Volvo 2004 Annual Report Download - page 117

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115
Key operating ratios
% of sales IFRS Sw GAAP
Gross margin 21.6 21.5
Research and development expenses 3.8 3.6
Selling expenses 9.1 9.0
Administrative expenses 2.6 2.6
Operating margin 7.3 7.0
Net sales
SEK M IFRS Sw GAAP
Trucks 136,879 136,879
Buses 12,722 12,722
Construction Equipment129,360 28,685
Volvo Penta 9,057 9,057
Volvo Aero 6,925 6,925
Other 7,228 7,228
Net sales 202,171 201,496
1 Consolidation temporary investments, LB Smith, January–November.
Operating income
SEK M IFRS Sw GAAP
Trucks 8,992 8,989
Buses 253 185
Construction Equipment 1,898 1,572
Volvo Penta 940 937
Volvo Aero 403 377
Volvo Financial Services 1,365 1,365
Other units 8 (45)
Operating income113,859 13,380
Revaluation of shares 820 820
Operating income (loss) 14,679 14,200
1 Excluding revaluation of shares in Scania AB and Henlys Group Plc.
Operating margins
%IFRSSw GAAP
Trucks 6.6 6.6
Buses 2.0 1.5
Construction Equipment 6.5 5.5
Volvo Penta 10.4 10.3
Volvo Aero 5.8 5.4
Operating margin16.9 6.6
Operating margin 7.3 7.0
1 Excluding revaluation of shares in Scania AB and Henlys Group Plc.