Key financial data

Read our summary of essential facts and figures about Volvo Car Group

Key Figures Restated 2014 (2) 2014 2013 2012 Restated 2014 (2)/2013 % change
Net revenue, MSEK 137 590 129 959 122 245 124 547 12.6%
Research and development expenses, MSEK -6 627 -6 613 -5 864 -6 289 -13.0%
Operating income, EBIT, MSEK 2 128 2 252 1 919 66 10.9%
Net income, MSEK 508 834 960 -542 -47.1%
EBITDA, MSEK 9 491 9183 (1) 9057 (1) 8 082 4.8%
Operating & investing cash flow adjusted for marketable securities, MSEK -4 766 -4 131 109 -4 929 -4472.5%
EBIT margin, % 1.5% 1.7% 1.6% 0.1% -6.3%
EBITDA margin, % 6.9% 7.1% 7.4% 6.5% -6.8%
Equity ratio, % 27.8% 29.9% 28.1% 28.5% -1.1%
Net debt (Net Cash if negative), MSEK 856 928 -2 607 -2 240 132.8%
(1) Volvo Car Group has reclassified lease agreements with maturity less than one year from assets held under operating leases to inventory. Depreciation has as a result of the reclassification decreased by MSEK 716 (2014), MSEK 769 (2013).
(2) The comparative figures for 2014 are restated. As the incorporation of the Chinese entities is a common control transaction Volvo Car Group has elected to apply predecessor accounting, meaning that the comparative information is presented in the report as if the incorporated entities had always been controlled by Volvo Car Group.
Consolidated Income Statements (MSEK) Restated 2014 (1) 2014 2013 2012 Restated 2014(1)/2013 % change
Net revenue 137 590 129 959 122 245 124 547 12.6%
Cost of sales -114 019 -107 955 -101 934 -104 600 -11.9%
Gross Income 23 571 22 004 20 311 19 947 16.1%
Research and development expenses -6 627 -6 613 -5 864 -6 289 -13.0%
Selling expenses -8 708 -8 073 -7 919 -8 642 -10.0%
Administrative expenses -5 943 -5 431 -5 129 -5 192 -15.9%
Other operating income 1 992 1 953 1 509 1 032 32.0%
Other operating expense -2 348 -1 692 -1 168 -814 -101.0%
Share of income in associates 191 104 179 24 6.7%
Operating income 2 128 2 252 1 919 66 10.9%
Financial income 342 325 87 120 293.1%
Financial expenses -1 315 -1 087 -874 -1 180 -50.5%
Income before tax 1 155 1 490 1 132 -994 2.0%
Income tax -647 -656 -172 452 -276.2%
Net income 508 834 960 -542 -47.1%
Net income attributable to:
Owners of the parent company 540 834 960 -592 -43.8%
Non-controlling interests -32 - - 50 -
508 834 960 -542 -47.1%
(1) The comparative figures for 2014 are restated. As the incorporation of the Chinese entities is a common control transaction Volvo Car Group has elected to apply predecessor accounting, meaning that the comparative information is presented in the report as if the incorporated entities had always been controlled by Volvo Car Group.
Balance Sheets (MSEK) Restated 2014 (1) 2014 2013 2012 Restated 2014/2013 % change
ASSETS
Non-current assets
Intangible assets 20 649 20 098 17 271 15 666 19.6%
Property, plant and equipment 36 122 29 275 25 653 25 654 40.8%
Assets held under operating leases 1 942 1 942 1 890 3 542 2.8%
Investments in joint ventures and associates 612 1 541 1 159 550 -47.2%
Other long-term securities holdings 13 13 10 10 30.0%
Deferred tax assets 3 107 2 535 2 165 1 820 43.5%
Other non-current assets 11 656 11 647 1 077 734 982.3%
Total non-current assets 74 101 67 051 49 225 47 976 50.5%
Current assets
Inventories 17 724 14 368 14 416 11 812 22.9%
Acounts receivable 7 674 8 004 5 618 4 735 36.6%
Current tax assets 355 355 97 87 266.0%
Other current assets 5 332 4 484 2 781 2 587 91.7%
Marketable securities 1 047 1 047 88 - 1089.8%
Cash and cash equivalents 17 002 14 165 15 372 9 607 10.6%
Total current assets 49 134 42 423 38 372 28 828 28.0%
TOTAL ASSETS 123 235 109 474 87 597 76 804 40.7%
EQUITY & LIABILITIES
Equity
Equity attributable to owners of the parent company 32 804 32 702 24 638 21 901 33.1%
Non-controlling interests 1 464 - - - -
Total equity 34 268 32 702 24 638 21 901 39.1%
Non-current liabilities
