Scania annual report 2003

SCANIA SHARE DATA
Continued low trading volume
The climate on world stock exchanges
improved somewhat during 2003, despite
continued uncertainty. Both the
Stockholm All Share Index and the Industrials
Index showed a positive
trend during the year.
On Stockholmsbörsen, the All Share
Index, which measures the overall trend
on the exchange, rose by 30 percent
during 2003. The Industrials Index, which
measures the trend in the industrial goods
and services sector and includes Scania
shares, rose by 24 percent. Trading
volume on Stockholmsbörsen remained
high.
Scania’s B shares rose by 20 percent
during the year, closing at SEK 203.00 on
30 December. This was equivalent to a
market capitalisation of SEK 40,500 m.,
which made Scania the 16th largest company
on the exchange.
Volume and trading
Scania share trading volume remained
low, averaging 112,000 shares changing
hands each trading day. The turnover rate
for B shares was 28 (23) percent. For
Stockholmsbörsen as a whole, it was 113
(118) percent.
Scania applied for de-listing from the
New York Stock Exchange (NYSE) early in
December 2002 and was de-listed on 15
350
300
250
200
150
Share price performance, Stockholmsbörsen, Scania B shares
(c) SIX
100
99 00 01 02 03 04
About Scania shares
Scania’s share capital is divided into 100 million
Series A shares and 100 million B shares. Each
Series A share represents one vote and each B
share one tenth of a vote. Otherwise there are
no differences between these types of shares.
The nominal value per share is SEK 10.
January 2003. The background was that
trading in Scania shares on the NYSE was
very low, which meant that the costs of
being listed on the NYSE were no longer
reasonable. The opportunities for investors
to trade globally in equities have also increased
significantly in recent years.
Ownership structure
On 30 January, the number of shareholders
in Scania was 39,020. The three
largest owners were Volksvagen AG, AB
All Share Index (SAX)
Scania B shares
80 000
60 000
40 000
20 000
Market listing
Since 1 April 1996, both types of Scania shares
– Series A and B – have been quoted on the
A list of Stockholmsbörsen.
Volvo and Investor AB. On 30 January, AB
Volvo owned 30.6 percent of the votes in
Scania and 45.5 percent of the capital.
Volvo has stated that in compliance with
the European Commission’s decision, it
must divest its holding in Scania before
the end of April 2004. On 4 March, Volvo
sold its stake of 63.7 million B shares to
institutional investors. Volvo also holds
27.3 million Scania A-shares, which they
state that they will divest. Volvo is not represented
on Scania’s Board of Directors.
Non-Swedish ownership, including
Volkswagen AG, amounted to 35 percent
of votes and 22 percent of capital in
Scania.
Dividend
The Board of Directors proposes that the
Annual General Meeting approve a dividend
of SEK 6.00 per share for the
financial year 2003. Since Scania joined
Stockholmsbörsen in 1996, the dividend
has averaged 48 percent of net income.
Beta coefficient
According to calculations by Delphi Economics,
the beta coefficient of Scania’s B
shares was 0.86 at year-end. This means
that on average, Scania shares fluctuated
less than the average for the exchange.
The explanatory value for Scania’s
B shares was 0.51. This means that 51
percent of the changes in Scania shares
could be explained by overall changes on
the exchange.
Ownership structure, 30 January 2004
Number % %
of shares of holdings of votes
1– 500 89.7 1.58
501– 2,000 7.7 0.87
2 ,000– 10,000 1.9 0.73
10 ,000– 50,000 0.5 1.01
50 ,000– 100,000 0.1 0.71
> 100,000 0.1 95.10
Total 100.0 100.0
ANNUAL REPORT 2003
48