Scania annual report 2003

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Consolidated balance sheet 31 December, SEK m. Note 2003 2002 2001 ASSETS Fixed assets Intangible fixed assets 8 2,395 1,938 1,364 Tangible fixed assets 9 23,892 23,640 25,714 Financial fixed assets Holdings in associated companies etc 10 122 126 795 Long-term receivables Long-term interest-bearing receivables 11 11,796 11,354 10,178 Deferred tax assets 6 381 466 963 Other long-term receivables 134 224 351 Total long-term receivables 12,311 12,044 11,492 Total fixed assets 38,720 37,748 39,365 Current assets Inventories 12 8,506 7,862 7,946 Current receivables Tax receivables 352 224 145 Interest-bearing trade receivables 13 7,502 7,136 6,791 Non-interest-bearing trade receivables 13 6,345 6,497 7,731 Other current receivables 13 2,494 2,281 2,354 Total current receivables 16,693 16,138 17,021 Short-term investments 14 704 1,669 2,133 Cash and bank balances 1,212 2,670 1,974 Total current assets 27,115 28,339 29,074 Total assets 65,835 66,087 68,439 31 December, SEK m. Note 2003 2002 2001 SHAREHOLDERS’ EQUITY AND LIABILITIES Shareholders’ equity 15 Share capital 2,000 2,000 2,000 Restricted reserves 3,277 4,608 5,665 Total restricted equity 5,277 6,608 7,665 Unrestricted reserves 9,940 7,584 7,282 Net income 3,034 2,739 1,048 Total unrestricted equity 12,974 10,323 8,330 Total shareholders’ equity 18,251 16,931 15,995 Minority interests 4 58 21 Provisions Provisions for pensions 16 2,094 2,045 2,092 Provisions for deferred tax liabilities 6 2,180 2,060 2,391 Other provisions 17 2,942 2,309 2,184 Total provisions 7,216 6,414 6,667 Liabilities Long-term interest-bearing liabilities 18 20,827 22,514 18,908 Current liabilities Current interest-bearing liabilities 18 5,380 6,933 14,504 Advance payments from customers 570 826 764 Trade creditors 3,253 3,297 3,253 Tax liabilities 1,027 241 182 Other current liabilities 2,059 2,103 2,003 Accrued expenses and prepaid income 19 7,248 6,770 6,142 Total current liabilities 19,537 20,170 26,848 Total shareholders’ equity and liabilities 65,835 66,087 68,439 Assets pledged 20 175 191 233 Contingent liabilities 21 595 522 855 Net debt, excluding provisions for pensions, SEK m. 24,291 25,108 29,305 Net debt/equity ratio 1.33 1.48 1.83 For definitions of key ratios, see page 81. Equity/assets ratio 27.7 25.6 23.4 Equity per share, SEK 91.26 84.66 79.98 Capital employed, SEK m. 46,556 48,481 51,520 ANNUAL REPORT 2003 54
Consolidated statement of changes in shareholders’ equity January–December, SEK m. Note 2003 2002 2001 Shareholders’ equity, 1 January 16,931 15,995 15,698 Exchange rate differences –614 –1,103 649 Net income 3,034 2,739 1,048 Dividend to shareholders –1,100 –700 –1,400 Shareholders’ equity, 31 December 15 18,251 16,931 15,995 Consolidated cash flow statement January–December, SEK m. Note 2003 2002 2001 Cash flow from operating activities Net income excluding Customer Finance 2,801 2,526 854 Items not affecting cash flow 24 a 2,690 2,041 2,124 Cash from operating activities 5,491 4,567 2,978 Change in working capital etc Inventories –864 –918 475 Receivables –388 223 1,973 Provisions for pensions 54 171 153 Non-interest-bearing liabilities and provisions 1,468 1,296 –706 Total change in working capital etc 24 b 270 772 1,895 Total cash flow from operating activities 5,761 5,339 4,873 Net investments excluding acquisitions/divestments of businesses 24 c –3,285 –2,921 –1,878 Cash flow before acquisitions/divestments of businesses 2,476 2,418 2,995 Net investments through acquisitions/divestments of businesses 24 d –26 1,165 –929 Cash flow excluding Customer Finance 2,450 3,583 2,066 Cash flow, Customer Finance 24 e –1,456 –552 –2,428 Change in net debt including Customer Finance 994 3,031 –362 Change in net debt from financing activities 24 f –2,200 –1,813 2,119 Dividend to shareholders –1,100 –700 –1,400 Net change in liquid assets and short-term investments –2,306 518 357 Effect of exchange rate changes on liquid assets and short-term investments –117 –286 169 Cash, bank balances and short-term investments, 1 January 4,339 4,107 3,581 Cash, bank balances and short-term investments, 31 December 1,916 4,339 4,107 Cash flow per share, excluding Customer Finance and acquisitions/divestments 12.38 12.09 14.98 55 ANNUAL REPORT 2003
Page 1 and 2:
ANNUAL REPORT 2003
Page 3 and 4:
NOMINEE SHARES To be entitled to pa
Page 5 and 6: Deliveries by market area, 2003 THE
Page 7: Road safety conference in Brussels.
