in new segments and Scania’s broad engine range for alternative fuels also
contributed to the high market share in Europe.
Scania’s market share in buses and coaches in Europe increased and amounted to 7.4 percent for the first six months
2017 compared to 7.2 percent during the year-earlier period.
The truck market
Order bookings
Scania’s order bookings increased during the second quarter of 2017 and totalled 25,036 (19,761) trucks. Order
bookings in Europe increased by 15 percent to 15,144 (13,214) units, compared to the second quarter of 2016.
Demand increased in several major European markets such as Great Britain, Spain, The Netherlands, Belgium and
France. Total truck order bookings in Europe fell slightly compared to the previous quarter.
Order bookings in Latin America rose during the second quarter of 2017. Compared to the second quarter of 2016,
order bookings rose by 71 percent to 3,061 (1,788) trucks, mainly related to increased demand from low levels in Brazil
but also due to upturns in Argentina and Chile. Demand also rose compared to the previous quarter.
In Eurasia, total order bookings rose during the second quarter and amounted to 2,090 (767) trucks, an upturn that
was primarily related to Russia. Order bookings also increased compared to the previous quarter. The political
turbulence in the region persists, and for this reason the market situation remains uncertain in Eurasia.
In Asia, order bookings rose to 3,674 (2,569) trucks during the second quarter. The upturn was primarily related to
Iran and China. Compared to the first quarter of 2017, order bookings fell slightly.
0
400
800
1 200
1 600
2 000
2 400
2 800
3 200
3 600
Q1 Q2 Q3 Q4
Operating income,SEK m.
2014 2015 2016 2017
0
5 000
10 000
15 000
20 000
25 000
Q1 Q2 Q3 Q4
Number of vehicles
delivered
2014 2015 2016 2017
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
Q1 Q2 Q3 Q4
Net sales, SEK m.
2014 2015 2016 2017
Excluding items affecting comparability (Q2 2016)
2
3. Scania Interim Report January-June 2017
In Africa and Oceania, order bookings were lower compared to the second quarter of 2016, mainly related to South
Africa and Egypt. Order bookings amounted to 1,067 (1,423) units, compared to the second quarter of 2016. Order
bookings were also slightly lower compared to the first quarter of 2017.
Deliveries
Scania's total truck deliveries increased by 5 percent to 20,819 (19,895) units during the second quarter compared to
the year-earlier period. In Europe, deliveries decreased by 2 percent to 12,873 (13,133) units compared to the second
quarter of 2016. In Eurasia, deliveries rose to 1,367 (536) trucks. In Latin America, deliveries rose to 2,441 (1,885) units
compared to the second quarter of 2016. In Asia, deliveries decreased compared to the second quarter of 2016 to
2,924 (3,156) trucks. Deliveries in Africa and Oceania rose by 2 percent to 1,214 (1,185) trucks.
Sales
Net sales of trucks rose by 16 percent to SEK 37,547 m. (32,471) during the first half of 2017. During the second
quarter, sales rose by 13 percent to SEK 19,573 m. (17,285).
The total European market for heavy trucks
The total market for heavy trucks in 28 of the European Union member countries (all EU countries except Bulgaria and
Malta) plus Norway and Switzerland increased by about 1 percent to around 155,100 (153,300) units during the first
half of 2017. Scania truck registrations amounted to some 26,100 units, equivalent to a market share of about 16.8
(17.1) percent.
Scania trucks Order bookings Deliveries
6 months
2017
6 months
2016
Change,
%
6 months
2017
6 months
2016 Change, %
Europe 31,656 26,922 18 25,024 25,932 -4
Eurasia 3,551 1,390 155 2,235 919 143
America* 5,213 3,048 71 4,295 3,157 36
Asia 7,482 5,240 43 6,066 4,925 23
Africa and Oceania 2,432 2,524 -4 2,261 2,041 11
Total 50,334 39,124 29 39,881 36,974 8
*Refers to Latin America
The bus and coach market
Order bookings
Order bookings for buses and coaches during the first half of 2017 fell compared to the previous year to 4,319 (4,795)
units. In the second quarter they decreased to 1,682 (2,549) compared to the second quarter 2016.
