Volvo 1998 Annual Report Download - page 103

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1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Gross margin, % 120.3 22.8 26.2 25.1 22.3 24.3 23.0
Research and development expenses
as percentage of net sales 17.5 4.0 3.0 4.3 5.3 4.7 4.7
Selling expenses as percentage of net sales 110.5 10.3 10.1 10.2 9.5 9.3 8.9
Administrative expenses as percentage
of net sales 15.0 5.5 4.9 4.3 4.3 3.8 3.8
Operating margin, % 7.5 5.6 (2.3) (1.1) (4.0) 0.3 6.0 6.0 2.4 4.6 3.1
Return on shareholders’ equity, % 15.8 13.3 neg 2.0 neg neg 36.5 19.3 23.7 17.4 13.7
Interest coverage, times 5.3 3.6 0.9 1.1 0.2 0,6 5.5 4.6 5.5 5.8 9.6
Self-financing ratio, % 2105 99 19 84 84 194 230 143 35 65 59
Self-financing ratio excluding
sales-financing operations, % 2187 79 178 105
Net financial assets (net debt), SEK M (1,610) (3,011) (9,256) (11,357) (18,117) (20,592) (5,999) 1,245 12,007 19,108 14,815
Net financial assets (net debt)
as percentage of shareholders’ equity
and minority interests (4.8) (7.9) (26.0) (29.2) (53.9) (61.0) (13.6) 2.4 20.6 31.2 21.5
Shareholders’ equity and minority
interests as percentage of total assets 38.8 38.8 34.9 36.4 28.8 25.1 31.9 37.4 41.4 37.6 33.7
Shareholders’ equity and minority interests,
as percentage of total assets excluding
sales financing 334.5 40.8 48.0 50.8 49.4
Shareholders’ equity as percentage
of total assets 38.2 38.4 34.6 31.7 25.4 20.1 31.3 36.9 41.0 37.0 33.3
Excluding items affecting comparability and gain on sales of shares
Operating margin, % 7.3 5.3 0.7 (1.1) (2.3) 1.7 6.0 5.3 2.4 4.6 4.2
Return on shareholders’ equity, % 15.3 13.3 3.6 neg neg 4.1 24.2 14.7 8.1 10.4 10.3
101
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Volvo Group, total 30,151 32,181 32,182 31,881 30,344 36,130 43,330 56,059 54,589 58.569 64,401
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Cars 34,280 34,610 33,630 29,570 28,450 26,800 29,080 31,050 29,600 27,920 27,360
Trucks 21,460 22,310 20,550 20,290 19,480 17,780 19,790 21,670 21,160 22,520 23,120
Buses 2,800 2,810 3,690 3,050 2,620 2,610 2,600 3,620 3,750 4,220 8,690
Construction Equipment — — — — — — — 7,610 7,300 8,560 9,680
Marine and Industrial Engines 2,620 2,550 2,190 2,040 1,540 1,420 1,540 1,570 1,420 1,400 1,490
Aero 3,760 3,800 4,000 4,420 4,290 4,040 3,770 3,890 3,740 4,170 3,990
Other 4,160 4,310 4,740 4,210 3,740 3,350 2,350 2,600 3,350 4,110 5,490
Automotive operations 69,080 70,390 68,800 63,580 60,120 56,000 59,130 72,010 70,320 72,900 79,820
Operations being divested, etc 9,530 8,300 — — — 17,640 16,420 7,040 10 — –
Volvo Group, total 78,610 78,690 68,800 63,580 60,120 73,640 75,550 79,050 70,330 72,900 79,820
1 Key ratios are stated in accordance with the new 1997 Annual Account
Act. Figures for the years 1992 through 1996 have been adjusted to
conform with the new principle.
2 Effective in 1998, self-financing ratio is accounted as Cash flow from
this year's operations (see Cash flow analysis) divided by Net Capital
expenditures and Assets in operational leasing. Figures for prior years
are adjusted.
3 Sales-financing operations had a marginal effect on the percentage of
risk capital and minority capital prior to 1994.
Key ratios
Exports from Sweden SEK M
Number of employees at year-end Number
BUSINESS AREA STATISTICS