Page 10 and 11: STATEMENT OF THE PRESIDENT AND CEO
Page 12 and 13: THE WORK OF THE BOARD The Board and
Page 14 and 15: GOALS AND STRATEGIES Strategy for p
Page 16 and 17: EMPLOYEES Scania grows with its emp
Page 18 and 19: SCANIA’S ROLE IN SOCIETY Long-ter
Page 20 and 21: CUSTOMERS Customer demands shape ne
Page 22 and 23: CUTOMERS AND PRODUCTS Tailor-made v
Page 24 and 25: CUSTOMERS AND SERVICE Maximum uptim
Page 26 and 27: RESEARCH AND DEVELOPMENT The art of
Page 28 and 29: DEVELOPMENT OF TESTING METHODS Incr
Page 30 and 31: DEVELOPMENT OF A NEW TRUCK A truck
Page 32 and 33: PRODUCTION Investments for increase
Page 34 and 35: THE PRODUCTION SYSTEM The same work
Page 36 and 37: TRENDS AND INDUSTRY DEVELOPMENTS Ec
Page 38 and 39: EUROPE Strong sales in several mark
Page 40 and 41: Deliveries of Scania trucks in west
Page 42 and 43: OTHER MARKETS Record sales in sever
Page 44 and 45: REGISTRATIONS OF TRUCKS above 16 to
Page 46 and 47: ENVIRONMENTAL WORK Integrated envir
Page 48 and 49: ENVIRONMENT AND ECONOMICS Scania’
Page 50 and 51: SCANIA SHARE DATA Continued low tra
Page 52 and 53: FINANCIAL REPORT Financial review R
Page 54 and 55: Interest rate risk Scania’s polic
Page 58 and 59: Parent Company financial statements
Page 60 and 61: value, the recoverable amount of th
Page 62 and 63: NOTE 1 Segment reporting BUSINESS S
Page 64 and 65: Note 4, continued Financial receiva
Page 66 and 67: NOTE 9 Tangible fixed assets Machin
Page 68 and 69: NOTE 17 Other provisions During 200
Page 70 and 71: NOTE 26 Wages, salaries and other r
Page 72 and 73: Note 28 continued The other members
Page 74 and 75: Note 33 continued Interest rate ref
Page 76 and 77: LIST OF SUBSIDIARIES Corporate ID n
Page 78 and 79: Notes - Parent Company All amounts
Page 80: Auditors’ report To the Annual Ge
Page 83 and 84: Key financial ratios 1 and definiti
Page 85 and 86: 2003 2002 2001 2000 1999 1998 1997
Page 87 and 88: Leif Östling Born 1945. Member sin
Page 89 and 90: Corporate Units 7. Håkan Ericsson
Page 91 and 92: Scania Romania S.R.L. Alfred Bussma
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Scania annual report 2003

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