REPORT ON THE FOURTH QUARTER AND FULL YEAR 202 1 - Volvo Group
REPORT ON THE FOURTH QUARTER AND FULL YEAR 2021 THE FOURTH QUARTER 2021 In Q4 2021, net sales increased by 6% to SEK 102.4 billion (96.9). Adjusted for currency movements and the divestment of UD Trucks, the increase was 12%. Adjusted operating income2 amounted to SEK 10,060 M (10,934), corresponding to an adjusted operating margin of 9.8% (11.3). Reported operating income amounted to SEK 10,219 M (12,215). Currency movements had a positive impact on operating income of SEK 62 M. Earnings per share amounted to SEK 3.93 (4.53). Operating cash flow in the Industrial Operations amounted to SEK 23,579 M (16,668). THE FULL YEAR 2021 Full year net sales were SEK 372.2 billion (338.4). Adjusted operating income2 amounted to SEK 41,015 M (28,564) with an adjusted operating margin of 11.0% (8.4). Reported operating income amounted to SEK 43,074 M (27,484). Earnings per share were SEK 16.12 (9.50). Operating cash flow in the Industrial Operations amounted to SEK 29,440 M (18,545). Return on capital employed in the Industrial Operations amounted to 25.3% (14.7). The Board of Directors proposes an ordinary dividend of SEK 6.50 per share and an extra dividend of SEK 6.50 per share. Fourth quarter Year 2021 2020 2021 2020 102, 378 102, 378 10, 060 9. 8 96,917 90,396 10,934 11.3 372, 216 366, 778 41, 015 11. 0 338,446 315,742 28,564 8.4 Operating income Operating margin, % Income after financial items Income for the period Earnings per share, SEK Operating cash flow in Industrial Operations Net financial position in Industrial Operations, SEK bn 3 Return on capital employed in Industrial Operations, %4 Return on equity, %4 10, 219 10. 0 10, 202 8, 066 3.93 23, 579 12,215 12.6 11,877 9,360 4.53 16,668 43, 074 11. 6 43, 190 33, 243 16.12 29, 440 66. 2 25. 3 23. 4 27,484 8.1 25,917 20,074 9.50 18,545 74.7 14.7 13.8 Net order intake, number of trucks Net order intake excluding UD Trucks 1 Deliveries, number of trucks Deliveries excluding UD Trucks ¹ Net order intake, number of construction equipment Deliveries, number of construction equipment 68, 333 68, 333 60, 360 60, 360 22, 521 20, 172 86,069 81,395 56,334 51,310 29,819 24,732 SEK M unless otherwise stated Net sales Net sales excluding UD Trucks 1 Adjusted operating income 2 Adjusted operating margin, % 1 Fo r mo re info rmatio n, please see A ppendix UD Trucks. 2 Fo r info rmatio n o n adjusted o perating inco me, please see no te 7. 262, 873 208,505 257, 856 192,421 202, 458 166,841 198, 464 151,383 114, 995 97,987 99, 871 93,760 3 Excluding po st-emplo yment benefits and lease liabilities. 4 12 mo nths ro lling.