In Europe, order bookings fell and totalled 390 (489) units in the second quarter. Order bookings fell mainly in Sweden,
Italy and Denmark. In Latin America, order bookings fell by 63 percent to 352 (945) units compared to the second
quarter of 2016. In Asia, order bookings fell to 681 (884) buses and coaches compared to the second quarter of 2016,
mainly related to Indonesia and Myanmar. Order bookings in Eurasia rose compared to the year-earlier period. Order
bookings in Africa and Oceania rose to 234 (224) buses and coaches.
Deliveries
Scania’s bus and coach deliveries totalled 2,133 (1,975) units in the second quarter. In Europe, deliveries decreased to
512 (598) units compared to the second quarter of 2016. In Latin America, deliveries were up by 42 percent to 713
(503). In Asia, deliveries rose by 41 percent to 674 (479), while deliveries of buses and coaches in Africa and Oceania
fell during the second quarter to 220 (381) units. Deliveries to Eurasia were flat at 14 (14) units.
Net sales
Net sales of buses and coaches rose by 8 percent to SEK 4,791 m. (4,425) during the first half of 2017. During the
second quarter, sales rose by 1 percent to SEK 2,775 m. (2,746).
Scania buses and coaches Order bookings Deliveries
6 months
2017
6 months
2016
Change,
%
6 months
2017
6 months
2016 Change, %
Europe 963 1,128 -15 972 998 -3
Eurasia 49 37 32 28 27 4
America* 1,216 1,929 -37 1,128 860 31
Asia 1,648 1,276 29 1,224 867 41
Africa and Oceania 443 425 4 375 584 -36
Total 4,319 4,795 -10 3,727 3,336 12
*Refers to Latin America
3
4. Scania Interim Report January-June 2017
Engines
Order bookings
Total engine order bookings rose by 16 percent to 4,692 (4,034) units during the first half of 2017 compared to 2016.
The upturn was primarily related to South Korea, Great Britain and Germany. During the second quarter, order
bookings rose by 20 percent to 2,517 (2,089) units.
Deliveries
Engine deliveries rose by 2 percent to 3, 882 (3,815) units during the first half of 2017. The upturn was primarily
attributable to South Korea and Great Britain. During the second quarter, deliveries decreased by 1 percent to 2,005
(2,025) units, mainly related to Brazil.
Net sales
During the first half of 2017, sales rose by 10 percent to SEK 865 m. (783). Net sales in the second quarter amounted
to SEK 447 m. (427), an increase of 5 percent.
Services
Service revenue amounted to SEK 11,683 m. (10,450) during the first six months of 2017, an increase of 12 percent.
Higher volume in Europe and Asia as well as currency rate effects had a positive impact. In local currencies, revenue
increased by 7 percent.
In Europe, service revenue rose by 7 percent to SEK 7,923 m. (7,386) compared to the first half of 2016. In Latin
America, revenue increased by 20 percent to SEK 1,506 m. (1,254) and revenue in Eurasia rose to SEK 324 m. (244)
compared to the first half of 2016. Revenue in Asia was 24 percent higher than the previous year at SEK 1,146 m.
(921). In Africa and Oceania, service revenue rose by 22 percent to SEK 784 m. (645).
Earnings
Vehicles and Services
The first half of 2017
Operating income in Vehicles and Services totalled SEK 5,944 m. (4,610)1 during the first half of 2017. Compared to
the first half of 2016, the total currency rate effect was positive and amounted to about SEK 972 m. Higher vehicle
and service volume and currency effects had a positive impact on earnings but this was partly offset by the higher
production cost level due to double product programs.
Scania’s research and development expenditures amounted to SEK 3,846 m. (3,695). After adjusting for SEK 824 m.
(879) in capitalised expenditures and SEK 178 m. (192) in depreciation of previously capitalised expenditures,
recognised expenses increased to SEK 3,200 m. (3,008).
