Scania Interim Report January-March 2013 - PrecisionIR
Scania Interim Report January-March 2013 - PrecisionIR
Scania Interim Report January-March 2013 - PrecisionIR
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First three months of <strong>2013</strong>• Improved order bookings in Europe• Order bookings in Latin America ata high level• Service volume stable• Focus on adjusting cost level3
• Improved orderbookings in Q1Europe<strong>Scania</strong> trucks, order bookingsUnits10 , 0009 , 0008 , 000• Stronger 7 , 000performance than6 , 000overall market5 , 000• Replacement need4 ,0003 , 0002 , 0001 , 0000Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12011 2011 2011 2011 2012 2012 2012 2012 <strong>2013</strong>4
<strong>Scania</strong> Streamline – fuel efficiency• Better fuelefficiency• Improvedaerodynamics• New <strong>Scania</strong>Opticruisegearbox• Connectedvehicles5
Full Euro 6 range• Second generationwith better fuelefficiency than Euro 5• Both EGR/SCRengines and SCR-onlyengines• Alternative fuels<strong>Scania</strong> 9-litre gas engine, gas specific components.6
Latin America<strong>Scania</strong> trucks, order bookings• Order bookings ata high level• Incentives in Braziland Argentina• Strong gperformancein BrazilUnits8 , 0007 000 ,6 , 0005 000 ,4 , 0003 000 ,2 , 0001 ,0000Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12011 2011 2011 2011 2012 2012 2012 2012 <strong>2013</strong>7
Eurasia<strong>Scania</strong> trucks, order bookings• Good level ofdemand in RussiaUnits3 , 0002 , 5002 ,0001 , 5001 , 0005000Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12011 2011 2011 2011 2012 2012 2012 2012 <strong>2013</strong>8
• Middle Eastimproved from lowlevelAsia<strong>Scania</strong> trucks, order bookingsUnits5 , 0004 , 5004 , 0003 , 500• Stable demand in3 , 000markets outside2 , 500Middle East2 ,0001 , 5001 , 0005000Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12011 2011 2011 2011 2012 2012 2012 2012 <strong>2013</strong>9
Buses and coaches<strong>Scania</strong> buses and coaches, order bookings• Order bookings athigh level in Q1• Large orders fromRussia andMalaysia• Higher orderbookings in Braziland MexicoUnits3,0002,5002,0001,5001,000500• Europe weak2011 2011 2011 20120Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12011 2012 2012 2012 <strong>2013</strong>10
Engines<strong>Scania</strong> engines, order bookings• Improvementcompared to endof 2012• Main increase inwestern Europe• Some improvementin AsiaUnits2,5002,0001,5001,0005000Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12011 2011 2011 2011 2012 2012 2012 2012 <strong>2013</strong>11
Service revenue• Service volumestable• Southern Europeweak• Increased volumein several regionsoutside EuropeSEK m.5,0004,0003,0002000 2,0001,0000Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12009 2010 2011 2012 <strong>2013</strong>12
Adjusting cost level• Daily yproduction rate in Europereduced during Q1• Measures taken in the servicenetwork in certain Europeanmarkets• Restrictive with hiring andgeneral spending13
Prioritised investments• Core developmentprojects• Sales and Servicescapacity inemerging markets• Increase technicalproduction capacityto 120,00000014
Summary• Improved order bookings in Q1in several markets• Large bus orders• Price pressure and stronger SEK• Adjusting cost level andprioritising investments15
<strong>Interim</strong> <strong>Report</strong>, <strong>January</strong>–<strong>March</strong> <strong>2013</strong>Jan Ytterberg, CFO17
First three months of <strong>2013</strong> – highlights• Impact from stronger SEK• Improved capacity utilisationin Latin America• Higher truck volume18
Volume trendTotal deliveries, trucks and buses• Higher volumedriven byLatin America• Lower deliveriesin Asia• Low capacityutilisation in Europe• High utilisationin Latin AmericaUnits24,00020,00016,00012,0008,0004,0000Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12009 2010 2011 2012 <strong>2013</strong>19
Service revenue• Southern Europeweak• Increased revenuein local currency inseveral regionsSEK m.5,0004,0003,0002000 2,0001,0000Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12009 2010 2011 2012 <strong>2013</strong>20
Earnings trendOperating income, <strong>Scania</strong> Group• Net sales -4%in Q1 <strong>2013</strong>• EBIT margin 10.0%(11.5)SEK m.4,0003,5003,0002,500Operating incomeOperating marginPercent2018161412• Earnings per shareSEK 1.75 (2.24)2,0001,5001,0001086450020Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12009 2010 2011 2012 <strong>2013</strong>021
Operating incomeVehicles and Services• EBIT decrease due to:– Currency rate effects– Prices– Utilisation fee inRussia• Positive effects:– Capacity utilisationin Latin America– Truck volume+ Volume+ Capacityutilisation– Currency–Prices–FeeEBIT decrease:SEK 414 m.,Q1 <strong>2013</strong>22
Cash flowVehicles and Services• Redemption of someSEK 800 m. relatedto pensions (PRI)• Taxes paid in Brazil• High level ofinvestmentsSEK m.4,0003,0002,0001,0000-1,000Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12009 2010 2011 2012 <strong>2013</strong>-2,00023
Net debtVehicles and Services• Net cashSEK 9,554 m.(Net cash SEK9,361 m. at endof 2012)SEK m.12,00010,0008,0006,0004,0002,000Net debtNet debt/equity ratio100%80%60%40%20%• Board has proposeddividend per shareof SEK 4.75 (5.00)0-2,000-4,000-6,000-8,0002002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 <strong>2013</strong>0%-20%-40%-60%-10,000-80%-12,000-100%24
Volume trendCredit portfolio, Financial Services• Portfolio stablesince end of 2012in local currencies• Operating incomeSEK 155 m. (131)in Q1 <strong>2013</strong>SEK m.50,00045,00040,00035,00030,00025,00020,00000015,00010,0005,00001998 2000 2002 2004 2006 2008 2010 201225
Summary• Impact from stronger SEKon revenue and earnings• Higher truck deliveries• Adjusting cost level• Higher capacity utilisationin Latin America26
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