Valuation on Volvo
habbasi
VolvoFinalBlackBoardClass.xlsxIncome Statement
| SEKm | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |
| Sales | 312,515.00 | 301,914.00 | 334,748.00 | 359,935.31 | 377,932.07 | 396,828.68 | |
| Sales growth (%) | -3.4% | 10.9% | 7.5% | 5.0% | 5.0% | ||
| Cost of goods sold | - 240,653.00 | - 231,602.00 | - 254,581.00 | - 268,511.74 | - 281,937.33 | - 296,034.19 | |
| Gross Profit | 71,862.00 | 70,312.00 | 80,167.00 | 91,423.57 | 95,994.75 | 100,794.48 | |
| Gross margins ( %) | 23.0% | 23.3% | 23.9% | 25.4% | 25.4% | 25.4% | |
| Research and development expenses | - 15,368.00 | - 14,631.00 | - 16,098.00 | - 18,356.70 | - 17,762.81 | - 18,650.95 | |
| Selling expenses | - 27,694.00 | - 26,867.00 | - 28,582.00 | - 32,754.11 | - 34,013.89 | - 35,714.58 | |
| Administrative expenses | - 5,769.00 | - 5,121.00 | - 5,642.00 | - 6,478.84 | - 6,046.91 | - 6,349.26 | |
| Other operating income and expenses | - 4,179.00 | - 3,135.00 | - 1,061.00 | - 3,599.35 | - 3,779.32 | - 3,968.29 | |
| Associated companies | - 143.00 | 156.00 | 1,408.00 | 1,506.43 | 1,581.76 | 1,660.84 | |
| Investment income | 4,609.00 | 112.00 | 135.00 | - 247.74 | 180.00 | 180.00 | |
| Operating costs | - 48,544.00 | - 49,486.00 | - 49,840.00 | - 59,930.31 | - 59,841.17 | - 62,842.23 | |
| Adjusted EBIT | 23,318.00 | 20,826.00 | 30,327.00 | 31,493.26 | 36,153.58 | 37,952.25 | |
| EBIT margin (%) | 7.5% | 6.1% | 6.1% | 8.7% | 9.6% | 9.6% | |
| Exceptional items | - 0 | ||||||
| Operating profit (EBIT) | 23,318.00 | 20,826.00 | 30,327.00 | 31,493.26 | 36,153.58 | 37,952.25 | |
| Interest income and similar credits | 258.00 | 240.00 | 163.00 | 36.19 | 78.33 | 127.34 | |
| Interest expenses and similar charges | - 2,366.00 | - 1,847.00 | - 1,851.00 | ||||
| Other financial income and expenses | - 792.00 | 11.00 | - 385.00 | - 359.94 | - 377.93 | - 396.83 | |
| Net financial items | - 2,900.00 | - 1,596.00 | - 2,073.00 | - 323.75 | - 299.60 | - 269.49 | |
| Income (loss) after financial items | 20,418.00 | 19,230.00 | 28,254.00 | 31,169.51 | 35,853.97 | 37,682.76 | |
| Taxes | - 5,319.00 | - 6,007.00 | - 6,971.00 | - 9,090.10 | - 9,458.59 | - 8,596.66 | |
| 26.1% | 31.2% | 24.7% | 24.7% | 24.0% | 24.0% | ||
| Net income (loss) | 15,099.00 | 13,223.00 | 21,283.00 | 22,079.41 | 26,395.38 | 29,086.10 | |
| Dividend | 6,603.53 | 6,908.30 | 7,314.68 | 7,619.45 | |||
| Retained Profit | 14,679.47 | 15,171.11 | 19,080.71 | 21,466.65 | |||
| SHARE DATA | |||||||
| Total shares | 1,572,606,911 | 2,031,854,284 | 2,031,854,284.00 | 2,031,854,284.00 | 2,031,854,284.00 | ||
| Dividend | 3.00 | 3.00 | 3.25 | 3.40 | 3.60 | 3.75 | |
| EPS | |||||||
Balance Sheet
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||
| Intangible Assets | 36,416 | 37,916 | 35,893 | 34,813 | 33,679 | 32,489 | - 1,080 | - 1,134 | - 1,190 | ||
| - 0 | - 0 | - 0 | |||||||||
| - 0 | - 0 | - 0 | |||||||||
| Property, Plant & Equipment | 53,618 | 55,875 | 53,348 | 57,409 | 59,715 | 62,135 | 4,061 | 2,305 | 2,421 | ||
| Assets under operating leases | 32,531 | 34,693 | 37,166 | 36,704 | 38,178 | 39,726 | - 462 | 1,474 | 1,548 | ||
| Tangible Assets | 86,149 | 90,568 | 90,514 | 94,113 | 97,893 | 101,861 | 3,599 | 3,779 | 3,968 | ||
| - 0 | - 0 | - 0 | |||||||||
| Financial Assets | - 0 | - 0 | - 0 | ||||||||
| Investments | 12,050 | 12,419 | 11,224 | 11,224 | 11,224 | 11,224 | - 0 | - 0 | - 0 | ||
| Non-current receivables / liabilities | 3,268 | 4,148 | 4,281 | 4,281 | 4,281 | 4,281 | - 0 | - 0 | - 0 | ||
| FIXED ASSETS | 137,883 | 145,051 | 141,912 | 144,432 | 147,077 | 149,855 | 2,520 | 2,646 | 2,778 | ||
| - 0 | - 0 | - 0 | |||||||||
| Working Capital | - 0 | - 0 | - 0 | ||||||||
| Inventories | 44,390 | 48,287 | 52,701 | 55,790 | 58,579 | 61,508 | 3,089 | 2,789 | 2,929 | ||
| Accounts receivable | 43,021 | 50,829 | 55,079 | 59,389 | 62,359 | 65,477 | 4,310 | 2,969 | 3,118 | ||
| Trade Payables | - 55,648 | - 55,264 | - 65,346 | - 70,187 | - 73,697 | - 77,382 | - 4,841 | - 3,509 | - 3,685 | ||
| Working Capital | 31,763 | 43,852 | 42,434 | 44,992 | 47,242 | 49,604 | 2,558 | 2,250 | 2,362 | ||
| - 0 | - 0 | - 0 | |||||||||
| - 0 | - 0 | - 0 | |||||||||
| Asset for sale | 2,741 | 377 | 51 | - 0 | - 0 | - 0 | - 51 | - 0 | - 0 | ||
| Tax | 839 | 674 | - 132 | 583 | 601 | 623 | 715 | 18 | 22 | ||
| Other current liabilities | - 40,986 | - 42,608 | - 46,501 | - 50,391 | - 52,910 | - 55,556 | - 3,890 | - 2,520 | - 2,646 | ||
| Current provisions | - 14,176 | - 11,333 | - 10,806 | - 12,598 | - 13,228 | - 13,889 | - 1,792 | - 630 | - 661 | ||
| Net Current Liabilities | - 51,582 | - 52,890 | - 57,388 | - 62,405 | - 65,537 | - 68,822 | - 5,017 | - 3,131 | - 3,285 | ||
| - 0 | - 0 | - 0 | |||||||||
| Non-current liabilities | - 16,538 | - 20,322 | - 22,309 | - 19,796 | - 20,786 | - 21,826 | 2,513 | - 990 | - 1,039 | ||
| Net non-current liabilities | - 16,538 | - 20,322 | - 22,309 | - 19,796 | - 20,786 | - 21,826 | 2,513 | - 990 | - 1,039 | ||
| - 0 | - 0 | - 0 | |||||||||
| Deferred Taxes | 9,955 | 9,129 | 6,429 | 6,750 | 7,088 | 7,442 | 321 | 338 | 354 | ||
| Other | - 9,536 | - 9,804 | - 9,318 | - 9,085 | - 8,858 | - 8,636 | 233 | 227 | 221 | ||
| Provisions | 419 | - 675 | - 2,889 | - 2,335 | - 1,770 | - 1,194 | 554 | 565 | 576 | ||
| - 0 | - 0 | - 0 | |||||||||
| Net Assets | 101,945 | 115,016 | 101,760 | 104,887 | 106,226 | 107,617 | 3,127 | 1,338 | 1,392 | ||
| - 0 | - 0 | - 0 | |||||||||
| Shareholder's Equity | 83,810 | 96,061 | 107,069 | 124,171 | 144,376 | 165,308 | 17,102 | 20,205 | 20,932 | ||
| Minority Interests | 1,801 | 1,703 | 1,941 | 2,418 | 2,811 | 3,219 | 477 | 393 | 408 | ||
| Total Equity | 85,611 | 97,764 | 109,010 | 126,589 | 147,187 | 168,526 | 17,579 | 20,599 | 21,339 | ||
| 2.15% | 1.77% | 1.81% | |||||||||
| Marketable Securities | - 3,344 | - 1,223 | - 178 | 178 | - 0 | - 0 | |||||
| Cash & Cash equivalents | - 21,048 | - 23,949 | - 36,092 | 36,092 | - 0 | - 0 | |||||
| Interest bearing receivables | - 2,937 | - 2,393 | - 3,501 | 3,501 | - 0 | - 0 | |||||
| Non-current receivables | - 50,962 | - 57,827 | - 57,173 | 57,173 | - 0 | - 0 | |||||
| Customer Financing receivables | - 51,621 | - 52,994 | - 52,205 | 52,205 | - 0 | - 0 | |||||
