Volvo 2003 Annual Report Download - page 94

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92
Eleven-year summary
Number of employees at year-end
Number 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
Trucks 17,780 19,790 21,450 20,860 22,090 22,560 23,330 24,320 44,180 43,470 46,900
Buses 2,610 2,600 3,620 3,750 4,220 8,690 8,860 9,060 6,230 6,660 6,680
Construction Equipment – – 7,610 7,300 8,550 9,680 8,900 8,830 7,780 8,410 9,280
Volvo Penta 1,420 1,540 1,570 1,420 1,400 1,490 1,400 1,480 1,370 1,410 1,440
Volvo Aero 4,040 3,770 3,890 3,740 4,170 3,990 4,550 4,240 4,040 3,660 3,440
Financial Services 220 230 450 560 710 860 1,160 1,220 1,080 1,060 1,060
Other 3,130 2,120 2,370 3,090 3,840 5,190 5,270 5,120 6,240 6,490 6,940
Volvo Group, excluding
divested operations 29,200 30,050 40,960 40,720 44,980 52,460 53,470 54,270 70,920 71,160 75,740
Cars 26,800 29,080 31,050 29,600 27,920 27,360 — – – – –
Other divested operations 17,640 16,420 7,040 10 — — — – – – –
Volvo Group, total 73,640 75,550 79,050 70,330 72,900 79,820 53,470 54,270 70,920 71,160 75,740
1Operating income in 2003 included write-down of shares in Scania AB and
Henlys Group Plc amounting to 4,030, of which 429 was reported in Buses
(Henlys Group) and 3,601 was reported in Other (Scania AB).
2Operating income in 2001 included restructuring costs mainly related to the
integration of Mack and Renault of SEK 3,862 M of which 3,106 in Trucks,
392 in Buses and 364 in Construction Equipment.
3Effective January 1, 1999, Volvo Cars was reported as a divested operation.
The capital gain from the divestment was SEK 26,695 M.
4Restructuring costs in 1998 amounted to SEK 1,650 M of which 46 in
Trucks, 422 in Buses, 910 in Construction Equipment and 158 in Volvo
Penta. In addition operating income included a capital gain from the sale of
shares in Pharmacia UpJohn amounting to SEK 4,452 M.
5Operating income in 1997 included a capital gain from the sale of
shares in Pripps Ringnes amounting to SEK 3,027 M.
6Operating income in 1996 included a capital gain from the sale of
shares in Pharmacia UpJohn amounting to SEK 7,766 M.
7Operating income in 1995 included write-down of goodwill pertaining to
Volvo Construction Equipment, consolidated as from July 1, 1995, amoun-
ting to SEK 1,817 M.
8Operating income in 1994 included a capital gain from the sale of
shares in Investment AB Cardo amounting to SEK 2,597 M and AB Custos
amounting to SEK 916 M.
9Operating income in 1993 included a provision of SEK 1,600 M relating to
excess value in Volvo Trucks, which was estimated to arise in connection
with exchange of shares with Renault.
10 Refers to Volvo Trucks for 1993–2000.
Operating income
SEKM 1993 91994 81995 71996 61997 51998 41999 3200 0 200 1 22002 2003 1
Trucks 10 585 4,051 5,020 783 1,707 2,769 3,247 1,414 (2,066) 1,189 3,951
Buses 313 318 405 331 550 (37) 224 440 (916) (94) (790)
Construction Equipment — — 717 1,162 1,436 626 1,709 1,594 527 406 908
Volvo Penta 125 223 212 (27) 181 (63) 314 484 658 647 695
Volvo Aero 143 60 103 153 472 527 584 621 653 5 (44)
Financial Services 323 271 355 244 375 681 1,066 1,499 325 490 926
Other (2,297) 7,533 1,422 9,377 3,624 3,950 319 616 143 194 (3,142)
Volvo Group excluding
divested operations (808) 12,456 8,234 12,023 8,345 8,453 7,463 6,668 (676) 2,837 2,504
Cars 23 2,599 490 1,080 4,409 3,375 26,695 — — — –
Other divested operations — 1,885 4,563 91 — — — — — — –
Operating income (loss) Volvo Group (785) 16,940 13,287 13,194 12,754 11,828 34,158 6,668 (676) 2,837 2,504
Operating margin
%1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
Trucks 1.8 9.1 11.0 2.0 3.8 5.0 5.4 2.4 (1.8) 1.0 3.4
Buses 5.7 5.2 5.3 3.9 5.2 (0.3) 1.5 2.6 (5.5) (0.7) (6.6)
Construction Equipment 1——10.4 9.1 8.6 3.2 9.1 8.0 2.5 1.9 3.9
Volvo Penta 4.2 6.0 5.5 (0.7) 4.1 (1.3) 5.5 7.3 8.9 8.4 9.1
Volvo Aero 3.9 1.7 2.7 3.7 6.3 6.1 5.9 5.8 5.5 0.1 (0.5)
Volvo Group excluding
divested operations (1.5) 18.1 11.4 17.1 9.6 7.9 6.4 5.5 (0.4) 1.6 1.4
Operating margin, total (0.7) 11.0 8.0 8.8 7.1 5.7 29.3 5.5 (0.4) 1.6 1.4
1Included in the Volvo Group as of mid-year 1995. Operating margin for Volvo Construction Equipment for the years 1993 to 1995 amounted to 5.2, 13.4 and 12.3.