2 Report on the fourth quarter and full year 2021 CEO’S COMMENTS Good execution in a challenging year In 2021, we continued to deliver good profitability and took several important steps in our efforts to lead the transition to a climate-neutral transport system. For the full year, the Volvo Group’s net sales increased to SEK 372 billion and the adjusted operating income to SEK 41.0 billion with a margin of 11.0%. This could not have been achieved without the dedicated work of my colleagues and our business partners good start and we believe that demand will increase rapidly in the supply chain. I would like to thank everyone for their in the coming years. fantastic efforts in a challenging year. With economic activity rebounding after the difficulties of Demand for construction equipment in Europe and North America remained good, driven by high construction activity 2020, growing transport volumes and improving and infrastructure investments. This almost offset a steep construction activity increased our customers’ fleet decline in China. High machine utilization in most markets utilization, which was back on pre-covid levels. This was was positive for the service business, which grew by 14% evident in the growth of our service business as well as in currency-adjusted. In Q4, Volvo CE’s net sales increased by strong demand for both new and used products. However, 5% to SEK 21.8 billion and the adjusted operating margin the situation in the global supply chain for semiconductors amounted to 11.0% (11.2). and other components remains unstable, characterized by The covid-19 pandemic continued to have a negative disruptions, unpredictability and lack of freight capacity. We impact on our bus business, which has worked hard to will therefore continue to have disruptions and stoppages reduce costs to the low levels of demand. Net sales in Q4 both in the production of trucks and in other parts of the decreased by 19% to SEK 4.2 billion and the adjusted Group. Presently, the high spread of covid-19 globally is operating margin was -1.0% (-0.5). putting additional pressure on the already strained supply chain and production system. During Q4, the Group's organic net sales grew by 12% to SEK 102 billion, with sales of services increasing by 9%. The Volvo Penta’s sales increased by 22% to SEK 3.6 billion. The Q4 performance was solid with an adjusted operating margin of 9.1% (0.8). With high activity levels and increased profitability for our adjusted operating margin was 9.8% (11.3) and the customers, credit losses remain low in Volvo Financial operating cash flow in the Industrial Operations amounted to Services. The credit portfolio grew by 10%, which SEK 23.6 (16.7) billion. Even after having distributed SEK 50 contributed to increase the adjusted operating income to billion in 2021, including the proceeds from the divestment SEK 858 M (521). of UD Trucks, we ended the year with a net cash position of During the year, we accelerated our transformation SEK 66 billion, pension and leasing liabilities excluded. Our journey. We set climate targets that are in line with what the strong financial position allows us to both increase our latest climate science deems necessary to keep global investments in the technologies of the future and continue to warming at a maximum 1.50 C. Our pathway to reach the provide a good return to our shareholders. The Board of goals of the Paris Climate Agreement was validated by the Directors proposes an ordinary dividend of SEK 6.50 per Science Based Targets initiative. We also launched share and an extra dividend of SEK 6.50 per share. cellcentric, our fuel cell joint venture together with Daimler Demand for trucks across key regions remains high and we Truck. Furthermore, we finalized the agreement with Daimler are doing our utmost to produce as much as we can to Truck and Traton Group regarding the establishment of a reduce long delivery times to our customers. Our truck high-performance charging network at strategic locations in business finished the year strongly with over 60,000 Europe. And we partnered with Aurora to jointly develop deliveries in Q4 and with increasing market shares for heavy- leading autonomous transport solutions at scale with an duty trucks in both Europe and North America. Trucks’ net initial focus on hub to hub applications for North America. sales in Q4 increased by 8% to SEK 67.2 billion and the Increasing demand for transport is a clear, long-term trend adjusted operating margin amounted to 10.3% (13.0). We driven by population