| Bond Loans Non-current | 47,776 | 60,653 | 48,962 | - 48,962 | - 0 | - 0 | |||||
| Other Loans - Non-current | 27,500 | 23,898 | 24,942 | - 24,942 | - 0 | - 0 | |||||
| Current Loans | 57,331 | 56,497 | 53,771 | - 53,771 | - 0 | - 0 | |||||
| Provisions for pensions | 13,639 | 14,590 | 14,224 | - 14,224 | - 0 | - 0 | |||||
| Net Cash/Debt | 16,334 | 17,252 | - 7,250 | - 21,701 | - 40,961 | - 60,909 | - 14,451 | - 19,260 | - 19,948 | ||
| - 0 | - 0 | - 0 | |||||||||
| Debt + Equity | 101,945 | 115,016 | 101,760 | 104,887 | 106,226 | 107,617 | 3,127 | 1,338 | 1,392 | ||
| - 0 | - 0 | - 0 | |||||||||
| Marketable Securities | 2,121 | 1,045 | 178 | - 0 | - 0 | ||||||
| Cash & Cash equivalents | - 2,901 | - 12,143 | 36,092 | - 0 | - 0 | ||||||
| Interest bearing receivables | 544 | - 1,108 | 3,501 | - 0 | - 0 | ||||||
| Non-current receivables | - 6,865 | 654 | 57,173 | - 0 | - 0 | ||||||
| Customer Financing receivables | - 1,373 | 789 | 52,205 | - 0 | - 0 | ||||||
| Bond Loans Non-current | 12,877 | - 11,691 | - 48,962 | - 0 | - 0 | ||||||
| Other Loans - Non-current | - 3,602 | 1,044 | - 24,942 | - 0 | - 0 | ||||||
| Current Loans | - 834 | - 2,726 | - 53,771 | - 0 | - 0 | ||||||
| Provisions for pensions | 951 | - 366 | - 14,224 | - 0 | - 0 | ||||||
| Changes in Net Cash/Debt | 918 | - 24,502 | - 14,451 | - 19,260 | - 19,948 | ||||||
Cashflow Statement
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||
| Operating Income | 23,318 | 20,826 | 30,327 | 31,493 | 36,154 | 37,952 | |
| Depreciation and Amortisation | 16,807 | 16,764 | 16,869 | 17,277 | 18,141 | 19,048 | |
| Changes in provisions | |||||||
| Other | - 704 | - 684 | 1,399 | 2,505 | 4,121 | 4,324 | |
| Interest (paid) / received | - 1,308 | - 1,238 | - 1,534 | - 324 | - 300 | - 269 | |
| Tax paid | - 3,110 | - 4,219 | - 4,758 | - 6,971 | - 9,090 | - 9,459 | |
| Movement in Working Capital | - 17,462 | - 12,831 | - 4,704 | - 2,558 | - 2,250 | - 2,362 | |
| Operating Cash Flow before capex | 17,541 | 18,618 | 37,599 | 41,422 | 46,776 | 49,234 | |
| Capital expenditure | - 19,347 | - 20,342 | - 19,234 | - 19,796 | - 20,786 | - 21,826 | |
| Sale of fixed assets / investments | 6,020 | 9,035 | 5,392 | ||||
| Free cash flow | 4,214 | 7,311 | 23,757 | 21,626 | 25,990 | 27,409 | |
| Dividends paid | - 6,090 | - 6,299 | - 6,616 | - 6,908 | - 7,315 | - 7,619 | |
| Purchase of investments | |||||||
| Sale of investments | |||||||
| Disposal of businesses | |||||||
| Acquisition of businesses | 408 | 1,425 | 928 | - 0 | - 0 | - 0 | |
| Investment in leasing assets | |||||||
| Other | 14 | - 9 | - 31 | - 0 | - 0 | - 0 | |
| Investing activities | - 1,454 | 2,428 | 18,038 | 14,717 | 18,675 | 19,789 | |
| Share re-purchases | |||||||
| Other adjustments including FX | - 14,880 | - 3,346 | 6,464 | - 266 | 585 | 159 | |
| (Increase) / Decrease in net debt | - 16,334 | - 918 | 24,502 | 14,451 | 19,260 | 19,948 | |
| - 0 | - 0 | ||||||
| From Balance Sheet | - 16,334 | - 918 | 24,502 | 14,451 | 19,260 | 19,948 | |
| - 0 | |||||||
Quarterly Data
| SEKm | QTR1 16 | QTR2 16 | QTR3 16 | QTR4 16 | 2016 | QTR1 17 | QTR2 17 | QTR3 17 | QTR4 17 | 2017 | QTR1 18 | QTR2 18 | QTR3 18 | QTR4 18 | 2018 | QTR1 19 | QTR2 19 | QTR3 19 | QTR4 19 | 2019 | QTR1 20 | QTR2 20 | QTR3 20 | QTR4 20 | 2020 | |||||||||
| Sales | 71,707 | 78,890 | 68,758 | 82,559 | 301,914 | 77,365 | 88,409 | 77,225 | 91,749 | 334,748 | 81,599 | 96,980 | 82,140 | 99,216 | 359,935 | 85,679 | 101,829 | 86,247 | 104,177 | 377,932 | 89,963 | 106,921 | 90,559 | 109,386 | 396,829 | |||||||||
| Sales growth (%) | 7.9% | 12.1% | 12.3% | 11.1% | 10.9% | 5.5% | 9.7% | 6.4% | 8.1% | 7.5% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | ||||||||||||||
| 11.6% | 0.0% | 0.0% | 0.0% | 2.9% | ||||||||||||||||||||||||||||||
| 17.1% | 17.0% | 2.6% | -9.4% | 6.8% | ||||||||||||||||||||||||||||||
| -2.0% | -2.0% | -1.0% | 0.0% | -1.3% | ||||||||||||||||||||||||||||||
| 26.6% | 13.2% | 1.6% | -9.4% | 8.0% | ||||||||||||||||||||||||||||||
| 0 | ||||||||||||||||||||||||||||||||||
| Cost of goods sold | - 55,400 | - 60,412 | - 52,576 | - 63,216 | - 231,604 | - 57,835 | - 67,017 | - 58,978 | - 70,751 | - 254,581 | - 60,873 | - 72,347 | - 61,276 | - 74,015 | - 268,512 | - 63,917 | - 75,965 | - 64,340 | - 77,716 | - 281,937 | - 67,112 | - 79,763 | - 67,557 | - 81,602 | - 296,034 | |||||||||
| Gross Profit | 16,307 | 18,478 | 16,182 | 19,343 | 70,310 | 19,530 | 21,392 | 18,247 | 20,998 | 80,167 | 20,726 | 24,633 | 20,864 | 25,201 | 91,424 | 21,763 | 25,865 | 21,907 | 26,461 | 95,995 | 22,851 | 27,158 | 23,002 | 27,784 | 100,794 | |||||||||
| Gross margins ( %) | 22.7% | 23.4% | 23.5% | 23.4% | 23.3% | 25.2% | 24.2% | 23.6% | 22.9% | 23.9% | 25.4% | 25.4% | 25.4% | 25.4% | 25.4% | 25.4% | 25.4% | 25.4% | 25.4% | 25.4% | 25.4% | 25.4% | 25.4% | 25.4% | 25.4% | |||||||||
| Research and development expenses | - 3,449 | - 3,675 | - 3,289 | - 4,218 | - 14,631 | -4.8% | - 3,994 | - 4,126 | - 3,445 | - 4,533 | - 16,098 | -4.8% | - 4,162 | - 4,946 | - 4,189 | - 5,060 | - 18,357 | -5.1% | - 4,370 | - 5,193 | - 4,399 | - 5,313 | - 17,763 | -4.7% | - 4,588 | - 5,453 | - 4,619 | - 5,579 | - 18,651 | -4.7% | ||||
| Selling expenses | - 6,524 | - 6,664 | - 6,375 | - 7,303 | - 26,866 | -8.9% | - 6,942 | - 7,247 | - 6,791 | - 7,602 | - 28,582 | -8.5% | - 7,426 | - 8,825 | - 7,475 | - 9,029 | - 32,754 | -9.1% | - 7,797 | - 9,266 | - 7,848 | - 9,480 | - 34,014 | -9.0% | - 8,187 | - 9,730 | - 8,241 | - 9,954 | - 35,715 | -9.0% | ||||
| Administrative expenses | - 1,342 | - 1,366 | - 1,135 | - 1,278 | - 5,121 | -1.7% | - 1,286 | - 1,443 | - 1,273 | - 1,640 | - 5,642 | -1.7% | - 1,469 | - 1,746 | - 1,479 | - 1,786 | - 6,479 | -1.8% | - 1,542 | - 1,833 | - 1,552 | - 1,875 | - 6,047 | -1.6% | - 1,619 | - 1,925 | - 1,630 | - 1,969 | - 6,349 | -1.6% | ||||
| Other operating income and expenses | 502 | - 3,189 | - 810 | 361 | - 3,136 | -1.0% | - 616 | - 395 | - 5 | - 45 | - 1,061 | -0.3% | - 816 | - 970 | - 821 | - 992 | - 3,599 | -1.0% | - 857 | - 1,018 | - 862 | - 1,042 | - 3,779 | -1.0% | - 900 | - 1,069 | - 906 | - 1,094 | - 3,968 | -1.0% | ||||
| Associated companies | - 201 | 179 | 61 | 117 | 156 | 340 | 268 | 634 | 166 | 1,408 | 359 | 294 | 674 | 180 | 1,506 | 377 | 309 | 708 | 188 | 1,582 | 395 | 324 | 743 | 198 | 1,661 | |||||||||