Second quarter
Operating income in Vehicles and Services totalled SEK 3,113 m. (2,588)1 during the second quarter of 2017.
Compared to the second quarter of 2016, the total currency rate effect was positive and amounted to about SEK 276
m. Higher vehicle and service volume and currency effects had a positive impact on earnings but this was partly offset
by the higher production cost due to double product programs.
Scania’s research and development expenditures amounted to SEK 1,941 m. (1,941). After adjusting for SEK 416 m.
(441) in capitalised expenditures and SEK 88 m. (94) in depreciation of previously capitalised expenditures,
recognised expenses increased to SEK 1,613 m. (1,594).
1) 2016 figures are adjusted for the provision in June 2016 relating to the European Commission´s competition investigation.
Financial Services
Customer finance portfolio
At the end of the second quarter of 2017, the size of Scania’s customer finance portfolio amounted to SEK 71.3 billion,
which was SEK 3.4 billion higher than the end of 2016. In local currencies, the portfolio increased by SEK 4.0 billion,
equivalent to 6 percent.
Penetration rate
The penetration rate was 44 (40) percent during the first half of 2017 in those markets where Scania has its own
financing operations.
4
5. Scania Interim Report January-June 2017
Operating income
Operating income in Financial Services increased to SEK 520 m. (506) during the first half of 2017, compared to the
same period in 2016. A larger portfolio and currency rate effects had a positive impact on earnings, while smaller
margins and increased operating cost had a negative impact.
Scania Group
During the first six months of 2017, Scania's operating income amounted to SEK 6,464 m. (5,116)1. Operating margin
amounted to 11.0 (10.2) 1 percent. Scania’s net financial items amounted to SEK -151 m. (-201).
The Scania Group’s tax expense amounted to SEK 1,702 m. (1,438), equivalent to 27.0 (29.2)1 percent of income
before taxes. Net income for the period totalled SEK 4,611 m. (3,477)1, equivalent to a net margin of 7.9 (6.9)1 percent.
1) 2016 figures are adjusted for the provision in June 2016 relating to the European Commission´s competition investigation.
Cash flow
Vehicles and Services
Scania’s cash flow in Vehicles and Services amounted to SEK 3,291 m. (-492) during the first half of 2017. Tied-up
working capital decreased by SEK 80 m.
Net investments amounted to SEK 3,188 m. (4,086), including SEK 824 m. (879) in capitalisation of development
expenses. At the end of the second quarter of 2017, the net cash position in Vehicles and Services amounted to SEK
14,378 m. compared to a net cash position of SEK 10,954 m. at the end of 2016.
Scania Group
Scania’s cash flow in Financial Services amounted to SEK -3,246 m. (-4,011) during the first half of 2017 due to a
growing customer finance portfolio. Together with the positive cash flow in Vehicles and Services, the Group’s net
debt decreased by about SEK 0.5 billion compared to the end of 2016.
Parent Company
The assets of the Parent Company, Scania AB, consist of shares in Scania CV AB. Scania CV AB is the Parent
Company of the Group that comprises all production and sales and service companies as well as other companies.
Income before taxes of Scania AB totalled SEK 0 m. (0) during the first six months of 2017.
Miscellaneous
Number of employees
At the end of the second quarter of 2017, the number of employees totalled 47,720 compared to 45,734 on the same
date in 2016.
Material risks and uncertainties
The section entitled “Risks and risk management” in Scania’s Annual and Sustainability Report for 2016 describes
Scania’s strategic, operational, legal and financial risks. Note 2 of the same report provides a detailed account of key
judgements and estimates. Note 27 of the same report describes the financial risks, such as currency risk and interest
rate risk. There have been no significant changes in the risks as described in that report. The risks that have the
greatest impact on financial performance and on reporting for the Group and the Parent Company are summarised as
follows:
a) Sales with obligations
About 15 percent of the vehicles Scania sells are delivered with residual value obligations or repurchase obligations.
