Scania annual report 2003

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Notes – Parent Company All amounts are stated in millions of Swedish kronor (SEK m.) unless otherwise stated. NOTE 1 Financial income and expenses 2003 2002 2001 Interest income From subsidiaries 63 102 107 Other 1 12 0 Sub-total 64 114 107 Interest expenses 0 0 –2 Exchange rate differences on forward contracts for hedging net assets of foreign subsidiaries 29 68 –54 Dividends 1,500 1,000 650 Net financial items 1,593 1,182 701 NOTE 2 Taxes 2003 2002 2001 Current tax –105 –121 –273 Tax effect due to Group contribution provided, SEK 105 m. (121) has been reported directly against shareholders’ equity. The tax payable amounts to zero. NOTE 4 Shareholders’ equity Unrestricted share- Share Statutory holders’ 2002 capital reserve equity Total Balance, 1 January 2,000 1,120 7,753 10,873 Dividend to shareholders –700 –700 Group contributions –310 –310 Net income for 2002 1,311 1,311 Balance, 31 December 2002 2,000 1,120 8,054 11,174 2003 Balance, 1 January 2,000 1,120 8,054 11,174 Dividend to shareholders –1,100 –1,100 Group contributions –272 –272 Net income for 2003 1,772 1,772 Balance, 31 December 2003 2,000 1,120 8,454 11,574 NOTE 5 Untaxed reserves Tax allocation reserve 2003 2002 2001 1997 assessment – – 250 1998 assessment – 284 284 1999 assessment 637 637 637 2000 assessment 705 705 705 2001 assessment 634 634 634 2002 assessment 326 326 326 Total 2,302 2,586 2,836 SEK 645 m. (724 and 794, respectively) of “Untaxed reserves” consists of a deferred tax liability, which is part of the Scania Group’s deferred tax liabilities. NOTE 6 Contingent liabilities 2003 2002 2001 Contingent liability related to FPG credit insurance (Group companies) 1,588 1,457 1,456 Contingent liability related to FPG credit insurance (associated companies) – – 159 Loan guarantees on behalf of Group companies 1 22,051 25,228 25,257 Total 23,639 26,685 26,872 1 Most of this item is related to loan guarantees on behalf of borrowings by Scania CV AB. NOTE 7 Information regarding compensation to executive officers and auditors NOTE 3 Shares in Group companies Carrying amount Subsidiary/Corporate ID number/country of registration % ownership 2003 2002 2001 Scania CV AB, 556084-0976, Sweden 100.0 8,401 8,401 8,401 Scania Latin America Ltda, 635,010,727,112, Brazil 100.0 2,257 2,257 2,257 Scania Argentina S.A, 30-51742430-3, Argentina 99.9 1 358 298 298 Scania Chile S.A., 96.538.460-K, Chile 99.9 1 4 – – Scania del Peru S.A, 101, 36300, Peru 5.2 1 15 15 15 Total 11,035 10,971 10,971 1 The Group’s ownership interest is 100 percent. The President of Scania AB and the other members of the executive management hold identical positions in Scania CV AB. Wages, salaries and other remuneration are paid by Scania CV AB. The reader is therefore referred to Notes 26 and 28 of the Scania Group. Compensation of SEK 13,000 (18,000 and 11,000, respectively) was paid to auditors in 2003 with respect to the Parent Company. ANNUAL REPORT 2003 76
Proposed distribution of earnings The Scania Group’s unrestricted shareholders’ equity according to the consolidated balance sheet amounts to SEK 12,974 m., of which the net income for the year is SEK 3,034 m. Södertälje, 6 February 2004 The Board of Directors and the President propose that the following amounts at the disposal of the Annual Meeting: Amounts in SEK m. Retained earnings 6,682 Net income for the year 1,772 Total 8,454 be distributed as follows: To the shareholders, a dividend of SEK 6.00 per share 1,200 To be carried forward 7,254 Total 8,454 After implementing the proposed distribution of earnings, the shareholders’ equity of the Parent Company is as follows: Amounts in SEK m. Share capital 2,000 Statutory reserve 1,120 Retained earnings 7,254 Total 10,374 Dr. Bernd Pischetsrieder Chairman Peggy Bruzelius Andreas Deumeland Clas Åke Hedström Cees J.A. van Lede Lothar Sander Rolf Stomberg Marcus Wallenberg Kjell Wallin Jan Westberg Leif Östling President and CEO Our auditors’ report was submitted on 1 March 2004 Caj Nackstad Jan Birgerson Authorised Public Accountant Authorised Public Accountant 77 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 56 and 57: Consolidated balance sheet 31 Decem
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 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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