| Investment income | 52 | 32 | 20 | 9 | 113 | - 2 | 91 | 56 | - 10 | 135 | - 193 | - 400 | - 133 | 478 | - 248 | 10 | 60 | 55 | 55 | 180 | 10 | 60 | 55 | 55 | 180 | |||||||||
| Operating costs | - 10,962 | - 14,683 | - 11,528 | - 12,312 | - 49,485 | - 12,500 | - 12,852 | - 10,824 | - 13,664 | - 49,840 | - 13,706 | - 16,593 | - 13,422 | - 16,209 | - 59,930 | - 14,179 | - 16,942 | - 13,899 | - 17,467 | - 59,841 | - 14,888 | - 17,792 | - 14,597 | - 18,343 | - 62,842 | |||||||||
| - 13,706 | - 16,593 | - 13,422 | - 16,209 | - 59,930 | ||||||||||||||||||||||||||||||
| Adjusted EBIT | 5,345 | 3,795 | 4,654 | 7,031 | 20,825 | 7,030 | 8,540 | 7,423 | 7,334 | 30,327 | 7,020 | 8,040 | 7,441 | 8,992 | 31,493 | 7,584 | 8,922 | 8,008 | 8,994 | 36,154 | 7,962 | 9,365 | 8,405 | 9,441 | 37,952 | |||||||||
| EBIT margin (%) | 8.2% | 8.7% | 4.1% | -1.7% | 5.5% | 9.1% | 9.7% | 9.6% | 8.0% | 9.1% | 8.6% | 8.3% | 9.1% | 9.1% | 8.7% | 8.9% | 8.8% | 9.3% | 8.6% | 9.6% | 8.9% | 8.8% | 9.3% | 8.6% | 9.6% | |||||||||
| Interest income and similar credits | 66 | 55 | 65 | 54 | 240 | 50 | 30 | 44 | 39 | 163 | 8 | 9 | 12 | 9 | 37 | 17 | 19 | 26 | 19 | 81 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Interest expenses and similar charges | -453 | -429 | -497 | -467 | -1,846 | -463 | -487 | -417 | -484 | -1,851 | 0 | 0 | 0 | |||||||||||||||||||||
| Other financial income and expenses | 343 | 32 | -103 | -260 | 12 | -177 | -59 | -17 | -132 | -385 | -82 | -97 | -82 | -99 | -360 | -86 | -102 | -86 | -104 | -378 | -90 | -107 | -91 | -109 | -397 | |||||||||
| Income after financial items | 5,301 | 3,453 | 4,119 | 6,358 | 19,231 | 6,440 | 8,024 | 7,033 | 6,757 | 28,254 | 7,500 | 8,759 | 11,724 | 8,902 | 36,885 | 7,804 | 8,874 | 12,803 | 8,910 | 41,435 | 7,872 | 9,259 | 8,315 | 9,332 | 37,555 | |||||||||
| Taxes | - 1,510 | - 1,462 | - 1,509 | - 1,526 | - 6,007 | - 1,624 | - 2,019 | - 1,519 | - 1,809 | - 6,971 | - 1,950 | - 2,190 | - 2,814 | - 2,136 | - 9,090 | - 2,029 | - 2,218 | - 3,073 | - 2,138 | - 9,459 | - 2,047 | - 2,315 | - 1,996 | - 2,240 | - 8,597 | |||||||||
| 28.5% | 42.3% | 36.6% | 24.0% | 31.2% | 25.2% | 25.2% | 21.6% | 26.8% | 24.7% | 26.0% | 25.0% | 24.0% | 24.0% | 24.6% | 26.0% | 25.0% | 24.0% | 24.0% | 22.8% | 26.0% | 25.0% | 24.0% | 24.0% | 22.9% | ||||||||||
| Net income (loss) | 3,791 | 1,991 | 2,610 | 4,832 | 13,224 | 4,816 | 6,005 | 5,514 | 4,948 | 21,283 | 5,550 | 6,569 | 8,910 | 6,765 | 27,795 | 5,775 | 6,655 | 9,730 | 6,771 | 31,976 | 5,826 | 6,944 | 6,319 | 7,092 | 28,959 | |||||||||
| Adjusted | ||||||||||||||||||||||||||||||||||
| Goodwill Adjusted | ||||||||||||||||||||||||||||||||||
| Dividend | ||||||||||||||||||||||||||||||||||
| Retained Profit |
INPUT SHEET
| Fixed Assets | 2016 | 2017 | 2018 | 2019 | 2020 | |
| Opening balance at beginning of year | 86,149 | 90,568 | 90,514 | 94,113 | 97,893 | |
| Capex | 17,364 | 17,997 | 18,897 | 19,841 | ||
| Disposals | - 10,192 | |||||
| Depreciation | - 13,623 | - 14,397 | - 15,117 | - 15,873 | ||
| Acquisitions / Other items | 6,397 | |||||
| Closing balance at end of year | 90,568 | 90,514 | 94,113 | 97,893 | 101,861 | |
| Intangible Assets | 2016 | 2017 | 2018 | 2019 | 2020 | |
| Opening balance at beginning of year | 36,416 | 37,916 | 35,893 | 34,813 | 33,679 | |
| Capex | 2,036 | 1,800 | 1,890 | 1,984 | ||
| Disposals | - 72 | |||||
| Depreciation | - 3,208 | - 2,879 | - 3,023 | - 3,175 | ||
| Acquisitions / Other items | - 779 | |||||
| Closing balance at end of year | 37,916 | 35,893 | 34,813 | 33,679 | 32,489 | |
| Fixed assets check | ||||||
| Fixed Assets Capex as a % of sales | 5.19% | 5.00% | 5.00% | 5.00% | ||
| Fixed Assets Dep'n as a % of sales | 4.07% | 4.00% | 4.00% | 4.00% | ||
| Intangible Capex as a % of sales | 0.61% | 0.50% | 0.50% | 0.50% | ||
| Intangible Amortisation as a % of sales | 0.96% | 0.80% | 0.80% | 0.80% | ||
| As % of invoiced sales | ||||||
| Inventories | 16.0% | 15.7% | 15.5% | 15.5% | 15.5% | |
| Receivables | 16.8% | 16.5% | 16.5% | 16.5% | 16.5% | |
| Suppliers | -18.3% | -19.5% | -19.5% | -19.5% | -19.5% | |
| Tax | -14.0% | -9.7% | -7.3% | -7.3% | -7.3% | |
| Other current liabilities | -13.6% | -14.1% | -14.0% | -14.0% | -14.0% | |
| Current provisions | -4.7% | -3.4% | -3.5% | -3.5% | -3.5% | |
| Non-current liabilities | -5.6% | -5.9% | -5.5% | -5.5% | -5.5% | |
| Tax rate (Income tatement) | 26.1% | 31.2% | 24.7% | 24.0% | 24.0% | |
| Pension cost | 2.0% | 2.0% | 2.0% | |||
| Average debt | 16,793 | 5,001 | - 14,476 | - 31,331 | - 50,935 | |
| Interest charge | - 1,596 | - 2,073 | - 326 | - 300 | - 397 | |
| INTEREST RATE ESTIMATE | -9.5% | -41.5% | 0.25% | 0.25% | 0.25% |
Divisional Analysis
| Net sales | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | 2018 | |||||
| Trucks | 48,037 | 52,313 | 45,757 | 54,544 | 200,651 | 49,467 | 56,366 | 49,798 | 60,849 | 216,480 | 50,456 | 60,875 | 52,786 | 65,108 | 229,226 | |||||
| Construction Equipment | 12,452 | 13,630 | 11,539 | 13,110 | 50,731 | 16,163 | 18,511 | 15,091 | 16,733 | 66,498 | 18,587 | 21,843 | 16,600 | 19,243 | 76,273 | |||||
| Buses | 5,258 | 6,734 | 5,371 | 8,023 | 25,386 | 5,548 | 6,971 | 6,539 | 7,020 | 26,078 | 6,103 | 7,320 | 6,735 | 7,441 | 27,599 | |||||
| Volvo Penta | 2,340 | 2,679 | 2,465 | 2,409 | 9,893 | 2,701 | 3,081 | 2,662 | 2,676 | 11,120 | 2,890 | 3,327 | 2,795 | 2,837 | 11,849 | |||||
| Other | 1,870 | 1,773 | 1,446 | 2,665 | 7,754 | 1,615 | 1,572 | 1,371 | 1,892 | 6,450 | 1,615 | 1,572 | 1,371 | 1,892 | 6,450 | |||||
| Eliminations | -672 | -762 | -564 | -958 | -2,956 | -841 | -833 | -938 | -202 | -2,814 | -841 | -833 | -938 | -202 | -2,814 | |||||
| Industrial Operations | 69,285 | 76,367 | 66,014 | 79,793 | 291,459 | 74,653 | 85,668 | 74,523 | 88,968 | 323,812 | 78,811 | 94,104 | 79,349 | 96,319 | 348,583 | |||||
| Financial | 2,701 | 2,724 | 2,823 | 2,994 | 11,242 | 2,892 | 2,946 | 2,896 | 3,078 | 11,812 | 2,973 | 3,091 | 2,990 | 3,205 | 12,259 | |||||
| Eliminations | -279 | -200 | -80 | -228 | -787 | -179 | -205 | -193 | -296 | -873 | -184 | -215 | -199 | -308 | -907 | |||||
| Group Total | 71,707 | 78,891 | 68,757 | 82,559 | 301,914 | 77,366 | 88,409 | 77,226 | 91,750 | 334,751 | 81,599 | 96,980 | 82,140 | 99,216 | 359,935 | |||||