growth, urbanization and increasing e- have had extra costs to manage production due to supply commerce. It is equally clear that we must meet this demand chain disruptions as well as higher costs for material and with transport and infrastructure solutions that are more freight. We have actively worked with price management to sustainable than today. We will continue to invest to stay at mitigate the higher costs. We expect that the inflationary the forefront of this transformation. In 2021 we increased pressures will continue. our R&D investments and we plan to step up our efforts During the year, we built up a good momentum in the sales further this year. We already have a wide range of electric of electric vehicles in both Europe and North America. In vehicles and machines on the market, high market shares Europe the combined market share for Volvo Trucks and and great interest from our customers. Together with our Renault Trucks battery-electric vehicles reached 61.6% for customers and partners we are in a strong position to lead the full year, while in North America, we took an important the transformation of our industry towards a more step in January 2022 with the launch of an upgraded version sustainable future. of the Volvo VNR heavy-duty electric truck. The new truck features an increased range of up to 440 km, faster charging Martin Lundstedt and more configurations than the prior model. Even though President and CEO the total battery-electric market is still small, we are off to a
3 Report on the fourth quarter and full year 2021 FINANCIAL SUMMARY OF THE FOURTH QUARTER AND FULL YEAR 2021 Compared with Q4 2020, the lower adjusted operating Net sales In Q4 2021, the Volvo Group’s net sales amounted to income is mainly an effect of higher material costs, lower SEK 102,378 M compared with SEK 96,917 M in the earnings in joint ventures, lower industrial productivity due to same quarter the preceding year. supply chain disruptions and higher R&D expenses. This was Adjusted for both currency movements and the partly offset by effects from price realization, increased divestment of UD Trucks, net sales increased by 12%, of vehicle and service volumes as well as improved earnings in which vehicle sales by 14% and service sales by 9%. the used vehicle business. For the full year 2021, net sales amounted to SEK In Q4 2020, adjusted operating income included a 372,216 (338,446). positive effect of SEK 604 M from a correction of actuarial calculations of the Group’s pension liabilities Operating income and a negative effect from restructuring charges in Volvo In Q4 2021, adjusted operating income amounted to SEK Penta of SEK 177 M. 10,060 M (10,934), corresponding to an adjusted operating Currency movements, compared with Q4 2020, had a margin of 9.8% (11.3). positive impact of SEK 62 M. Reported operating income in Operating income has been adjusted for a positive effect Q4 2021 amounted to SEK 10,219 M (12,215). from a release of a previously booked restructuring reserve For the full year 2021, the adjusted operating income relating to the Group’s cost-reduction program amounting to amounted to SEK 41,015 M (28,564) corresponding to an SEK 159 M in Q4 2021 and SEK 992 M in Q4 2020. Q4 adjusted operating margin of 11.0% (8.4). Reported 2020 was also adjusted for a positive impact of SEK 287 M operating income amounted to SEK 43,074 M (27,484). related to the ceased depreciation and amortization of assets held for sale. For more information on adjusted operating income, please see Note 7. Net sales SEK M Fourth quarter Year 2021 2020 Change % 2021 2020 Change % 45,180 28,306 9,181 13,633 6,077 102,378 40,263 22,718 6,440 16,390 4,585 90, 396 12 25 43 -17 33 13 158,066 98,744 30,382 58,403 21,184 366,778 134,694 81,275 21,383 60,894 17,496 315,742 17 21 42 -4 21 16 79,395 20,352 3,579 69,261 18,265 3,369 15 11 6 279,320 76,304 13,437 233,543 70,226 13,960 20 9 -4 -948 -498 -90 -2,283 -1,987 -15 - 6,521 N/A 5,438 22,703 N/A 102,378 96, 917 6 372,216 338,446 10 Net sale s excluding UD Trucks Europe North America South America Asia Africa and Oceania Total net sale s e xcluding UD Trucks Of which: Vehicles ¹ Services Financial Services revenue Eliminations UD Trucks ² Total net sale s 1 Including co nstructio n equipment and Vo lvo P enta engines. 