Provisions for post-employment benefits 6 186 6 377 3 641 5 492 69.9%
Deferred tax liabilities 3 337 3 337 1 759 1 556 89.7%
Other non-current provisions 5 857 5 592 5 463 5 911 7.2%
Liabilities to credit institutions 17 345 15 208 12 033 7 057 44.1%
Liabilities to parent company 1 143 - - - -
Other non-current liabilities 1 601 1 600 1 212 1 057 32.1%
Total non-current liabilities 35 469 32 114 24 108 21 073 47.1%
Current liabilities
Current provisions 10 484 9 319 8 169 7 182 28.3%
Liabilities to credit institutions 1 560 932 820 310 90.2%
Advance payments from customers 379 299 317 187 19.6%
Accounts payables 18 563 14 434 13 632 12 626 36.2%
Current tax liabilities 627 598 658 365 -4.7%
Liabilities to parent company 1 651 - - - -
Other current liabilities 20 234 19 076 15 255 13 160 32.6%
Total current liabilities 53 498 44 658 38 851 33 830 37.7%
TOTAL EQUITY & LIABILITIES 123 235 109 474 87 597 76 804 40.7%
(1) The comparative figures for 2014 are restated. As the incorporation of the Chinese entities is a common control transaction Volvo Car Group has elected to apply predecessor accounting, meaning that the comparative information is presented in the report as if the incorporated entities had always been controlled by Volvo Car Group.
Consolidated Statement of Cash Flows (MSEK) Restated 2014 (1) 2014 2013 2012 Restated 2014/2013 % change
Operating activities
Operating income 2 128 2 252 1 919 66 10.9%
Depreciation and amortisation of non-current assets 7 363 6 931 7 138 8 016 3.2%
Interest and similar items received 149 131 87 120 71.3%
Interest and similar items paid -875 -647 -433 -423 -102.1%
Other financial items -40 -39 -80 -85 50.0%
Income tax paid -1 293 -1 473 -573 -928 -125.7%
Adjustments for items not affecting cash flow -552 -363 -281 -410 -96.4%
6 880 6 792 7 777 6 356 -11.5%
Movements in working capital
Change in inventories -2 272 531 -349 1 407 -551.0%
Change in accounts receivable -2 720 -2 386 -883 -928 -208.0%
Change in accounts payable 4 227 802 1 006 -2 838 320.2%
Change in items relating to repurchase commitments -193 -192 -47 -1 132 -310.6%
Change in provisions 2 507 1 374 767 -858 226.9%
Change in other working capital assets/liabilities 410 -575 590 742 -30.5%
Cash flow from movements in working capital 1 959 -446 1 084 -3 607 80.7%
Cash flow from operating activities 8 839 6 346 8 861 2 749 -0.2%
Investing activities
Investments in joint ventures and associates 113 -537 -520 -258 121.7%
Investments in intangible assets -5 234 -4 887 -4 188 -3 061 -25.0%
Disposal of intangible assets - - 500 - -
Investments in property, plant and equipment -8 646 -5 250 -4 714 -4 466 -83.4%
Disposal of property, plant and equipment - - 66 93 -
Investments in marketable securities -978 -978 -88 - 1011.4%
Other 162 197 104 14 55.8%
Cash flow from investing activities -14 583 -11 455 -8 840 -7 678 65.0%
Cash flow from operating and investing activities -5 744 -5 109 21 -4 929 -27452.4%
Financing activities
Proceeds from credit institutions 7 270 2 435 5 336 8 063 36.2%
Repayment of liabilities to credit institutions -5 101 -676 -45 -7 251 -11235.6%
Received shareholders' contribution 1 555 494 293 - 430.7%
Other 895 894 181 -356 394.5%
Cash flow from financing activities 4 619 3 147 5 765 456 -19.9%
Cash flow for the year -1 125 -1 962 5 786 -4 473 -119.4%
Cash and cash equivalents at beginning of year 17 533 15 372 9 607 14 634 82.5%
Exchange difference on cash and cash equivalents 594 755 -21 -554 2928.6%
Cash and cash equivalents at end of year 17 002 14 165 15 372 9 607 10.6%
(1) The comparative figures for 2014 are restated. As the incorporation of the Chinese entities is a common control transaction Volvo Car Group has elected to apply predecessor accounting, meaning that the comparative information is presented in the report as if the incorporated entities had always been controlled by Volvo Car Group.