| Net sales growth | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | 2018 | ||||||||||
| Trucks | 3.0% | 7.7% | 8.8% | 11.6% | 7.9% | 2.0% | 8.0% | 6.0% | 7.0% | 5.9% | ||||||||||
| Construction Equipment | 29.8% | 35.8% | 30.8% | 27.6% | 31.1% | 15.0% | 18.0% | 10.0% | 15.0% | 14.7% | ||||||||||
| Buses | 5.5% | 3.5% | 21.7% | -12.5% | 2.7% | 10.0% | 5.0% | 3.0% | 6.0% | 5.8% | ||||||||||
| Volvo Penta | 15.4% | 15.0% | 8.0% | 11.1% | 12.4% | 7.0% | 8.0% | 5.0% | 6.0% | 6.6% | ||||||||||
| Other | ||||||||||||||||||||
| Eliminations | ||||||||||||||||||||
| Industrial Operations | 7.7% | 12.2% | 12.9% | 11.5% | 11.1% | 5.6% | 9.8% | 6.5% | 8.3% | 7.6% | ||||||||||
| Financial | 7.1% | 8.1% | 2.6% | 2.8% | 5.1% | 2.8% | 4.9% | 3.2% | 4.1% | 3.8% | ||||||||||
| Group Total | 7.9% | 12.1% | 12.3% | 11.1% | 10.9% | 5.5% | 9.7% | 6.4% | 8.1% | 7.5% | ||||||||||
| Operating Income (Adjusted) | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | 2018 | |||||
| Trucks | 3,741 | 5,222 | 3,756 | 4,754 | 17,473 | 4,910 | 5,417 | 4,261 | 5,796 | 20,384 | 4,541 | 5,722 | 4,751 | 5,990 | 21,004 | |||||
| Construction Equipment | 341 | 810 | 601 | 494 | 2,246 | 1,617 | 2,460 | 2,024 | 1816 | 7,917 | 2,026 | 1,857 | 1,992 | 2,309 | 8,184 | |||||
| Buses | 59 | 313 | 232 | 266 | 870 | 101 | 320 | 218 | 288 | 927 | 195 | 256 | 225 | 283 | 959 | |||||
| Volvo Penta | 366 | 389 | 358 | 156 | 1,269 | 419 | 479 | 353 | 187 | 1,438 | 289 | 363 | 321 | 298 | 1,271 | |||||
| Other | -519 | -1092 | -634 | -577 | -2,822 | -547 | -641 | -393 | -1353 | -2,934 | -577 | -704 | -418 | -500 | -2,200 | |||||
| Eliminations | -22 | -11 | 6 | 0 | -27 | -1 | -17 | 9 | 11 | 2 | 0 | 0 | 0 | 0 | 0 | |||||
| Industrial Operations | 3,966 | 5,631 | 4,318 | 5,093 | 19,008 | 6,499 | 8,019 | 6,472 | 6,745 | 27,735 | 6,474 | 7,494 | 6,870 | 8,380 | 29,218 | |||||
| Financial | 493 | 499 | 528 | 567 | 2,087 | 531 | 521 | 553 | 588 | 2,193 | 546 | 547 | 571 | 612 | 2,276 | |||||
| Group Total | 4,459 | 6,130 | 4,846 | 5,660 | 21,095 | 7,029 | 8,540 | 7,024 | 7,024 | 29,617 | 7,020 | 8,040 | 7,441 | 8,992 | 31,493 | |||||
| Operating Margin | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | 2018 | |||||
| Trucks | 7.8% | 10.0% | 8.2% | 8.7% | 8.7% | 9.9% | 9.6% | 8.6% | 9.5% | 9.4% | 9.0% | 9.4% | 9.0% | 9.2% | 9.2% | |||||
| Construction Equipment | 2.7% | 5.9% | 5.2% | 3.8% | 4.4% | 10.0% | 13.3% | 13.4% | 10.9% | 11.9% | 10.9% | 8.5% | 12.0% | 12.0% | 10.7% | |||||
| Buses | 1.1% | 4.6% | 4.3% | 3.3% | 3.4% | 1.8% | 4.6% | 3.3% | 4.1% | 3.6% | 3.2% | 3.5% | 3.3% | 3.8% | 3.5% | |||||
| Volvo Penta | 15.6% | 14.5% | 14.5% | 6.5% | 12.8% | 15.5% | 15.5% | 13.3% | 7.0% | 12.9% | 10.0% | 10.9% | 11.5% | 10.5% | 10.7% | |||||
| Other | ||||||||||||||||||||
| Eliminations | ||||||||||||||||||||
| Industrial Operations | 5.7% | 7.4% | 6.5% | 6.4% | 6.5% | 8.7% | 9.4% | 8.7% | 7.6% | 8.6% | 8.7% | 9.4% | 8.7% | 7.6% | 8.4% | |||||
| Financial | 18.3% | 18.3% | 18.7% | 18.9% | 18.6% | 18.4% | 17.7% | 19.1% | 19.1% | 18.6% | 18.4% | 17.7% | 19.1% | 19.1% | 18.6% | |||||
| Group Total | 6.2% | 7.8% | 7.0% | 6.9% | 7.0% | 9.1% | 9.7% | 9.1% | 7.7% | 8.8% | 9.1% | 9.7% | 9.1% | 7.7% | 8.7% |
Regional Forecasts
| Number of trucks | ||||||||||||||||||||||||
| 15Q1 | 15Q2 | 15Q3 | 15Q4 | 2015 | 16Q1 | 16Q2 | 16Q3 | 16Q4 | 2016 | 17Q1 | 17Q2 | 17Q3 | 17Q4 | 2017 | 17Q1 | 17Q2 | 17Q3 | 17Q4 | 2017 | |||||
| Europe | 19,794 | 22,329 | 18,408 | 25,917 | 86,448 | 22,917 | 26,734 | 20,510 | 27,748 | 97,909 | 23,602 | 27,686 | 22,301 | 31,843 | 105,432 | 25,962 | 30,455 | 23,862 | 34,390 | 114,669 | ||||
| North America | 15,950 | 17,839 | 15,329 | 15,389 | 64,507 | 10,740 | 12,039 | 8,309 | 8,105 | 39,193 | 7,065 | 10,720 | 9,747 | 10,409 | 37,941 | 7,913 | 12,006 | 10,722 | 11,554 | 42,195 | ||||
| South America | 2,117 | 2,784 | 3,060 | 3,108 | 11,069 | 1,890 | 2,549 | 2,413 | 2,590 | 9,442 | 1,889 | 2,692 | 3,046 | 3,446 | 11,073 | 2,456 | 3,230 | 3,290 | 3,791 | 12,766 | ||||
| Asia | 7,314 | 8,734 | 7,173 | 8,758 | 31,979 | 7,854 | 7,963 | 6,923 | 8,762 | 31,502 | 8,470 | 7,823 | 8,338 | 10,845 | 35,476 | 10,164 | 8,996 | 9,005 | 11,387 | 39,553 | ||||
| Africa and Oceania | 3,151 | 3,927 | 3,368 | 3,026 | 13,472 | 2,709 | 3,385 | 3,000 | 3,284 | 12,378 | 2,901 | 3,137 | 3,171 | 3,271 | 12,480 | 3,075 | 3,357 | 3,361 | 3,435 | 13,227 | ||||
| Total | 48,326 | 55,613 | 47,338 | 56,198 | 207,475 | 46,110 | 52,670 | 41,155 | 50,489 | 190,424 | 43,927 | 52,058 | 46,603 | 59,814 | 202,402 | 49,570 | 58,044 | 50,240 | 64,557 | 222,411 | ||||
| Europe | 15.8% | 19.7% | 11.4% | 7.1% | 13.3% | 3.0% | 3.6% | 8.7% | 14.8% | 7.7% | 10.0% | 10.0% | 7.0% | 8.0% | 8.8% | |||||||||
| North America | -32.7% | -32.5% | -45.8% | -47.3% | -39.2% | -34.2% | -11.0% | 17.3% | 28.4% | -3.2% | 12.0% | 12.0% | 10.0% | 11.0% | 11.2% | |||||||||
| South America | -10.7% | -8.4% | -21.1% | -16.7% | -14.7% | -0.1% | 5.6% | 26.2% | 33.1% | 17.3% | 30.0% | 20.0% | 8.0% | 10.0% | 15.3% | |||||||||
| Asia | 7.4% | -8.8% | -3.5% | 0.0% | -1.5% | 7.8% | -1.8% | 20.4% | 23.8% | 12.6% | 20.0% | 15.0% | 8.0% | 5.0% | 11.5% | |||||||||
| Africa and Oceania | -14.0% | -13.8% | -10.9% | 8.5% | -8.1% | 7.1% | -7.3% | 5.7% | -0.4% | 0.8% | 6.0% | 7.0% | 6.0% | 5.0% | 6.0% | |||||||||
| Total | -4.6% | -5.3% | -13.1% | -10.2% | -8.2% | -4.7% | -1.2% | 13.2% | 18.5% | 6.3% | 12.8% | 11.5% | 7.8% | 7.9% | 9.9% |
Regional
| Number of trucks | 00Q1 | 00Q2 | 00Q3 | 00Q4 | 01Q1 | 01Q2 | 01Q3 | 01Q4 | 02Q1 | 02Q2 | 02Q3 | 02Q4 | 03Q1 | 03Q2 | 03Q3 | 03Q4 | 04Q1 | 04Q2 | 04Q3 | 04Q4 | 05Q1 | 05Q2 | 05Q3 | 05Q4 | 06Q1 | 06Q2 | 06Q3 | 06Q4 | 07Q1 | 07Q2 | 07Q3 | 07Q4 | 08Q1 | 08Q2 | 08Q3 | 08Q4 | 09Q1 | 09Q2 | 09Q3 | 09Q4 | 10Q1 | 10Q2 | 10Q3 | 10Q4 | 11Q1 | 11Q2 | 11Q3 | 11Q4 | 12Q1 | 12Q2 | 12Q3 | 12Q4 | 13Q1 | 13Q2 | 13Q3 | 13Q4 | 14Q1 | 14Q2 | 14Q3 | 14Q4 | 15Q1 | 15Q2 | 15Q3 | 15Q4 | 16Q1 | 16Q2 | 16Q3 | 16Q4 | 17Q1 | 17Q2 | 17Q3 |
| Europe | 27,394 | 26,202 | 22,417 | 32,130 | 27,517 | 24,469 | 18,993 | 27,062 | 20,739 | 27,009 | 20,338 | 28,203 | 23,709 | 23,267 | 18,126 | 26,981 | 24,742 | 27,746 | 19,964 | 30,214 | 26,032 | 27,844 | 19,923 | 29,823 | 28,123 | 32,620 | 23,316 | 30,358 | 28,837 | 33,102 | 26,391 | 39,740 | 36,075 | 36,772 | 24,155 | 24,845 | 14,602 | 12,663 | 8,359 | 13,517 | 12,181 | 15,805 | 14,654 | 22,863 | 23,060 | 26,337 | 19,384 | 26,332 | 19,996 | 22,568 | 18,130 | 23,660 | 15,216 | 19,700 | 18,250 | 28,922 | 16,588 | 18,806 | 16,259 | 20,805 | 19,794 | 22,329 | 18,408 | 25,917 | 22,917 | 26,734 | 20,510 | 27,748 | 23,602 | 27,686 | 22,301 |
