Scania annual report 2004

Note 23 continued
2004 2003 2002
e. Acquisitions of fixed assets
Investments in fixed assets 2 – 3,314 – 3,735 – 3,363
Divestments of fixed assets 516 450 442
Investments in credit portfolio – 3,824 – 5,241 – 5,142
Divestments from credit portfolio 3,346 3,373 4,118
Total – 3,276 – 5,153 – 3,945
2 Of which, SEK 316 m. (669) in capitalised development expenditures.
f. Change in net debt through
financing activities
Net change in short-term borrowings
and short-term investments – 207 357 – 5,841
Repayment of long-term
borrowings – 4,446 – 6,504 – 4,983
Increase in long-term borrowings 3,389 4,712 8,984
Net change in restricted deposits 0 0 0
Total – 1,264 – 1,435 – 1,840
g. Liquid assets
The following sub-components are included in liquid assets:
Cash and bank balances 1,119 1,212 2,670
Short-term investments
equivalent to liquid assets 470 451 583
Total 1,589 1,663 3,253
The above items have been classified as liquid assets assuming that:
– They have an insignificant risk of fluctuations in value
– They can easily be transformed into cash assets.
Because Scania has changed its definition of liquid assets, liquid assets
decreased by an amount of SEK 909 m. (253 and 1,086, respectively).
2004 2003 2002
Relationship between cash flow
statement and change in net debt
in the balance sheet
Total cash flow before
financing activities 2,400 994 3,031
Exchange rate effects on
interest-bearing liabilities 27 1,120 1,819
Businesses acquired – 40 – 81 49
Businesses divested – – 284
Exchange rate effects on
short-term investments 0 – 68 – 178
Exchange rate effects on liquid assets – 10 – 49 – 108
Dividend to shareholders – 1,200 – 1,100 – 700
Change in net debt according
to the balance sheet 1,177 816 4,197
NOTE 24 Companies acquired/divested
As per 1 March 2004, Scania acquired Scanva Diesel A/S, a dealership
operating in Copenhagen, Denmark. As per 1 July 2004, Scania acquired
Stockholms Industriassistans AB. The purchase price for these
acquisitions was paid in cash. As per 31 October 2004, Scania divested
Ferruform Components AB, a subsidiary of Ferruform AB.
Assets and liabilities
acquired and divested
Acquisitions Divestments
Tangible and intangible
fixed assets 125 – 5
Inventories 40 – 20
Receivables 40 0
Liquid assets 0 0
Borrowings – 40 –
Other liabilities and provisions – 116 13
Gain on sale of companies – 12
Purchase/sale price 49 0
Liquid assets in business acquired/divested 0 0
Impact on consolidated liquid assets and
short-term investments 49 0
NOTE 25 Wages, salaries and other remuneration
NOTE 25 and number of employees
Wages, salaries and
other remuneration 2004 2003 2002
Operations in Sweden:
Boards of Directors, Presidents and
Executive Vice Presidents 38 35 44
– Of which bonuses 16 11 11
Other employees 3,862 3,588 3,229
Operations outside Sweden:
Boards of Directors, Presidents and
Executive Vice Presidents 175 140 144
– Of which bonuses 16 13 12
Other employees 4,173 3,927 3,816
Total 8,248 7,690 7,233
Pension costs and other
mandatory payroll fees 3,057 2,686 2,473
– Of which pension costs 1, 2 834 647 602
Total wages, salaries and other
remuneration, pension costs and
other mandatory payroll fees 11,305 10,376 9,706
1 Beginning in 2004 (with 2003 and 2002 as adjusted comparative years), medical
care is included in mandatory payroll fees and pension expenses.
2 Of the pension expense in the Group, SEK 39 m. (25 and 35, respectively) was
for Boards of Directors and Presidents in the Scania Group. At year-end, the total
pension commitment was SEK 90 m. (74 and 82, respectively) for this category.
Gender distribution among executive officers 2004 2003
Board members in subsidiaries and
the Parent Company 421 443
– Of whom men 411 435
– Of whom women 10 8
Presidents of subsidiaries and the Parent Company,
plus management team in the Parent Company 3 121 124
– Of whom men 119 122
– Of whom women 2 2
3 The management team of the Parent Company refers to the Executive Board of
the Scania Group.
Number of employees, 31 December 2004 2003 2002
Vehicles and Service
Production and corporate units 17,892 17,331 16,748
Sales and service companies 11,747 11,460 11,173
Total 29,639 28,791 27,921
Customer Finance 354 321 309
Total 29,993 29,112 28,230
– Of whom, employed on
temporary contracts 2,069 1,974 1,986
NOTES • SCANIA ANNUAL REPORT 2004 68