Scania annual report 2004

Improved trading volume
The climate on world stock exchanges improved during
2004. Both the Stockholm All Share Index and the Industrials
Index showed a positive trend during the year.
SEK
400
350
Share price performance, Stockholmsbörsen, Scania B shares
On Stockholmsbörsen, the All Share
Index, which measures the overall trend
on the exchange, rose by 18 percent
during 2004. The Industrials Index, which
measures the trend in the industrial goods
and services sector and includes Scania
shares, rose by 19 percent. Trading volume
on Stockholmsbörsen remained high, and
since 1 July Scania shares have been
back on Stockholmsbörsen’s Most
Traded list.
Scania’s B shares rose by 30 percent
during the year, closing at SEK 263.00
on 30 December. This was equivalent to
a market capitalisation of SEK 52,600 m.,
which made Scania the 14th largest
company on the exchange.
Volume and trading
Scania B share trading volume rose sharply
compared to the previous year, amounting
to an average of 977,000 shares changing
hands each trading day. One reason for this
was that Volvo sold its holding of Scania B
shares to Deutsche Bank, which in turn
sold the shares to various market players.
The turnover rate for Scania B shares was
247 (28) percent. For Stockholmsbörsen as
a whole, it was 124 (113) percent.
Ownership structure
On 31 January, 2005, the number of shareholders
in Scania was 46,407. The three
largest owners were Volkswagen AG,
Ainax AB and Investor AB. On 31 January,
Ainax AB owned 25 percent of the votes
and 14 percent of the capital in Scania. In
November 2004, an Extraordinary General
Meeting of Scania decided to present a
public offer for all shares in Ainax, the
company that manages the Scania A
shares previously owned by Volvo. The
purpose of the offer is to restore a normal
ownership structure and eliminate the
uncertainty that has prevailed for nearly
six years concerning Scania’s ownership
picture. The shareholders of Ainax were
offered one Scania A share in exchange
for each Ainax share, which means that
those who accept will have direct voting
power at Scania’s Annual General Meeting
in April 2005. Through Scania AB’s acquisition
of more than 96 percent of the
voting power and share capital of Ainax AB
(publ), the offer was carried out and Ainax
became a subsidiary of Scania AB on
22 February 2005. Scania intends to take
steps towards the liquidation of Ainax AB,
which is expected to occur during 2006.
300
250
200
150
SX All Share Index
1000’s of shares traded
(incl. off-floor trading)
100
00 01 02 03 04 05
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.
Non-Swedish ownership, including
Volkswagen AG, amounted to 38 percent
of votes and 34 percent of capital in Scania
on 31 January 2005.
Dividend
The Board of Directors proposes that the
Annual General Meeting approve a dividend
of SEK 15.00 per share for the financial
year 2004. Since Scania joined Stockholmsbörsen
in 1996, the dividend has
averaged 53 percent of net income.
B share
(c) SIX
125,000
100,000
75,000
50,000
25,000
Market listing
Since 1 April 1996, both types of Scania shares
– Series A and B – have been quoted on the A
list of Stockholmsbörsen (previously called the
OM Stockholm Stock Exchange).
Beta coefficient
According to calculations by Delphi
Economics, the beta coefficient of
Scania’s B shares was 0.96 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 is 0.64. This means
that 64 percent of the changes in Scania
shares could be explained by overall
changes on the exchange.
SCANIA SHARE DATA • SCANIA ANNUAL REPORT 2004 38