| North America | 16,381 | 16,099 | 11,664 | 13,789 | 10,150 | 9,748 | 7,084 | 7,663 | 7,442 | 10,592 | 11,043 | 7,438 | 6,479 | 9,831 | 8,250 | 10,196 | 9,772 | 12,173 | 12,284 | 15,044 | 15,209 | 17,235 | 15,821 | 16,709 | 17,541 | 18,038 | 17,248 | 17,672 | 9,024 | 5,540 | 7,494 | 11,222 | 7,137 | 8,802 | 6,572 | 7,635 | 4,086 | 3,667 | 4,184 | 5,637 | 5,255 | 4,388 | 5,869 | 8,770 | 8,821 | 10,290 | 9,829 | 13,673 | 12,848 | 13,822 | 10,659 | 10,477 | 7,707 | 13,203 | 11,072 | 12,773 | 13,001 | 14,983 | 13,972 | 15,758 | 15,950 | 17,839 | 15,329 | 15,389 | 10,740 | 12,039 | 8,309 | 8,105 | 7,065 | 10,720 | 9,747 |
| South America | 954 | 1,278 | 1,565 | 1,307 | 1,283 | 1,703 | 1,420 | 1,383 | 1,164 | 1,365 | 1,423 | 1,406 | 1,279 | 1,191 | 1,476 | 2,030 | 2,011 | 2,160 | 2,335 | 2,684 | 2,553 | 2,913 | 2,899 | 2,883 | 2,548 | 2,940 | 3,295 | 2,863 | 2,996 | 3,595 | 3,854 | 4,819 | 3,554 | 4,899 | 4,890 | 4,749 | 2,243 | 3,054 | 2,930 | 4,360 | 4,553 | 5,495 | 5,218 | 6,217 | 6,112 | 7,467 | 7,852 | 7,843 | 5,137 | 5,481 | 6,332 | 6,493 | 6,041 | 7,744 | 7,862 | 7,490 | 6,445 | 5,998 | 5,121 | 6,177 | 2,117 | 2,784 | 3,060 | 3,108 | 1,890 | 2,549 | 2,413 | 2,590 | 1,889 | 2,692 | 3,046 |
| Asia | 1,363 | 1,981 | 1,350 | 2,038 | 1,132 | 1,374 | 1,449 | 2,648 | 1,717 | 2,257 | 2,210 | 2,960 | 2,808 | 3,357 | 3,289 | 6,832 | 4,811 | 5,849 | 4,883 | 9,338 | 6,876 | 7,647 | 4,556 | 6,627 | 2,869 | 2,927 | 2,431 | 4,590 | 3,130 | 8,529 | 14,160 | 14,097 | 14,578 | 14,041 | 15,472 | 16,636 | 7,691 | 6,801 | 9,159 | 11,149 | 11,811 | 13,211 | 13,854 | 14,957 | 13,730 | 12,009 | 13,821 | 16,606 | 13,881 | 12,389 | 11,426 | 13,819 | 6,010 | 7,073 | 7,124 | 8,485 | 8,226 | 8,637 | 6,598 | 8,942 | 7,314 | 8,734 | 7,173 | 8,758 | 7,854 | 7,963 | 6,923 | 8,762 | 8,470 | 7,823 | 8,338 |
| Africa and Oceania | 1,097 | 2,301 | 2,012 | 3,247 | 2,057 | 2,651 | 2,196 | 3,329 | 2,260 | 2,558 | 2,501 | 2,508 | 1,800 | 1,960 | 1,481 | 1,647 | 1,611 | 1,692 | 1,762 | 2,144 | 1,935 | 2,516 | 1,867 | 2,511 | 2,233 | 2,709 | 2,304 | 3,306 | 2,504 | 5,423 | 5,252 | 6,647 | 4,547 | 5,240 | 4,890 | 5,664 | 3,621 | 3,464 | 2,984 | 3,505 | 3,140 | 3,715 | 4,018 | 4,015 | 3,346 | 3,808 | 3,896 | 4,175 | 4,250 | 4,508 | 3,964 | 4,177 | 3,442 | 4,264 | 3,953 | 3,943 | 3,585 | 4,799 | 3,989 | 4,439 | 3,151 | 3,927 | 3,368 | 3,026 | 2,709 | 3,385 | 3,000 | 3,284 | 2,901 | 3,137 | 3,171 |
| Total | 47,189 | 47,861 | 39,008 | 52,511 | 42,139 | 39,945 | 31,142 | 42,085 | 33,322 | 43,781 | 37,515 | 42,515 | 36,075 | 39,606 | 32,622 | 47,686 | 42,947 | 49,620 | 41,228 | 59,424 | 52,605 | 58,155 | 45,066 | 58,553 | 53,314 | 59,234 | 48,594 | 58,789 | 46,491 | 56,189 | 57,151 | 76,525 | 65,891 | 69,754 | 55,979 | 59,528 | 32,243 | 29,650 | 27,616 | 38,168 | 36,940 | 42,614 | 43,613 | 56,822 | 55,069 | 59,911 | 54,782 | 68,629 | 56,112 | 58,768 | 50,511 | 58,626 | 38,416 | 51,984 | 48,261 | 61,613 | 47,845 | 53,223 | 45,939 | 56,121 | 48,326 | 55,613 | 47,338 | 56,198 | 46,110 | 52,670 | 41,155 | 50,489 | 43,927 | 52,058 | 46,603 |
| 00Q4 | 01Q1 | 01Q2 | 01Q3 | 01Q4 | 02Q1 | 02Q2 | 02Q3 | 02Q4 | 03Q1 | 03Q2 | 03Q3 | 03Q4 | 04Q1 | 04Q2 | 04Q3 | 04Q4 | 05Q1 | 05Q2 | 05Q3 | 05Q4 | 06Q1 | 06Q2 | 06Q3 | 06Q4 | 07Q1 | 07Q2 | 07Q3 | 07Q4 | 08Q1 | 08Q2 | 08Q3 | 08Q4 | 09Q1 | 09Q2 | 09Q3 | 09Q4 | 10Q1 | 10Q2 | 10Q3 | 10Q4 | 11Q1 | 11Q2 | 11Q3 | 11Q4 | 12Q1 | 12Q2 | 12Q3 | 12Q4 | 13Q1 | 13Q2 | 13Q3 | 13Q4 | 14Q1 | 14Q2 | 14Q3 | 14Q4 | 15Q1 | 15Q2 | 15Q3 | 15Q4 | 16Q1 | 16Q2 | 16Q3 | 16Q4 | 17Q1 | 17Q2 | 17Q3 | ||||
| Number of trucks | Europe | 27,036 | 27,067 | 26,633 | 25,777 | 24,510 | 22,816 | 23,451 | 23,787 | 24,072 | 24,815 | 23,879 | 23,326 | 23,021 | 23,279 | 24,399 | 24,858 | 25,667 | 25,989 | 26,014 | 26,003 | 25,906 | 26,428 | 27,622 | 28,471 | 28,604 | 28,783 | 28,903 | 29,672 | 32,018 | 33,827 | 34,745 | 34,186 | 30,462 | 25,094 | 19,066 | 15,117 | 12,285 | 11,680 | 12,466 | 14,039 | 16,376 | 19,096 | 21,729 | 22,911 | 23,778 | 23,012 | 22,070 | 21,757 | 21,089 | 19,894 | 19,177 | 19,207 | 20,522 | 20,865 | 20,642 | 20,144 | 18,115 | 18,916 | 19,797 | 20,334 | 21,612 | 22,393 | 23,494 | 24,020 | 24,477 | 24,649 | 24,887 | 25,334 | ||
| Europe | North America | 14,483 | 12,926 | 11,338 | 10,193 | 8,661 | 7,984 | 8,195 | 9,185 | 9,129 | 8,888 | 8,698 | 8,000 | 8,689 | 9,512 | 10,098 | 11,106 | 12,318 | 13,678 | 14,943 | 15,827 | 16,244 | 16,827 | 17,027 | 17,384 | 17,625 | 15,496 | 12,371 | 9,933 | 8,320 | 7,848 | 8,664 | 8,433 | 7,537 | 6,774 | 5,490 | 4,893 | 4,394 | 4,686 | 4,866 | 5,287 | 6,071 | 6,962 | 8,438 | 9,428 | 10,653 | 11,660 | 12,543 | 12,751 | 11,952 | 10,666 | 10,512 | 10,615 | 11,189 | 12,512 | 12,957 | 13,682 | 14,429 | 15,166 | 15,880 | 16,219 | 16,127 | 14,824 | 13,374 | 11,619 | 9,798 | 8,880 | 8,550 | 8,909 | ||
| North America | South America | 1,276 | 1,358 | 1,465 | 1,428 | 1,447 | 1,418 | 1,333 | 1,334 | 1,340 | 1,368 | 1,325 | 1,338 | 1,494 | 1,677 | 1,919 | 2,134 | 2,298 | 2,433 | 2,621 | 2,762 | 2,812 | 2,811 | 2,818 | 2,917 | 2,912 | 3,024 | 3,187 | 3,327 | 3,816 | 3,956 | 4,282 | 4,541 | 4,523 | 4,195 | 3,734 | 3,244 | 3,147 | 3,724 | 4,335 | 4,907 | 5,371 | 5,761 | 6,254 | 6,912 | 7,319 | 7,075 | 6,578 | 6,198 | 5,861 | 6,087 | 6,653 | 7,035 | 7,284 | 7,385 | 6,949 | 6,264 | 5,935 | 4,853 | 4,050 | 3,535 | 2,767 | 2,711 | 2,652 | 2,490 | 2,361 | 2,360 | 2,396 | 2,554 | ||
| South America | Asia | 1,683 | 1,625 | 1,474 | 1,498 | 1,651 | 1,797 | 2,018 | 2,208 | 2,286 | 2,559 | 2,834 | 3,104 | 4,072 | 4,572 | 5,195 | 5,594 | 6,220 | 6,737 | 7,186 | 7,104 | 6,427 | 5,425 | 4,245 | 3,714 | 3,204 | 3,270 | 4,670 | 7,602 | 9,979 | 12,841 | 14,219 | 14,547 | 15,182 | 13,460 | 11,650 | 10,072 | 8,700 | 9,730 | 11,333 | 12,506 | 13,458 | 13,938 | 13,637 | 13,629 | 14,041 | 14,079 | 14,174 | 13,575 | 12,878 | 10,911 | 9,582 | 8,507 | 7,173 | 7,727 | 8,118 | 7,987 | 8,101 | 7,873 | 7,897 | 8,041 | 7,995 | 8,130 | 7,937 | 7,875 | 7,876 | 8,030 | 7,995 | 8,348 | ||