2 Fo r mo re info rmatio n, please see A ppendix UD Trucks. Year Consolidated Income Statement, Volvo Group Fourth quarter SEK M 2021 2020 2021 2020 102,378 -78,941 23,436 96,917 -73,071 23,847 372, 216 -282,463 89,753 338,446 -259,319 79, 127 Research and development expenses Selling expenses Administrative expenses Other operating income and expenses Income/loss from investments in joint ventures and associated companies Income/loss from other investments Operating income -4, 803 -6,148 -1, 450 -161 -668 13 10,219 -4,314 -6,808 -1,252 125 615 3 12,215 -18,027 -23,959 -4,870 246 -54 -15 43,074 -16,798 -26,510 -4,621 -5,459 1,749 -3 27, 484 Interest income and similar credits Interest expenses and similar charges Other financial income and expenses Income after financial items 94 -315 204 10,202 86 -334 -90 11,877 358 -1, 167 926 43, 190 299 -1,349 -518 25, 917 -2,136 8,066 -2,517 9,360 -9,947 33,243 -5,843 20, 074 7,995 72 8,066 9,202 158 9,360 32,787 456 33,243 19,318 755 20, 074 3.93 3.93 4.53 4.53 16.12 16.12 9.50 9.50 Net sales Cost of sales Gross income Income taxes Income for the period * * Attributable to: Owners of AB Volvo Non-controlling interest Basic earnings per share, SEK Diluted earnings per share, SEK
4 Report on the fourth quarter and full year 2021 Financial items assets amounted to SEK 50.4 billion on December 31, In Q4 2021, interest income was SEK 94 M (86), 2021. During Q4 2021, remeasurements of defined post- whereas interest expenses amounted to SEK 315 M employment benefits had a positive impact of SEK 1.9 (334). billion. Other financial income and expenses amounted to SEK The Volvo Group’s cash and cash equivalents amounted 204 M (-90). The change is primarily due to revaluation to SEK 62.1 billion on December 31, 2021, compared to effects of financial assets and liabilities. SEK 85.2 billion on December 31, 2020. In addition to this granted, but unutilized, credit facilities amounted to Income taxes SEK 42.3 billion (41.6). Cash and cash equivalents In Q4 2021, income taxes amounted to SEK 2,136 M include 2.8 billion (2.5) that is not available to use by the (2,517). The tax rate was 21% (21). Volvo Group and SEK 8.7 billion (11.0) where other limitations exist, mainly liquid funds in countries where Income for the period and earnings per share In Q4 2021, income for the period amounted to SEK exchange controls or other legal restrictions apply. Total assets in the Volvo Group increased by SEK 5.0 8,066 M (9,360). Earnings per share amounted to SEK billion compared to year-end 2020. Currency movements 3.93 (4.53). had a positive impact of SEK 23.9 billion. The divestment of UD Trucks decreased total assets by SEK 34.3 billion. Operating cash flow in the Industrial Operations On December 31, 2021, total equity for the Volvo Group During Q4 2021, operating cash flow in the Industrial amounted to SEK 144.1 billion compared with SEK 148.1 Operations amounted to SEK 23,579 M (16,668). The billion at year-end 2020. The equity ratio was 27.9% increased cash flow is primarily related to decreased (29.0). On the same date the equity ratio in the Industrial working capital due to higher trade payables, which Operations amounted to 34.9% (35.8). increased by SEK 15,592 M in Q4 2021 (8,665). Inventory and accounts receivables were unchanged in Number of employees the quarter. On December 31, 2021, the Volvo Group had 95,850 employees, including temporary employees and Volvo Group financial position consultants, compared with 95,470 employees on During Q4 2021, net financial assets in the Industrial September 30, 2021. The number of blue-collar Operations, excluding provisions for post-employment employees decreased by 413 while the number of white- benefits and lease liabilities, increased by SEK 23.7 collar employees increased by 793. The increase in white- billion resulting in a net financial asset position of SEK collar employees relates to higher R&D activity. 66.2 billion on December 31, 2021. The change is mainly UD Trucks was divested on April 1, 2021. As a explained by a positive operating cash flow of SEK 23.6 consequence of the divestment, the number of employees billion. decreased by 8,462, of which 4,001 blue-collar Including provisions for post-employment benefits and employees and 4,461 white-collar employees. lease liabilities, the Industrial Operations net financial Number of employees Dec 31 Sep 30 2021 2021 Jun 30 Mar 31 2021 2021 Dec 31 2020 Blue-collar Whereof temporary employees and consultants White-collar Whereof temporary employees and consultants 50, 121 50,534 49,002 51,131 48,751 7,536 8,619 7,741 6,801 5,223 45,729 44,936 44,070 47,851 47,443 5,774 5,159 4,547 4,221 3,479 Total number of employees Whereof temporary employees and consultants 95, 850 95, 470 93, 072 98, 982 96, 194 13, 310 13,778 12,288 11,022 8,702
