Volvo 2003 Annual Report Download - page 91

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89
Key ratios 5
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
Gross margin, % 1, 2 22.8 26.2 25.1 22.3 24.4 23.2 20.3 19.3 17.2 17.9 19.2
Research and development expenses
as percentage of net sales 1, 2 4.0 3.0 4.3 5.3 4.9 4.9 3.9 4.1 3.0 3.3 3.9
Selling expenses as percent of net sales 1, 2 10.3 10.1 10.2 9.5 9.4 9.0 7.0 7.7 8.1 8.7 9.1
Administration expenses as
percentage of net sales 1, 2 5.5 4.9 4.3 4.3 3.9 3.9 4.0 3.9 3.6 3.1 3.0
Return on shareholders’ equity, % neg 36.5 19.3 23.7 17.2 13.0 34.9 5.0 neg 1.7 0.4
Interest coverage, times 0.6 5.5 4.6 5.5 5.8 9.6 23.1 4.5 neg 2.2 1.9
Self-financing ratio, % 3148 247 151 73 115 78 108 89 125 176 204
Self-financing ratio excluding
Financial Services, % 3190 87 181 108 127 72 137 196 243
Net financial position, SEK M (20,592) (6,999) 201 10,672 16,956 12,232 28,758 9,392 (7,042) (6,063) (2,426)
Net financial position as
percentage of shareholders’
equity and minority interests (61.0) (15.9) 0.4 18.3 27.0 17.4 29.3 10.6 (8.2) (7.7) (3.3)
Shareholders’ equity and minority interests
as percentage of total assets 25.1 31.9 37.4 41.4 38.1 34.1 50.2 44.3 32.8 32.8 31.4
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 42.4 40.5
Shareholders’ equity as
percentage of total assets 20.1 31.3 36.9 41.0 37.6 33.7 49.9 44.0 32.6 32.7 31.3
1Key ratios are stated in accordance with the new 1997 Annual Accounts
Act. Figures for the years 1993 through 1996 have been adjusted to con-
form with the new principle.
21993–1996 including Financial Services. As from 1997 Financial Services
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 recommendation,
Reporting of Cash Flow, RR 7. Values in prior years are adjusted in
accordance with the new presentation form.
4Financial Services had a marginal effect on the percentage of risk capital
and minority capital prior to 1994.
5Effective in 1997, adjustment was made to conform with the Swedish
Financial Accounting Standard Council's recommendation, RR 9, Income
Taxes. Income per share is calculated as net income divided by average
number of shares.
Exports from Sweden
SEKM 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
Volvo Group, total 36,130 43,330 56,059 54,589 58,569 64,401 52,719 46,251 50,394 52,730 49,300