| Asia | Africa and Oceania | 2,164 | 2,404 | 2,492 | 2,538 | 2,558 | 2,609 | 2,586 | 2,662 | 2,457 | 2,342 | 2,192 | 1,937 | 1,722 | 1,675 | 1,608 | 1,678 | 1,802 | 1,883 | 2,089 | 2,116 | 2,207 | 2,282 | 2,330 | 2,439 | 2,638 | 2,706 | 3,384 | 4,121 | 4,957 | 5,467 | 5,422 | 5,331 | 5,085 | 4,854 | 4,410 | 3,933 | 3,394 | 3,273 | 3,336 | 3,595 | 3,722 | 3,774 | 3,797 | 3,766 | 3,806 | 4,032 | 4,207 | 4,224 | 4,225 | 4,023 | 3,962 | 3,959 | 3,901 | 3,936 | 4,070 | 4,079 | 4,203 | 4,095 | 3,877 | 3,721 | 3,368 | 3,258 | 3,122 | 3,030 | 3,095 | 3,143 | 3,081 | 3,123 | ||
| Heavy-duty (>16 tons) | 37,954 | 40,615 | 38,602 | 55,151 | 45,851 | 49,526 | 39,354 | 45,231 | 22,723 | 18,650 | 16,649 | 24,654 | 23,896 | 28,064 | 30,518 | 41,042 | 40,628 | 45,588 | 40,201 | 53,361 | 41,868 | 46,009 | 39,156 | 45,764 | 31,900 | 44,481 | 41,081 | 52,845 | 41,774 | 44,767 | 39,136 | 47,977 | 40,875 | 47,472 | 40,831 | 47,411 | 38,282 | 43,265 | 34,255 | 42,223 | 36,764 | 44,075 | 39,882 | ||||||||||||||||||||||||||||
| Medium-duty (7-16 tons) | 4,212 | 7,188 | 7,293 | 9,239 | 7,979 | 8,332 | 7,579 | 6,926 | 4,410 | 5,058 | 5,275 | 6,906 | 6,575 | 6,792 | 7,306 | 8,183 | 8,042 | 7,869 | 8,837 | 9,884 | 9,286 | 8,365 | 7,027 | 8,215 | 3,655 | 4,229 | 4,046 | 4,849 | 3,490 | 4,112 | 3,251 | 4,261 | 3,537 | 4,048 | 3,204 | 3,960 | 3,765 | 4,467 | 3,328 | 4,131 | 3,548 | 3,762 | 3,312 | ||||||||||||||||||||||||||||
| Light-duty (< 7 tons) | 4,325 | 8,386 | 11,255 | 12,135 | 12,061 | 11,896 | 9,046 | 7,371 | 5,111 | 5,943 | 5,693 | 6,608 | 6,469 | 7,759 | 5,790 | 7,598 | 6,399 | 6,454 | 5,745 | 5,384 | 4,958 | 4,394 | 4,328 | 4,647 | 2,861 | 3,274 | 3,134 | 3,919 | 2,581 | 4,344 | 3,552 | 3,883 | 3,914 | 4,093 | 3,303 | 4,827 | 4,063 | 4,938 | 3,572 | 4,135 | 3,615 | 4,221 | 3,409 | ||||||||||||||||||||||||||||
| Total | 46,491 | 56,189 | 57,151 | 76,525 | 65,891 | 69,754 | 55,979 | 59,528 | 32,243 | 29,650 | 27,616 | 38,168 | 36,941 | 42,614 | 43,613 | 56,822 | 55,069 | 59,911 | 54,782 | 68,629 | 56,112 | 58,768 | 50,511 | 58,626 | 38,416 | 51,984 | 48,261 | 61,613 | 47,845 | 53,223 | 45,939 | 56,121 | 48,326 | 55,613 | 47,338 | 56,198 | 46,110 | 52,670 | 41,155 | 50,489 | 43,927 | 52,058 | 46,603 | ||||||||||||||||||||||||||||
| Number of trucks | 00Q1 | 00Q2 | 00Q3 | 00Q4 | 01Q1 | 01Q2 | 01Q3 | 01Q4 | 02Q1 | 02Q2 | 02Q3 | 02Q4 | 03Q1 | 03Q2 | 03Q3 | 03Q4 | 04Q1 | 04Q2 | 04Q3 | 04Q4 | 05Q1 | 05Q2 | 05Q3 | 05Q4 | 06Q1 | 06Q2 | 06Q3 | 06Q4 | 07Q1 | 07Q2 | 07Q3 | 07Q4 | 08Q1 | 08Q2 | 08Q3 | 08Q4 | 09Q1 | 09Q2 | 09Q3 | 09Q4 | 10Q1 | 10Q2 | 10Q3 | 10Q4 | 11Q1 | 11Q2 | 11Q3 | 11Q4 | 12Q1 | 12Q2 | 12Q3 | 12Q4 | 13Q1 | 13Q2 | 13Q3 | 13Q4 | 14Q1 | 14Q2 | 14Q3 | 14Q4 | 15Q1 | 15Q2 | 15Q3 | 15Q4 | 16Q1 | 16Q2 | 16Q3 | 16Q4 | 17Q1 | 17Q2 | 17Q3 |
| Europe | 27,394 | 26,202 | 22,417 | 32,130 | 27,517 | 24,469 | 18,993 | 27,062 | 20,739 | 27,009 | 20,338 | 28,203 | 23,709 | 23,267 | 18,126 | 26,981 | 24,742 | 27,746 | 19,964 | 30,214 | 26,032 | 27,844 | 19,923 | 29,823 | 28,123 | 32,620 | 23,316 | 30,358 | 28,837 | 33,102 | 26,391 | 39,740 | 36,075 | 36,772 | 24,155 | 24,845 | 14,602 | 12,663 | 8,359 | 13,517 | 12,181 | 15,805 | 14,654 | 22,863 | 23,060 | 26,337 | 19,384 | 26,332 | 19,996 | 22,568 | 18,130 | 23,660 | 15,216 | 19,700 | 18,250 | 28,922 | 16,588 | 18,806 | 16,259 | 20,805 | 19,794 | 22,329 | 18,408 | 25,917 | 22,917 | 26,734 | 20,510 | 27,748 | 23,602 | 27,686 | 22,301 |
| Heavy- and medium-duty | 14,364 | 15,011 | 13,347 | 17,371 | 16,187 | 18,546 | 15,457 | 21,418 | 19,106 | 22,113 | 17,125 | 23,751 | 20,064 | 23,553 | 18,996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Light-duty | 2,224 | 3,795 | 2,912 | 3,434 | 3,607 | 3,783 | 2,951 | 4,499 | 3,811 | 4,621 | 3,385 | 3,997 | 3,538 | 4,133 | 3,305 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | 16,381 | 16,099 | 11,664 | 13,789 | 10,150 | 9,748 | 7,084 | 7,663 | 7,442 | 10,592 | 11,043 | 7,438 | 6,479 | 9,831 | 8,250 | 10,196 | 9,772 | 12,173 | 12,284 | 15,044 | 15,209 | 17,235 | 15,821 | 16,709 | 17,541 | 18,038 | 17,248 | 17,672 | 9,024 | 5,540 | 7,494 | 11,222 | 7,137 | 8,802 | 6,572 | 7,635 | 4,086 | 3,667 | 4,184 | 5,637 | 5,255 | 4,388 | 5,869 | 8,770 | 8,821 | 10,290 | 9,829 | 13,673 | 12,848 | 13,822 | 10,659 | 10,477 | 7,707 | 13,203 | 11,072 | 12,773 | 13,001 | 14,983 | 13,972 | 15,758 | 15,950 | 17,839 | 15,329 | 15,389 | 10,740 | 12,039 | 8,309 | 8,105 | 7,065 | 10,720 | 9,747 |
| South America | 954 | 1,278 | 1,565 | 1,307 | 1,283 | 1,703 | 1,420 | 1,383 | 1,164 | 1,365 | 1,423 | 1,406 | 1,279 | 1,191 | 1,476 | 2,030 | 2,011 | 2,160 | 2,335 | 2,684 | 2,553 | 2,913 | 2,899 | 2,883 | 2,548 | 2,940 | 3,295 | 2,863 | 2,996 | 3,595 | 3,854 | 4,819 | 3,554 | 4,899 | 4,890 | 4,749 | 2,243 | 3,054 | 2,930 | 4,360 | 4,553 | 5,495 | 5,218 | 6,217 | 6,112 | 7,467 | 7,852 | 7,843 | 5,137 | 5,481 | 6,332 | 6,493 | 6,041 | 7,744 | 7,862 | 7,490 | 6,445 | 5,998 | 5,121 | 6,177 | 2,117 | 2,784 | 3,060 | 3,108 | 1,890 | 2,549 | 2,413 | 2,590 | 1,889 | 2,692 | 3,046 |
| Asia | 1,363 | 1,981 | 1,350 | 2,038 | 1,132 | 1,374 | 1,449 | 2,648 | 1,717 | 2,257 | 2,210 | 2,960 | 2,808 | 3,357 | 3,289 | 6,832 | 4,811 | 5,849 | 4,883 | 9,338 | 6,876 | 7,647 | 4,556 | 6,627 | 2,869 | 2,927 | 2,431 | 4,590 | 3,130 | 8,529 | 14,160 | 14,097 | 14,578 | 14,041 | 15,472 | 16,636 | 7,691 | 6,801 | 9,159 | 11,149 | 11,811 | 13,211 | 13,854 | 14,957 | 13,730 | 12,009 | 13,821 | 16,606 | 13,881 | 12,389 | 11,426 | 13,819 | 6,010 | 7,073 | 7,124 | 8,485 | 8,226 | 8,637 | 6,598 | 8,942 | 7,314 | 8,734 | 7,173 | 8,758 | 7,854 | 7,963 | 6,923 | 8,762 | 8,470 | 7,823 | 8,338 |
| Africa and Oceania | 1,097 | 2,301 | 2,012 | 3,247 | 2,057 | 2,651 | 2,196 | 3,329 | 2,260 | 2,558 | 2,501 | 2,508 | 1,800 | 1,960 | 1,481 | 1,647 | 1,611 | 1,692 | 1,762 | 2,144 | 1,935 | 2,516 | 1,867 | 2,511 | 2,233 | 2,709 | 2,304 | 3,306 | 2,504 | 5,423 | 5,252 | 6,647 | 4,547 | 5,240 | 4,890 | 5,664 | 3,621 | 3,464 | 2,984 | 3,505 | 3,140 | 3,715 | 4,018 | 4,015 | 3,346 | 3,808 | 3,896 | 4,175 | 4,250 | 4,508 | 3,964 | 4,177 | 3,442 | 4,264 | 3,953 | 3,943 | 3,585 | 4,799 | 3,989 | 4,439 | 3,151 | 3,927 | 3,368 | 3,026 | 2,709 | 3,385 | 3,000 | 3,284 | 2,901 | 3,137 | 3,171 |
