Volvo 2004 Annual Report Download - page 124

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122 Eleven-year summary
Number of employees at year-end
Number 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Trucks 19,790 21,450 20,860 22,090 22,560 23,330 24,320 44,180 43,470 46,900 49,450
Buses 2,600 3,620 3,750 4,220 8,690 8,860 9,060 6,230 6,660 6,680 7,700
Construction Equipment – 7,610 7,300 8,550 9,680 8,900 8,830 7,780 8,410 9,280 9,930
Volvo Penta 1,540 1,570 1,420 1,400 1,490 1,400 1,480 1,370 1,410 1,440 1,580
Volvo Aero 3,770 3,890 3,740 4,170 3,990 4,550 4,240 4,040 3,660 3,440 3,350
Financial Services 230 450 560 710 860 1,160 1,220 1,080 1,060 1,060 1,100
Other 2,120 2,370 3,090 3,840 5,190 5,270 5,120 6,240 6,490 6,940 7,970
Volvo Group, excluding
divested operations 30,050 40,960 40,720 44,980 52,460 53,470 54,270 70,920 71,160 75,740 81,080
Cars 29,080 31,050 29,600 27,920 27,360 — –––––
Other divested operations 16,420 7,040 10———–––––
Volvo Group, total 75,550 79,050 70,330 72,900 79,820 53,470 54,270 70,920 71,160 75,740 81,080
1Operating income in 2004 included reversal of write-down of shares in
Scania AB of 915, reported in Other, and write-down of shares in Henlys
Group Plc of 95, reported in Buses.
2Operating 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).
3Operating 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.
4Effective January 1, 1999, Volvo Cars was reported as a divested operation.
The capital gain from the divestment was SEK 26,695 M.
5Restructuring 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.
6Operating income in 1997 included a capital gain from the sale of shares in
Pripps Ringnes amounting to SEK 3,027 M.
7Operating income in 1996 included a capital gain from the sale of shares in
Pharmacia UpJohn amounting to SEK 7,766 M.
8Operating income in 1995 included write-down of goodwill pertaining to
Volvo Construction Equipment, consolidated as from July 1, 1995, amount-
ing to SEK 1,817 M.
9Operating 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 amount-
ing to SEK 916 M.
10 Refers to Volvo Trucks for 1994–2000.
Operating income
SEKM 1994 91995 81996 71997 61998 51999 42000 200132002 2003 220041
Trucks 10 4,051 5,020 783 1,707 2,769 3,247 1,414 (2,066) 1,189 3,951 8,989
Buses 318 405 331 550 (37) 224 440 (916) (94) (790) 90
Construction Equipment — 717 1,162 1,436 626 1,709 1,594 527 406 908 1,572
Volvo Penta 223 212 (27) 181 (63) 314 484 658 647 695 937
Volvo Aero 60 103 153 472 527 584 621 653 5 (44) 377
Financial Services 271 355 244 375 681 1,066 1,499 325 490 926 1,365
Other 7,533 1,422 9,377 3,624 3,950 319 616 143 194 (3,142) 870
Volvo Group excluding
divested operations 12,456 8,234 12,023 8,345 8,453 7,463 6,668 (676) 2,837 2,504 14,200
Cars 2,599 490 1,080 4,409 3,375 26,695———––
Other divested operations 1,885 4,563 91——————––
Operating income (loss) Volvo Group 16,940 13,287 13,194 12,754 11,828 34,158 6,668 (676) 2,837 2,504 14,200
Operating margin
%1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Trucks 9.1 11.0 2.0 3.8 5.0 5.4 2.4 (1.8) 1.0 3.4 6.6
Buses 5.2 5.3 3.9 5.2 (0.3) 1.5 2.6 (5.5) (0.7) (6.6) 0.7
Construction Equipment 1—10.4 9.1 8.6 3.2 9.1 8.0 2.5 1.9 3.9 5.5
Volvo Penta 6.0 5.5 (0.7) 4.1 (1.3) 5.5 7.3 8.9 8.4 9.1 10.3
Volvo Aero 1.7 2.7 3.7 6.3 6.1 5.9 5.8 5.5 0.1 (0.5) 5.4
Volvo Group excluding
divested operations 18.1 11.4 17.1 9.6 7.9 6.4 5.5 (0.4) 1.6 1.4 7.0
Operating margin, total 11.0 8.0 8.8 7.1 5.7 29.3 5.5 (0.4) 1.6 1.4 7.0
1Included in the Volvo Group as of mid-year 1995. Operating margin for Volvo Construction Equipment for the years 1994 to 1995 amounted to 13.4 and 12.3.