Volvo 2006 Annual Report Download - page 161
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Financial information 2006 157
Exports from Sweden
SEK M 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Volvo Group, total 54,589 58,569 64,401 52,719 46,251 50,394 52,730 49,300 62,653 71,133 80,517
Key ratios
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Gross margin %
1 22.3 24.4 23.2 20.3 19.3 17.2 17.9 19.2 21.6 21.8 22.5
Research and development expenses
as percentage of net sales1 5.3 4.9 4.9 3.9 4.1 3.0 3.3 3.9 3.8 3.3 3.4
Selling expenses as percent
of net sales1 9.5 9.4 9.0 7.0 7.7 8.1 8.7 9.1 9.1 8.5 8.1
Administration expenses as
percentage of net sales1 4.3 3.9 3.9 4.0 3.9 3.6 3.1 3.0 2.6 2.7 2.6
Return on shareholders’ equity, % 23.7 17.2 13.0 34.9 5.0 neg 1.7 0.4 13.9 17.8 19.6
Interest coverage, times1s 5.5 5.8 9.6 23.1 4.5 neg 2.2 1.9 11.0 16.7 26.1
Self-fi nancing ratio, % 26 27 16 29 39 92 110 152 163 116 189
Self-fi nancing ratio
excluding Financial Services, % 87 184 105 130 72 148 196 243 268 173 235
Net fi nancial position, SEK M 10,672 16,956 12,232 28,758 9,392 (7,042) (6,063) (2,426) 18,110 18,675 24,679
Net fi nancial position as
percentage of shareholders’
equity and minority interests 18.3 27.0 17.4 29.3 10.6 (8.2) (7.7) (3.3) 25.8 23.7 28.3
Shareholders’ equity as percentage
of total assets 41.4 38.1 34.1 50.2 44.3 32.8 32.8 31.4 31.3 30.6 33.7
Shareholders’ equity as percentage
of total assets, excluding
Financial Services 49.4 53.1 51.2 67.3 60.8 41.8 42.4 40.5 40.0 40.4 43.5
Shareholders’ equity excluding minority
interest as percentage of total assets 41.0 37.6 33.7 49.9 44.0 32.6 32.7 31.3 31.2 30.5 33.6
1 1996 including Financial Services. As from 1997 Financial Services is
accounted by the equity method.