| Total | 47,189 | 47,861 | 39,008 | 52,511 | 42,139 | 39,945 | 31,142 | 42,085 | 33,322 | 43,781 | 37,515 | 42,515 | 36,075 | 39,606 | 32,622 | 47,686 | 42,947 | 49,620 | 41,228 | 59,424 | 52,605 | 58,155 | 45,066 | 58,553 | 53,314 | 59,234 | 48,594 | 58,789 | 46,491 | 56,189 | 57,151 | 76,525 | 65,891 | 69,754 | 55,979 | 59,528 | 32,243 | 29,650 | 27,616 | 38,168 | 36,940 | 42,614 | 43,613 | 56,822 | 55,069 | 59,911 | 54,782 | 68,629 | 56,112 | 58,768 | 50,511 | 58,626 | 38,416 | 51,984 | 48,261 | 61,613 | 47,845 | 53,223 | 45,939 | 56,121 | 48,326 | 55,613 | 47,338 | 56,198 | 46,110 | 52,670 | 41,155 | 50,489 | 43,927 | 52,058 | 46,603 |
| Heavy-duty (>16 tons) | 37,954 | 40,615 | 38,602 | 55,151 | 45,851 | 49,526 | 39,354 | 45,231 | 22,723 | 18,650 | 16,649 | 24,654 | 23,896 | 28,064 | 30,518 | 41,042 | 40,628 | 45,588 | 40,201 | 53,361 | 41,868 | 46,009 | 39,156 | 45,764 | 31,900 | 44,481 | 41,081 | 52,845 | 41,774 | 44,767 | 39,136 | 47,977 | 40,875 | 47,472 | 40,831 | 47,411 | 38,282 | 43,265 | 34,255 | 42,223 | 36,764 | 44,075 | 39,882 | ||||||||||||||||||||||||||||
| Medium-duty (7-16 tons) | 4,212 | 7,188 | 7,293 | 9,239 | 7,979 | 8,332 | 7,579 | 6,926 | 4,410 | 5,058 | 5,275 | 6,906 | 6,575 | 6,792 | 7,306 | 8,183 | 8,042 | 7,869 | 8,837 | 9,884 | 9,286 | 8,365 | 7,027 | 8,215 | 3,655 | 4,229 | 4,046 | 4,849 | 3,490 | 4,112 | 3,251 | 4,261 | 3,537 | 4,048 | 3,204 | 3,960 | 3,765 | 4,467 | 3,328 | 4,131 | 3,548 | 3,762 | 3,312 | ||||||||||||||||||||||||||||
| Light-duty (< 7 tons) | 4,325 | 8,386 | 11,255 | 12,135 | 12,061 | 11,896 | 9,046 | 7,371 | 5,111 | 5,943 | 5,693 | 6,608 | 6,469 | 7,759 | 5,790 | 7,598 | 6,399 | 6,454 | 5,745 | 5,384 | 4,958 | 4,394 | 4,328 | 4,647 | 2,861 | 3,274 | 3,134 | 3,919 | 2,581 | 4,344 | 3,552 | 3,883 | 3,914 | 4,093 | 3,303 | 4,827 | 4,063 | 4,938 | 3,572 | 4,135 | 3,615 | 4,221 | 3,409 | ||||||||||||||||||||||||||||
| Total | 46,491 | 56,189 | 57,151 | 76,525 | 65,891 | 69,754 | 55,979 | 59,528 | 32,243 | 29,650 | 27,616 | 38,168 | 36,941 | 42,614 | 43,613 | 56,822 | 55,069 | 59,911 | 54,782 | 68,629 | 56,112 | 58,768 | 50,511 | 58,626 | 38,416 | 51,984 | 48,261 | 61,613 | 47,845 | 53,223 | 45,939 | 56,121 | 48,326 | 55,613 | 47,338 | 56,198 | 46,110 | 52,670 | 41,155 | 50,489 | 43,927 | 52,058 | 46,603 |
Europe 00Q4 01Q1 01Q2 01Q3 01Q4 02Q1 02Q2 02Q3 02Q4 03Q1 03Q2 03Q3 03Q4 04Q1 04Q2 04Q3 04Q4 05Q1 05Q2 05Q3 05Q4 06Q1 06Q2 06Q3 06Q4 07Q1 07Q2 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 27035.75 27066.5 26633.25 25777.25 24510.25 22815.75 23450.75 23787 24072.25 24814.75 23879.25 23326.25 23020.75 23279 24398.75 24858.25 25666.5 25989 26013.5 26003.25 25905.5 26428.25 27622.25 28470.5 28604.25 28782.75 28903.25 29672 32017.5 33827 34744.5 34185.5 30461.75 25093.5 19066.25 15117.25 12285.25 11680 12465.5 14039.25 16375.75 19095.5 21728.5 22911 23778.25 23012.25 22070 21756.5 21088.5 19893.5 19176.5 19206.5 20522 20865 20641.5 20143.75 18114.5 18916 19796.75 20334 21612 22392.75 23494 24019.5 24477.25 24648.5 24886.5 25334.25 North America 00Q4 01Q1 01Q2 01Q3 01Q4 02Q1 02Q2 02Q3 02Q4 03Q1 03Q2 03Q3 03Q4 04Q1 04Q2 04Q3 04Q4 05Q1 05Q2 05Q3 05Q4 06Q1 06Q2 06Q3 06Q4 07Q1 07Q2 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 14483.25 12925.5 11337.75 10192.75 8661.25 7984.25 8195.25 9185 9128.75 8888 8697.75 7999.5 8689 9512.25 10097.75 11106.25 12318.25 13677.5 14943 15827.25 16243.5 16826.5 17027.25 17384 17624.75 15495.5 12371 9932.5 8320 7848.25 8663.75 8433.25 7536.5 6773.75 5490 4893 4393.5 4685.75 4866 5287.25 6070.5 6962 8437.5 9427.5 10653.25 11660 12543 12750.5 11951.5 10666.25 10511.5 10614.75 11188.75 12512.25 12957.25 13682.25 14428.5 15165.75 15879.75 16219 16126.75 14824.25 13374.25 11619.25 9798.25 8879.5 8549.75 8909.25 South America 00Q4 01Q1 01Q2 01Q3 01Q4 02Q1 02Q2 02Q3 02Q4 03Q1 03Q2 03Q3 03Q4 04Q1 04Q2 04Q3 04Q4 05Q1 05Q2 05Q3 05Q4 06Q1 06Q2 06Q3 06Q4 07Q1 07Q2 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 1276 1358.25 1464.5 1428.25 1447.25 1417.5 1333 1333.75 1339.5 1368.25 1324.75 1338 1494 1677 1919.25 2134 2297.5 2433 2621.25 2762.25 2812 2810.75 2817.5 2916.5 2911.5 3023.5 3187.25 3327 3816 3955.5 4281.5 4540.5 4523 4195.25 3734 3244 3146.75 3724.25 4334.5 4906.5 5370.75 5760.5 6253.5 6912 7318.5 7074.75 6578.25 6198.25 5860.75 6086.75 6652.5 7035 7284.25 7385.25 6948.75 6263.5 5935.25 4853.25 4049.75 3534.5 2767.25 2710.5 2651.75 2490 2360.5 2360.25 2396 2554.25 Asia 00Q4 01Q1 01Q2 01Q3 01Q4 02Q1 02Q2 02Q3 02Q4 03Q1 03Q2 03Q3 03Q4 04Q1 04Q2 04Q3 04Q4 05Q1 05Q2 05Q3 05Q4 06Q1 06Q2 06Q3 06Q4 07Q1 07Q2 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 1683 1625.25 1473.5 1498.25 1650.75 1797 2017.75 2208 2286 2558.75 2833.75 3103.5 4071.5 4572.25 5195.25 5593.75 6220.25 6736.5 7186 7104.25 6426.5 5424.75 4244.75 3713.5 3204.25 3269.5 4670 7602.25 9979 12841 14219 14546.875 15181.525 13459.775 11649.65 10071.525 8699.875 9729.875 11332.5 12506.25 13458.125 13937.75 13637.125 13628.875 14041.25 14079 14174 13575.125 12878.375 10910.75 9581.875 8506.5 7173 7727 8118 7986.5 8100.75 7872.75 7897 8040.75 7994.75 8129.75 7937 7874.5 7875.5 8029.5 7994.5 8348.25 Africa and Oceania 00Q4 01Q1 01Q2 01Q3 01Q4 02Q1 02Q2 02Q3 02Q4 03Q1 03Q2 03Q3 03Q4 04Q1 04Q2 04Q3 04Q4 05Q1 05Q2 05Q3 05Q4 06Q1 06Q2 06Q3 06Q4 07Q1 07Q2 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 2164.25 2404.25 2491. 75 2537.75 2558.25 2609 2585.75 2662 2456.75 2341.75 2192.25 1937.25 1722 1674.75 1607.75 1678 1802.25 1883.25 2089.25 2115.5 2207.25 2281.75 2330 2439.25 2638 2705.75 3384.25 4121.25 4956.5 5467.25 5421.5 5331 5085.25 4853.75 4409.75 3933.25 3393.5 3273.25 3336 3594.5 3722 3773.5 3796.75 3766.25 3806.25 4032.25 4207.25 4224.25 4224.75 4022.75 3961.75 3959 3900.5 3936.25 4070 4079 4203 4094.5 3876.5 3721.25 3368 3257.5 3122 3030 3094.5 3142.5 3080.5 3123.25
Charts