These are recognised as operating lease contracts, with the consequence that recognition of revenue and earnings is
allocated over the life of the obligation (contract). If there are major changes in the market value of used vehicles, this
increases the risk of future losses when selling returned vehicles. When a residual value obligation is deemed likely to
cause a future loss, a provision is made in cases where the expected loss exceeds the as-yet-unrecognised profit on
the vehicle.
b) Credit risks
In its Financial Service operations, Scania has an exposure in the form of contractual future payments. This exposure
is reduced by the collateral Scania has in the form of the right to repossess the underlying vehicle. In case the market
value of the collateral does not cover the exposure to the customer, Scania runs a credit risk. Reserves for probable
losses in Financial Service operations are set aside in the estimated amounts required.
5
6. Scania Interim Report January-June 2017
Accounting principles
Scania applies International Financial Reporting Standards (IFRSs) as adopted by the EU. This Interim Report for the
Scania Group has been prepared in accordance with IAS 34, “Interim Financial Reporting” and the Annual Accounts
Act. New and revised standards and interpretations that have been applied from 1 January 2017 have not had any
significant impact on Scania’s financial statements. As from January 2017 some reclassifications have been made
regarding presentation in the income statement. In Vehicles and Services, the presentation of Share of income in
associated companies and joint ventures has been reclassified from presentation in operating income to presentation
in financial items. In Financial Services, the result from sale of vehicles returned from customer and insurance
commission previously presented as other income and expenses have been reclassified and presented in interest and
lease income and separately as insurance commission, respectively. The reclassifications have been made
retrospectively, which means that comparative figures have been restated. The reclassifications only have minor
effects on key financial ratios. Other than this, accounting principles and calculation methods are unchanged from
those applied in the Annual Report and Sustainability Report for 2016.
The Interim Report for the Parent Company, Scania AB, has been prepared in accordance with the Annual Accounts
Act and recommendation RFR 2, “Accounting for Legal Entities” of the Swedish Financial Reporting Board.
Contact persons
Susanna Berlin
Investor Relations
Tel. +46 8 553 861 12
Mobile tel. +46 70 086 05 02
Erik Ljungberg
Corporate Relations
Tel. +46 8 553 835 57
Mobile tel. +46 73 988 35 57
6
7. Consolidated income statements, condensed
EUR m.* 2017 2016 2017 2016
Vehicles and Services
Net sales 6,090 58,738 50,110 17 30,327 27,054
Cost of goods sold -4,530 -43,688 -37,049 18 -22,562 -19,985
Gross income 1,560 15,050 13,061 15 7,765 7,069
Research and development expenses -332 -3,200 -3,008 6 -1,613 -1,594
Selling expenses -517 -4,989 -4,726 6 -2,580 -2,496
Administrative expenses -95 -917 -717 28 -459 -391
Items affecting comparability1)
0 0 -3,800 - - -3,800
Operating income, Vehicles and Services 616 5,944 810 634 3,113 -1,212
Operating income, Vehicles and Services (excl. items
affecting comparability 616 5,944 4,610 29 3,113 2,588
Financial Services
Interest and lease income 354 3,417 2,851 20 1,744 1,458
Insurance commission 10 95 81 17 49 44
Revenues 364 3,512 2,932 20 1,793 1,502
Interest and depreciation expenses -238 -2,296 -1,878 22 -1,176 -964
Interest surplus and insurance income 126 1,216 1,054 15 617 538
Other income and expenses -5 -52 -46 13 -20 -26
Gross income 121 1,164 1,008 15 597 512
Selling and administrative expenses -52 -497 -444 12 -255 -230