5 Report on the fourth quarter and full year 2021 BUSINESS SEGMENT OVERVIEW The operations of Nova Bus have been reclassified from the “Buses” segment into the segment “Group Functions and Other“ as of October 1, 2021. To facilitate comparability, financial numbers for 2020 and 2021 have been restated in this report. For more information, please see Appendix Nova Bus. Net sales Fourth quarter 2020 Change % Change %¹ Trucks Trucks excluding UD Trucks ² Construction Equipment 67,164 61,917 67,164 55,396 21,812 20,810 8 21 5 Buses ³ Volvo Penta Group Functions & Other ³ Eliminations Industrial Operations 4,157 5,106 3,634 2,985 3,973 3,983 -993 -754 99,747 94,047 SEK M Financial Services Reclassifications and eliminations Volvo Group Volvo Group excluding UD Trucks Year 2020 Change % Change %¹ 8 21 2 230, 881 208,262 225,444 185,559 92,031 81,453 11 21 13 16 27 17 -19 22 6 -20 21 -2 5 13,652 14,712 14,437 11,891 13,459 12,949 -3,398 -2,796 361,062 326,472 -7 21 4 11 -5 26 11 15 3,579 3,369 -948 -498 102,378 96, 917 6 6 5 5 -4 10 1 15 102,378 90,397 13 12 16 21 2021 2021 13,437 -2,283 13,960 -1,987 372, 216 338,446 366,778 315,742 1 A djusted fo r exchange rate fluctuatio ns. 2 Fo r mo re info rmatio n, please see A ppendix UD Trucks. 3 The o peratio ns o f No va B us have been reclassified fro m the “ B uses” segment into the segment “ Gro up Functio ns and Other“ as o f Octo ber 1, 2021. To facilitate co mparability, financial numbers fo r 2020 and 2021 have been restated in this repo rt. Fo r mo re info rmatio n, please see A ppendix No va B us. Adjusted operating income ¹ SEK M Trucks Construction Equipment Buses ³ Volvo Penta Group Functions & Other ³ Eliminations Industrial Operations Financial Services Reclassifications and eliminations Volvo Group adjusted operating income ² Adjustments ¹ Volvo Group operating income Fourth quarter Year 2021 2020 Change % 2021 2020 Change % 6,924 2,396 -42 330 -461 54 9,202 8,045 2,321 -25 25 30 17 10, 413 -14 3 -68 1,220 -1,637 -12 25,567 12,228 59 2,092 -2,265 53 37,733 17,251 10,071 -452 1,448 -1,375 12 26,955 48 21 113 44 -65 40 858 521 0 1 10, 060 10,934 65 -8 3,279 2 41,015 1,606 2 28,564 104 44 -88 -16 2,059 43,074 -1,081 27,484 290 57 159 10,219 1,280 12, 215 1 Fo r mo re info rmatio n o n adjusted o perating inco me, please see no te 7. 2 UD Trucks had a marginally po sitive impact o n adjusted o perating inco me. 3 The o peratio ns o f No va B us have been reclassified fro m the “ B uses” segment into the segment “ Gro up Functio ns and Other“ as o f Octo ber 1, 2021. To facilitate co mparability, financial numbers fo r 2020 and 2021 have been restated in this repo rt. Fo r mo re info rmatio n, please see A ppendix No va B us. Adjusted operating margin Fourth quarter Year % 2021 2020 2021 2020 Trucks Construction Equipment Buses ¹ Volvo Penta Industrial Operations Volvo Group adjusted operating margin 10. 3 11. 0 -1. 0 9. 1 9. 2 9. 8 13.0 11.2 -0.5 0.8 11.1 11. 3 11.1 13. 3 0. 4 14. 5 10. 5 11. 0 8.3 12.4 -3.1 12.2 8. 3 8. 4 Volvo Group operating margin 10. 0 12. 6 11. 6 8. 1 1 The o peratio ns o f No va B us have been reclassified fro m the “ B uses” segment into the segment “ Gro up Functio ns and Other“ as o f Octo ber 1, 2021. To facilitate co mparability, financial numbers fo r 2020 and 2021 have been restated in this repo rt. Fo r mo re info rmatio n, please see A ppendix No va B us.
6 Report on the fourth quarter and full year 2021 TRUCKS Strong performance despite supply chain challenges Net sales in Q4 increased by 21% excluding UD Trucks Adjusted operating income: SEK 6,924 M (8,045) for Q4 2021 SEK 25,567 M (17,251) for FY 2021 In Q4, order intake decreased by 16% while deliveries increased by 18% Market development deliveries, excluding UD Trucks, increased by 18% to In Q4 2021, demand for both new and used trucks 60,360 trucks. continued to be strong in Europe and North America. High In Europe, order intake for heavy- and medium-duty trucks freight volumes and freight rates support customer declined by 12% to 27,990 vehicles while deliveries profitability and utilization of truck fleets is high, which drives increased by 18% to 26,292 vehicles. For the full year, Volvo demand for services. Trucks’ heavy-duty market share increased to 16.5% (16.3) In Brazil, demand continued to be strong, mainly driven by while the electric heavy-duty market share increased to the mining and agriculture segments as well as a continued 42.2% (39.8). Renault Trucks’ heavy-duty market share need to replace an aging truck fleet. market