Europe 00Q4 01Q1 01Q2 01Q3 01Q4 02Q1 02Q2 02Q3 02Q4 03Q1 03Q2 03Q3 03Q4 04Q1 04Q2 04Q3 04Q4 05Q1 05Q2 05Q3 05Q4 06Q1 06Q2 06Q3 06Q4 07Q1 07Q2 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 27035.75 27066.5 26633.25 25777.25 24510.25 22815.75 23450.75 23787 24072.25 24814.75 23879.25 23326.25 23020.75 23279 24398.75 24858.25 25666.5 25989 26013.5 26003.25 25905.5 26428.25 27622.25 28470.5 28604.25 28782.75 28903.25 29672 32017.5 33827 34744.5 34185.5 30461.75 25093.5 19066.25 15117.25 12285.25 11680 12465.5 14039.25 16375.75 19095.5 21728.5 22911 23778.25 23012.25 22070 21756.5 21088.5 19893.5 19176.5 19206.5 20522 20865 20641.5 20143.75 18114.5 18916 19796.75 20334 21612 22392.75 23494 24019.5 24477.25 24648.5 24886.5 25334.25 North America 00Q4 01Q1 01Q2 01Q3 01Q4 02Q1 02Q2 02Q3 02Q4 03Q1 03Q2 03Q3 03Q4 04Q1 04Q2 04Q3 04Q4 05Q1 05Q2 05Q3 05Q4 06Q1 06Q2 06Q3 06Q4 07Q1 07Q2 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 14483.25 12925.5 11337.75 10192.75 8661.25 7984.25 8195.25 9185 9128.75 8888 8697.75 7999.5 8689 9512.25 10097.75 11106.25 12318.25 13677.5 14943 15827.25 16243.5 16826.5 17027.25 17384 17624.75 15495.5 12371 9932.5 8320 7848.25 8663.75 8433.25 7536.5 6773.75 5490 4893 4393.5 4685.75 4866 5287.25 6070.5 6962 8437.5 9427.5 10653.25 11660 12543 12750.5 11951.5 10666.25 10511.5 10614.75 11188.75 12512.25 12957.25 13682.25 14428.5 15165.75 15879.75 16219 16126.75 14824.25 13374.25 11619.25 9798.25 8879.5 8549.75 8909.25 South America 00Q4 01Q1 01Q2 01Q3 01Q4 02Q1 02Q2 02Q3 02Q4 03Q1 03Q2 03Q3 03Q4 04Q1 04Q2 04Q3 04Q4 05Q1 05Q2 05Q3 05Q4 06Q1 06Q2 06Q3 06Q4 07Q1 07Q2 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 1276 1358.25 1464.5 1428.25 1447.25 1417.5 1333 1333.75 1339.5 1368.25 1324.75 1338 1494 1677 1919.25 2134 2297.5 2433 2621.25 2762.25 2812 2810.75 2817.5 2916.5 2911.5 3023.5 3187.25 3327 3816 3955.5 4281.5 4540.5 4523 4195.25 3734 3244 3146.75 3724.25 4334.5 4906.5 5370.75 5760.5 6253.5 6912 7318.5 7074.75 6578.25 6198.25 5860.75 6086.75 6652.5 7035 7284.25 7385.25 6948.75 6263.5 5935.25 4853.25 4049.75 3534.5 2767.25 2710.5 2651.75 2490 2360.5 2360.25 2396 2554.25 Asia 00Q4 01Q1 01Q2 01Q3 01Q4 02Q1 02Q2 02Q3 02Q4 03Q1 03Q2 03Q3 03Q4 04Q1 04Q2 04Q3 04Q4 05Q1 05Q2 05Q3 05Q4 06Q1 06Q2 06Q3 06Q4 07Q1 07Q2 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 1683 1625.25 1473.5 1498.25 1650.75 1797 2017.75 2208 2286 2558.75 2833.75 3103.5 4071.5 4572.25 5195.25 5593.75 6220.25 6736.5 7186 7104.25 6426.5 5424.75 4244.75 3713.5 3204.25 3269.5 4670 7602.25 9979 12841 14219 14546.875 15181.525 13459.775 11649.65 10071.525 8699.875 9729.875 11332.5 12506.25 13458.125 13937.75 13637.125 13628.875 14041.25 14079 14174 13575.125 12878.375 10910.75 9581.875 8506.5 7173 7727 8118 7986.5 8100.75 7872.75 7897 8040.75 7994.75 8129.75 7937 7874.5 7875.5 8029.5 7994.5 8348.25 Africa and Oceania 00Q4 01Q1 01Q2 01Q3 01Q4 02Q1 02Q2 02Q3 02Q4 03Q1 03Q2 03Q3 03Q4 04Q1 04Q2 04Q3 04Q4 05Q1 05Q2 05Q3 05Q4 06Q1 06Q2 06Q3 06Q4 07Q1 07Q2 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 2164.25 2404.25 2491. 75 2537.75 2558.25 2609 2585.75 2662 2456.75 2341.75 2192.25 1937.25 1722 1674.75 1607.75 1678 1802.25 1883.25 2089.25 2115.5 2207.25 2281.75 2330 2439.25 2638 2705.75 3384.25 4121.25 4956.5 5467.25 5421.5 5331 5085.25 4853.75 4409.75 3933.25 3393.5 3273.25 3336 3594.5 3722 3773.5 3796.75 3766.25 3806.25 4032.25 4207.25 4224.25 4224.75 4022.75 3961.75 3959 3900.5 3936.25 4070 4079 4203 4094.5 3876.5 3721.25 3368 3257.5 3122 3030 3094.5 3142.5 3080.5 3123.25
Valuation
| Share data | 2017 | 2018 | 2019 | 2020 | |
| Shares outstanding | |||||
| Volvo B | 2,031,854,284 | 2,128,420,000 | 2,128,420,000 | 2,128,420,000 | |
| Total shares for EPS | 2,031,854,284 | 2,128,420,000 | 2,128,420,000 | 2,128,420,000 | |
| - CFPS - | |||||
| - DPS - | |||||
| - EPS - | |||||
| - NAV - | |||||
| Dividend payout | |||||
| Payout ratio | |||||
| Fully Diluted Shares | 2,031,854,284 | 2,128,420,000 | 2,128,420,000 | 2,128,420,000 | |
| VALUATION ANALYSIS | 2017 | 2018 | 2019 | 2020 | |
| Share price | 157.50 | 157.50 | 157.50 | 157.50 | |
| Market cap - year high | 320,017 | 335,226 | 335,226 | 335,226 | |
| Net Debt /Cash | (7,250) | (21,701) | (40,961) | (60,909) | |
| Enterprise value | 312,767 | 313,525 | 294,265 | 274,317 | |
| Operating Income | 30,327.0 | 31,493.3 | 36,153.6 | 37,952.3 | |
| EV/EBIT | 10.3 | 10.0 | 8.1 | 7.2 | |
| EBITDA | 47,158 | 48,770 | 54,294 | 57,000 | |
| EV/EBITDA | 6.6 | 6.4 | 5.4 | 4.8 | |
| Sales | 334,748 | 359,935 | 377,932 | 396,829 | |
| EV/Sales | 0.9 | 0.9 | 0.8 | 0.7 | |
| Capital employed | 101,760 | 104,887 | 106,226 | 107,617 | |
| EV/CE | 3.1 | 3.0 | 2.8 | 2.5 | |
| EPS | 10.47 | 10.37 | 12.40 | 13.67 | |
| PER | 15.0 | 15.2 | 12.7 | 11.5 | |
| -0.96% | 19.55% | 10.19% | |||
| CFPS | 18.8 | 18.5 | 20.9 | 22.6 | |
| PCFR | 8.40 | 8.52 | 7.53 | 6.96 | |
| NAV | 53.65 | 59.48 | 69.15 | 79.18 | |
| PBV | 2.9 | 2.6 | 2.3 | 2.0 | |
| Free Cashflow | 23,757 | 21,623 | 27,034 | 28,446 | |
| EV/FCF | 13.2 | 14.5 | 10.9 | 9.6 | |
| Dividend | 3.25 | 3.40 | 3.60 | 3.75 | |
| Dividend Yield | 2.06% | 2.16% | 2.29% | 2.38% |
DCF
| Discounted cash flow calculations | |||||||||||
| Discount rate(WACC) | 10.34% | ||||||||||
| Year to March (SEK m) | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Terminal Value | |||
| Operating profit | 31,493 | 36,154 | 37,952 | ||||||||
| Depreciation & amortisation | 17,277 | 18,141 | 19,048 | ||||||||
| Working capital | -2,558 | -2,250 | -2,362 | ||||||||
| Operating cash | 46,212 | 52,045 | 54,638 | ||||||||
| Capital expenditure | -19,796 | -20,786 | -21,826 | ||||||||
| Tax | -6,971 | -8,045 | -8,293 | ||||||||
| Interest | -326 | -300 | -397 | ||||||||
| Provisions etc | 5,316 | 8,351 | 6,791 | ||||||||
| Free Cash Flow | 24,435 | 31,264 | 30,913 | 31,686 | 32,478 | 33,290 | 34,122 | 34,122 | FCF 2025 | ||
| 10.34% | r-g | ||||||||||
| Discount factor | 0.906 | 0.821 | 0.744 | 0.675 | 0.612 | 0.554 | 0.502 | 330,132 | Terminal Value | ||
| Discounted cash flow | 22,146 | 25,681 | 23,014 | 21,380 | 19,861 | 18,451 | 17,140 | 165,831 | Cumulative Discounted cash | ||
| Cumulative DCF | 22,146 | 47,826 | 70,840 | 92,220 | 112,081 | 130,532 | 147,672 | 495,963 | |||
| Add cash | 7,250 | Cash 2018 | |||||||||
| Estimated equity value (SEK m) | 488,713 | Equity Value | |||||||||
| Shares issued (m) | 2,031,854,284 | ||||||||||
| Equity value/share (SEK) | 240.5 | ||||||||||
| Medium Term Growth | 2.5% | ||||||||||
| Long Term growth | 0.0% | ||||||||||
| Discount Rate | |||||||||||
| Risk Free Rate (Rf) | 0.7% | ||||||||||
| Beta | 1.32 | ||||||||||
| Return on the Market (Rm) | 8.0% | ||||||||||
| Risk Free Rate (Rf) | 0.7% | ||||||||||
| Dicount rate | 10.3% |