Bad debt expenses, realised and anticipated -15 -147 -58 153 -72 -29
Operating income, Financial Services 54 520 506 3 270 253
Operating income 670 6,464 1,316 391 3,383 -959
Interest income and expenses -21 -200 -215 -7 -104 -94
Other financial income and expenses 3 25 -18 -239 20 -10
Share of income from associated companies and joint
ventures 2 24 32 -25 15 12
Total financial items -16 -151 -201 -25 -69 -92
Income before taxes 654 6,313 1,115 466 3,314 -1,051
Taxes -176 -1,702 -1,438 18 -914 -818
Net income for the period 478 4,611 -323 -1528 2,400 -1,869
Other comprehensive income
Items that may be reclassified subsequently to
profit or loss
Translation differences -65 -629 1,178 -914 1,034
Income tax relating to items that may be reclassified 0 -3 25 -13 11
-65 -632 1,203 -927 1,045
Items that will not be reclassified to profit or loss
Re-measurement defined benefit plans2)
-24 -235 -1,073 -236 -725
Income tax relating to items that will not be 5 52 237 52 160
-19 -183 -836 -184 -565
Other comprehensive income for the period -84 -815 367 -1,111 480
Total comprehensive income for the period 394 3,796 44 1,289 -1,389
Net income attributable to:
Scania shareholders 478 4,612 -314 2,400 -1,866
Non-controlling interest 0 -1 -9 0 -3
Total comprehensive income attributable to:
Scania shareholders 394 3,797 52 1,289 -1,388
Non-controlling interest 0 -1 -8 0 -10
Operating income includes depreciation of -195 -1,881 -1,643 -908 -836
Operating margin, percent 11.0 2.6 11.2 -3.5
Operating margin, percent (excl. items affecting comparability) 11.0 10.2 11.2 10.5
1)
Provision in June 2016, related to the European Commission´s competition investigation.
2)
The discount rate in calculating the Swedish pension liability has changed to 2.75 percent per 30 June.
* Translated solely for the convenience of the reader at a closing exchange rate of SEK 9.6450 = EUR 1.00.
Amounts in SEK m. unless otherwise stated
Change
in %
Q2First half
7
8. Net sales and deliveries, Vehicles and Services
Amounts in SEK m. unless otherwise stated EUR m. 2017 2016 2017 2016
Net sales
Trucks 3,893 37,547 32,471 16 19,573 17,285
Buses* 497 4,791 4,425 8 2,775 2,746
Engines 90 865 783 10 447 427
Service-related products 1,211 11,683 10,450 12 5,834 5,298
Used vehicles 351 3,386 3,117 9 1,711 1,596
Miscellaneous 204 1,964 1,405 40 987 895
Delivery sales value 6,246 60,236 52,651 14 31,327 28,247
Revenue deferrals1)
-155 -1,498 -2,541 -41 -1,000 -1,193
Net sales 6,091 58,738 50,110 17 30,327 27,054
Net sales2)
Europe 3,898 37,599 34,593 9 19,056 18,053
Eurasia 249 2,400 1,013 137 1,390 585
America** 664 6,403 4,547 41 3,643 2,598
Asia 835 8,053 6,242 29 3,948 3,644
Africa and Oceania 444 4,283 3,715 15 2,290 2,174
Net sales 6,090 58,738 50,110 17 30,327 27,054
Total delivery volume, units
Trucks 39,881 36,974 8 20,819 19,895
Buses* 3,727 3,336 12 2,133 1,975
Engines 3,882 3,815 2 2,005 2,025
1)
Refers to the difference between sales value based on deliveries and revenue recognised as income
2)
Revenues from external customers by location of customers
* Including body-built buses and coaches
** Refers mainly to Latin America
First half Change
in %
Q2
8
9. Consolidated balance sheets, condensed
EUR m. 30 Jun 31 Dec 30 Jun
Assets
Non-current assets
Intangible assets 943 9,099 8,438 7,674
Tangible assets 3,039 29,315 29,078 27,172
Lease assets 2,725 26,282 25,532 22,681
Shares and participations 59 568 605 554
Interest-bearing receivables 3,430 33,080 30,985 29,164
Other receivables 1), 2)
626 6,042 5,643 5,365
Current assets
Inventories 2,247 21,675 19,119 20,028
Interest-bearing receivables 2,226 21,469 20,481 18,348
Other receivables 3)
1,504 14,504 14,356 14,099
Current investments 123 1,186 1,122 914
Cash and cash equivalents 1,173 11,309 7,634 7,806
Total assets 18,095 174,529 162,993 153,805
