Scania annual report 2003

Consolidated income statement
January–December, SEK m. Note 2003 2002 2001
Vehicles and Service
Sales revenue 2 50,581 47,285 53,065
Cost of goods sold –38,272 –36,260 –42,601
Gross income 12,309 11,025 10,464
Research and development expenses 1 –1,484 –1,437 –1,955
Selling expenses –5,229 –5,206 –5,594
Administrative expenses –853 –857 –785
Share of income in associated companies 3 16 23 59
Operating income, Vehicles and Service 4,759 3,548 2,189
Customer Finance
Net interest income 4 813 730 657
Other income and expenses 15 17 –16
Gross income 828 747 641
Credit losses –166 –175 –137
Operating expenses –296 –264 –226
Operating income, Customer Finance 366 308 278
Capital gain related to car operations – 550 –
Operating income 5,125 4,406 2,467
Interest income 286 260 294
Interest expenses –761 –857 –1,142
Other financial income and expenses –46 –87 –78
Net financial items 5 –521 –684 –926
Income after financial items 4,604 3,722 1,541
Taxes 6 –1,565 –985 –496
Minority interests –5 2 3
Net income 3,034 2,739 1,048
Depreciation/amortisation included in operating income 2 7 –2,000 –2,093 –2,157
Earnings per share, SEK 3 15.17 13.70 5.24
Proposed dividend per share, SEK 6.00 5.50 3.50
1 Total research and development expenditures amounted to SEK 2,153 m. (2,010), of which SEK 669 m. (573) was capitalised (capitalisation was not allowed in 2001).
2 Refers to Vehicles and Service.
3 There are no potential dilution effects.
53 ANNUAL REPORT 2003