Volvo 2001 Annual Report Download - page 106

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ELEVEN-YEAR SUMMARY
102
Key ratios 5
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
Gross margin, % 1, 2 20.3 22.8 26.2 25.1 22.3 24.4 23.2 20.3 19.3 17.2
Research and development expenses
as percentage of net sales 1, 2 7.5 4.0 3.0 4.3 5.3 4.9 4.9 3.9 4.1 3.0
Selling expenses as percent of net sales 1, 2 10.5 10.3 10.1 10.2 9.5 9.4 9.0 7.0 7.7 8.1
Administration expenses as
percentage of net sales 1, 2 5.0 5.5 4.9 4.3 4.3 3.9 3.9 4.0 3.9 3.6
Operating margin, % (0.7) (3.6) (0.7) 11.0 8.0 8.8 7.1 5.7 29.3 5.5 (0.4)
Return on shareholders’ equity, % 2.0 neg neg 36.5 19.3 23.7 17.2 13.0 34.9 5.0 neg
Interest coverage, times 1.1 0.2 0.6 5.5 4.6 5.5 5.8 9.6 23.1 4.5 neg
Self-financing ratio, % 382 122 148 247 151 73 115 78 108 89 125
Self-financing ratio excluding
Financial Services, % 3190 87 181 108 127 72 137
Net financial position, SEK M (11,357) (18,117) (20,592) (6,999) 201 10,672 16,956 12,232 28,758 9,392 (7,042)
Net financial position as
percentage of shareholders’
equity and minority interests (29.2) (53.9) (61.0) (15.9) 0.4 18.3 27.0 17.4 29.3 10.6 (8.2)
Shareholders’ equity and minority interests
as percentage of total assets 36.4 28.8 25.1 31.9 37.4 41.4 38.1 34.1 50.2 44.3 32.8
Shareholders’ equity and minority interests as
percentage of total assets,
excluding Financial Services 435.1 41.9 49.4 53.1 51.2 67.3 60.8 41.8
Shareholders’ equity as
percentage of total assets 31.7 25.4 20.1 31.3 36.9 41.0 37.6 33.7 49.9 44.0 32.6
1Key ratios are stated in accordance with the new 1997 Annual
Accounts Act. Figures for the years 1992 through 1996 have been
adjusted to conform with the new principle.
21991–1996 including Financial Services. As from 1997 Financial Ser-
vices is accounted by the equity method.
3As of 1999, Volvo’s cash flow statement is presented in accordance
with the Swedish Financial Accounting Standards Council’s recommen-
dation, Reporting of Cash Flow, RR7. Values in prior years are adjusted
in accordance with the new presentation form.
4Financial Services had a marginal effect on the percentage of risk capi-
tal and minority capital prior to 1994.
5Effective in 1997, adjustment was made to conform with the Swedish
Financial Accounting Standard Council’s recommendation, RR9, Income
Taxes. See Note 1, to the consolidated financial statements. Income per
share is calculated as net income divided by average number of shares.
Salaries, wages and other remuneration (including social costs)
SEKM 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
Volvo Group, total 17,654 16,857 19,489 24,156 27,248 25,997 26,951 30,064 19,832 21,510 33,453