Total equity and liabilities
Equity
Scania shareholders 4,779 46,096 42,292 37,842
Non-controlling interest 2 17 20 39
Total equity 4,781 46,113 42,312 37,881
Non-current liabilities
Interest-bearing liabilities 4,272 41,206 27,298 26,131
Provisions for pensions 930 8,972 8,627 8,665
Other provisions 6)
679 6,546 6,439 6,325
Other liabilities 1), 4)
1,509 14,559 14,694 12,478
Current liabilities
Interest-bearing liabilities 2,116 20,408 30,713 30,787
Provisions 350 3,379 3,221 2,840
Other liabilities 5)
3,457 33,346 29,689 28,698
Total equity and liabilities 18,094 174,529 162,993 153,805
1)
Including deferred tax
2)
Including derivatives with positive value for hedging of borrowings 31 296 374 480
3)
Including derivatives with positive value for hedging of borrowings 50 481 291 325
4)
Including derivatives with negative value for hedging of borrowings 41 399 778 579
5)
Including derivatives with negative value for hedging of borrowings 52 500 420 400
6)
Including provision related to the European Commission´s
competition investigation
Equity/assets ratio, percent 26.4 26.0 24.6
2017
Amounts in SEK m. unless otherwise stated
2016
9
10. Statement of changes in equity, condensed
Amounts in SEK m. unless otherwise stated EUR m. 2017 2016
Equity, 1 January 4,387 42,312 37,837
Net income for the period 478 4,611 -323
Other comprehensive income for the period -84 -815 367
Change in non-controlling interest 0 5 -
Total equity at the end of the period 4,781 46,113 37,881
Attributable to:
Scania AB shareholders 4,779 46,096 37,842
Non-controlling interest 2 17 39
Information about Revenue from external customers
Amounts in SEK m. unless otherwise stated EUR m. 2017 2016
Revenue from external customers, Vehicles and
Services 6,090 58,738 50,110
Revenue from external customers, Financial Services 364 3,512 2,932
Elimination refers to lease income on operating
leases -177 -1,708 -1,436
Revenue from external customers, Scania Group 6,277 60,542 51,606
Operating income, Vehicles and Services 616 5,944 810
Operating income, Financial Services 54 520 506
Operating income, Scania Group 670 6,464 1,316
First half
First half
10
11. Cash flow statement, condensed
EUR m. 2017 2016 2017 2016
Operating activities
Income before tax 654 6,313 1,115 3,314 -1,051
Items not affecting cash flow 231 2,231 5,889 1,082 4,775
Taxes paid -175 -1,692 -1,685 -962 -1,171
Cash flow from operating activities
before change in working capital 710 6,852 5,319 3,434 2,553
of which: Vehicles and Services 663 6,399 4,942 3,219 2,400
Financial Services 47 453 377 215 153
Change in working capital etc., Vehicles and Services 8 80 -1,348 -465 -687
Cash flow from operating activities 718 6,932 3,971 2,969 1,866
Investing activities
Net investments, Vehicles and Services -331 -3,188 -4,086 -1,814 -2,338
Net investments in credit portfolio etc., Financial Services -384 -3,699 -4,388 -3,041 -2,572
Cash flow from investing activities -715 -6,887 -8,474 -4,855 -4,910
Cash flow from Vehicles and Services 340 3,291 -492 940 -625
Cash flow from Financial Services -337 -3,246 -4,011 -2,826 -2,419
Financing activities
Change in debt from financing activities 403 3,886 -272 2,538 1,740
Cash flow from financing activities 403 3,886 -272 2,538 1,740
Cash flow for the year 406 3,931 -4,775 652 -1,304
Cash and cash equivalents at beginning of period 791 7,634 12,295 10,979 8,829
Exchange rate differences in cash and cash equivalents -27 -256 286 -322 281
Cash and cash equivalents at end of period 1,170 11,309 7,806 11,309 7,806
Amounts in SEK m. unless otherwise stated
First half Q2
11
12. Fair value of financial instruments
Amounts in SEK m. unless otherwise stated
For further information about financial instruments, see Note 28 Financial instruments in Scania’s Annual
Report for 2016.
