PACCAR 2012 Annual Report Download - page 38

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 Parts SG&A was $184.2 million in 2011 (including $4.6 million from the effect of stronger foreign currencies) and
$168.2 million in 2010. The higher SG&A reflects higher salaries and related expenses ($11.5 million) to support
business expansion activities. As a percentage of sales, SG&A was 7.1% in 2011 and 7.7% in 2010.
Financial Services
The Company’s Financial Services segment accounted for 6% and 9% of revenues in 2011 and 2010, respectively.
($ in millions)
Year Ended December 31, 2011 2010 % CHANGE
New loan and lease volume:
U.S. and Canada $ 2,523.1 $ 1,409.4 79
Europe 933.5 593.7 57
Mexico and Australia 604.4 473.0 28
$ 4,061.0 $ 2,476.1 64
New loan and lease volume by product:
Loans and finance leases $ 3,117.2 $ 1,975.1 58
Equipment on operating lease 943.8 501.0 88
$ 4,061.0 $ 2,476.1 64
New loan and lease unit volume:
Loans and finance leases 35,200 24,100 46
Equipment on operating lease 9,500 5,600 70
44,700 29,700 51
Average earning assets:
U.S. and Canada $ 4,595.0 $ 4,320.6 6
Europe 2,234.9 1,944.5 15
Mexico and Australia 1,445.1 1,303.2 11
$ 8,275.0 $ 7,568.3 9
Average earning assets by product:
Loans and finance leases $ 5,291.0 $ 5,119.9 3
Dealer wholesale financing 1,220.4 899.1 36
Equipment on lease and other 1,763.6 1,549.3 14
$ 8,275.0 $ 7,568.3 9
Revenues:
U.S. and Canada $ 508.6 $ 491.6 3
Europe 313.0 286.6 9
Mexico and Australia 207.7 189.6 10
$ 1,029.3 $ 967.8 6
Revenue by product:
Loans and finance leases $ 373.2 $ 383.8 (3)
Dealer wholesale financing 49.9 37.8 32
Equipment on lease and other 606.2 546.2 11
$ 1,029.3 $ 967.8 6
Income before income taxes $ 236.4 $ 153.5 54
In 2011, new loan and lease volume increased 64% to $4.06 billion from $2.48 billion in 2010, reflecting increased
new PACCAR truck sales, increased finance market share and a higher average amount financed per unit. PFS
increased its finance market share on new PACCAR trucks to 31% in 2011 from 28% in the prior year.