In Scania’s balance sheet, items carried at fair value are mainly derivatives and current investments. Fair
value is established according to various levels, defined in IFRS 13, that reflect the extent to which market
values have been utilised. Current investments and cash and cash equivalents are carried according to Level
1, i.e. quoted prices in active markets for identical assets, and amounted to SEK 877 m. (2,320). Other assets
that are carried at fair value refer to derivatives. These assets are carried according to Level 2, which is based
on data other than the quoted prices that are part of Level 1 and refer to directly or indirectly observable
market data, such as discount rate and credit risk. These items are carried under Other non-current
receivables SEK 293 m. (480), Other current receivables SEK 469 m. (397), Other non-current liabilities SEK
399 m. (579) and Other current liabilities SEK m. 500 (400).
For financial assets that are carried at amortised cost, book value amounts to SEK 75,046 (62,610) and fair
value to SEK 74,554 (62,812). For financial liabilities that are carried at amortised cost, book value amounts
to SEK 75,487 (69,441) and fair value to SEK 75,676 (69,344). Fair value of financial instruments such as
trade receivables, trade payables and other non-interest-bearing financial assets and liabilities that are
recognised at amortised cost minus any impairment losses, is regarded as coinciding with the carrying
amount.
12
13. Quarterly data, units by geographic area
Q2 Q1 Full year Q4 Q3 Q2 Q1
Order bookings, trucks
Europe 15,144 16,512 51,569 13,871 10,776 13,214 13,708
Eurasia 2,090 1,461 4,016 1,582 1,044 767 623
America ** 3,061 2,152 7,232 2,168 2,016 1,788 1,260
Asia 3,674 3,808 9,834 2,912 1,682 2,569 2,671
Africa and Oceania 1,067 1,365 4,992 1,194 1,274 1,423 1,101
Total 25,036 25,298 77,643 21,727 16,792 19,761 19,363
Trucks delivered
Europe 12,873 12,151 49,102 12,877 10,293 13,133 12,799
Eurasia 1,367 868 3,233 1,335 979 536 383
America** 2,441 1,854 7,022 2,077 1,788 1,885 1,272
Asia 2,924 3,142 9,287 2,490 1,872 3,156 1,769
Africa and Oceania 1,214 1,047 4,449 1,254 1,154 1,185 856
Total 20,819 19,062 73,093 20,033 16,086 19,895 17,079
Order bookings, buses*
Europe 390 573 2,185 669 388 489 639
Eurasia 25 24 57 2 18 7 30
America ** 352 864 2,559 276 354 945 984
Asia 681 967 2,226 360 590 884 392
Africa and Oceania 234 209 857 228 204 224 201
Total 1,682 2,637 7,884 1,535 1,554 2,549 2,246
Buses delivered*
Europe 512 460 2,094 587 509 598 400
Eurasia 14 14 62 29 6 14 13
America ** 713 415 2,350 751 739 503 357
Asia 674 550 2,568 949 752 479 388
Africa and Oceania 220 155 1,179 265 330 381 203
Total 2,133 1,594 8,253 2,581 2,336 1,975 1,361
* Including body-built buses and coaches.
** Refers to Latin America
2016
13
14. Parent Company Scania AB, financial statements
EUR m. 2017 2016
Income statement
Financial income and expenses 0 0 0
Net income for the period 0 0 0
2017 2016
EUR m. 30 Jun 30 Jun
Balance sheet
Assets
Financial non-current assets
Shares in subsidiaries 875 8,435 8,435
Current assets
Due from subsidiaries 162 1,567 1,567
Total assets 1,037 10,002 10,002
Equity
Equity 1,037 10,002 10,002
Total shareholders' equity 1,037 10,002 10,002
Total equity and liabilities 1,037 10,002 10,002
2017 2016
EUR m. 30 Jun 30 Jun
Statement of changes in equity
Equity, 1 January 1,037 10,002 10,002
Total comprehensive income 0 0 0
Equity 1,037 10,002 10,002
Amounts in SEK m. unless otherwise stated
First half
14
15. Key financial ratios and figures
DEFINITIONS
Operating margin
Net margin
Net income as a percentage of net sales.
Capital employed 1)
Return on capital employed
1) 2)
ITEMS AFFECTING COMPARABILITY
Amounts in SEK m. unless otherwise stated
Scania Group
Operating- and net income excluding items
affecting comparability EUR m. 2017 2016 2017 2016
Net sales 6,090 58,738 50,110 30,327 27,054
Operating income 670 6,464 1,316 3,383 -959
Items affecting comparability 3)
- - -3,800 - -3,800
Operating income excl. items affecting comparability 670 6,464 5,116 3,383 2,841
Net income for the period 478 4,611 -323 2,400 -1,869
Items affecting comparability
3)
0 0 -3,800 - -3,800
Net income excl. items affecting comparability 478 4,611 3,477 2,400 1,931
Operating income excl. items affecting comparability, %
(Operating income excl. affecting comparability/Net sales) 11.0 10.2 11.2 10.5
Net income excl. items affecting comparability, %
(Net income excl. items affecting comparability/Net sales) 7.9 6.9 7.9 7.1
3)
Provision in June 2016 related to the European Commission's competition investigation.
Operating income plus financial income as a percentage of capital employed.
Q2
In the Interim report, Scania presents certain performance measures that are used to explain relevant trends and
performance of the group, of which not all are defined under IFRS. As these performance measures are not
uniformly defined by all companies, these are not always comparable with the measures used by other companies.
These performance measures should therefore not be viewed as substitutes for IFRS-defined measures. The
following are the performance measures used by Scania that are not defined under IFRS, unless otherwise stated.
Operating income as a percentage of net sales.
Current and non-current borrowings (excluding pension liabilities) less cash and cash equivalents and net fair value
of derivatives for hedging borrowings.
Net debt, net cash excluding provision for pensions
Total assets less operating liabilities.
1)
Calculations are based on average capital employed for the thirteen most recent months.
Half year
2)
Operating income is calculated on rolling 12 months.
15
16. RECONCILIATIONS
Amounts in SEK m. unless otherwise stated
Scania Group 2016
Net debt, excluding provision for pensions
Assets EUR m. 30 Jun 31 Dec
Current investments 123 1,186 1,122
Cash and cash equivalents 1,173 11,309 7,634
Derivatives, non-current 31 296 374
Derivatives, current 50 481 291
1,377 13,272 9,421
Liabilities
Interest-bearing liabilities, non current 4,272 41,206 27,298
Interest-bearing liabilities, current 2,116 20,408 30,713
Derivatives, non current 41 399 778
Derivatives, current 52 500 420
6,481 62,513 59,209
Net debt 5,104 49,241 49,788
Vehicles and Services 2016
Net debt, excluding provision for pensions
Assets EUR m. 30 Jun 31 Dec
Current investments 450 4,337 5,294
Cash and cash equivalents 1,054 10,163 6,193
Derivatives, non-current 31 296 374
Derivatives, current 50 481 291
1,585 15,277 12,152
Liabilities
Interest-bearing liabilities, non-current and current 0 0 0
Derivatives, non current 41 399 778
Derivatives, current 52 500 420
93 899 1,198
Net debt -1,492 -14,378 -10,954
Capital Employed 2016
EUR m. 30 Jun 30 Jun
Total assets 10,389 100,200 88,400
Operating liabilities
Other provisions, non-current and current
1)
597 5,761 5,126
Other liabilities, non-current and current 4,628 44,636 37,091
Net derivatives -58 -556 -245
Capital Employed 5,222 50,359 46,428
Return on Capital Employed 2016
EUR m. 30 Jun 30 Jun
Operating income
1)
1,083 10,443 8,983
Financial income 115 1,113 721
Capital employed
1)
5,222 50,359 46,428
Return on Capital Employed 22.9% 20.9%
1)
Excluding provision of SEK 3,800 m. booked in June 2016, related to the European commission´s competition investigation.
2017
2017
2017
2017
16