share was flat on 8.8% (8.8) while their electric The recovery of the Indian truck market continued in Q4. The market is modernizing, which gradually opens heavy-duty market share increased to 19.4% (5.1). Order intake in North America decreased by 33% to opportunities to sell European trucks also in the highway 16,624 trucks while deliveries increased by 29% to 14,577 segment. vehicles. Volvo Trucks’ heavy-duty truck market share The Chinese truck market slowed down in the second half of 2021 as a consequence of a weakening economy and a strong first half driven by a pre-buy ahead of the CN6 emission legislation, which was implemented on July 1. increased to 9.6% (9.4) and Mack Trucks’ market share increased to 7.7% (6.9). South American order intake decreased by 16% to 8,711 trucks while deliveries increased by 41% to 8,269 vehicles. In Brazil, Volvo Trucks’ market share of 22.2% in heavy-duty Orders and deliveries Demand was strong as customers in many markets were looking to both replace old trucks and expand their fleets. However, this was not fully reflected in the order intake, as the Group’s truck brands have been restrictive with order placement due to already large order books and long delivery times. In Q4, total net order intake, excluding UD Trucks, decreased by 16% to 68,333 trucks, compared to an extraordinary high level in 2020. On the other hand, trucks was on par with 2020. In Asia, order intake decreased by 1% to 4,889 vehicles and deliveries decreased by 13% to 4,243 vehicles. In Q4, order intake of fully electric trucks amounted to 454 (39) vehicles while deliveries amounted to 144 (34) vehicles. The Indian joint venture VECV increased order intake by 23% to 15,107 vehicles and deliveries by 24% to 14,934 vehicles. Deliveries from the Chinese joint venture, DFCV, declined by 63% to 28,045 vehicles. Market forecasts are based on current visibility, which is low. Uncertainty is significant due to inability to predict supply chain capacity and the ongoing covid-19 pandemic. Total market development Registrations, number of trucks Europe 29 ¹ heavy-duty Europe 30 ¹ heavy-duty North America heavy-duty (retail) Brazil heavy-duty China heavy-duty China medium-duty India heavy-duty India medium-duty 1 EU29 includes No rway and Switzerland but excludes UK. EU30 includes UK. Year Change 2021 2020 % 247, 565 205,876 20 277,015 231,220 20 270,022 234,898 15 98, 331 67,412 46 1,395,290 1,618,932 -14 178,755 159,113 12 153,833 86,725 77 99, 714 56,657 76 Forecast 2022 300,000 300,000 100,000 970,000 130,000 200,000 100,000 Change vs. previous forecast unchanged unchanged unchanged unchanged unchanged unchanged unchanged
7 Report on the fourth quarter and full year 2021 Net order intake Fourth quarter Year 2021 2020 Change % 2021 2020 Change % 34, 814 27,990 6,824 37,922 31,634 6,288 -8 -12 9 135, 287 108, 990 26, 297 95,706 78,618 17,088 41 39 54 UD Trucks ¹ Total order intake 16,624 8, 711 4,889 3,295 68,333 68,333 24,903 10,394 4,963 3,213 81,395 4,674 86,069 -33 -16 -1 3 -16 N/A -21 68, 296 46,228 25, 358 24,959 16, 380 16,327 12, 535 9,201 257, 856 192,421 5, 017 16,084 262, 873 208, 505 48 2 0 36 34 N/A 26 Net order intake excluding UD Trucks Heavy-duty ( 16 tons) Medium-duty (7-16 tons) Light-duty ( 7 tons) Total order intake excluding UD Trucks UD Trucks ¹ Total order intake 57,905 3,524 6,904 68,333 68,333 71,812 3,196 6,387 81,395 4,674 86,069 -19 10 8 -16 N/A -21 211, 853 165,395 19, 426 9,762 26, 577 17,264 257, 856 192,421 5, 017 16,084 262, 873 208, 505 28 99 54 34 N/A 26 Volvo UD Trucks ¹ Renault Trucks Heavy- and medium-duty Light-duty 42,566 17,506 10,602 6,904 54,504 4,674 19,052 12,665 6,387 -22 N/A -8 -16 8 145, 843 5, 017 71, 687 45,110 26, 577 123,110 16,084 49,915 32,651 17,264 18 N/A 44 38 54 Mack Other brands Total order intake 7,786 475 68,333 7,839 86,069 -1 N/A -21 38, 587 19,396 1, 739 262, 873 208, 505 99 N/A 26 Non-consolidated operations VE Commercial Vehicles (Eicher) 15, 107 12,250 23 51, 765 Number of trucks Net order intake excluding UD Trucks Europe Heavy- and medium-duty Light-duty North America South America Asia Africa and Oceania Total order intake excluding UD Trucks 30,644 69 1Fo r mo re info rmatio n, please see A ppendix UD Trucks. Deliveries Fourth quarter Year 2021 2020 Change % 2021 2020 Change % Europe Heavy- and medium-duty Light-duty 30, 797 26, 292 4, 505 27,154 22,297 4,857 13 18 -7 98, 600 80, 804 17, 796 79,814 65,036 14,778 24 24 20 North America South America Asia Africa and Oceania Total deliveries excluding UD Trucks UD Trucks ¹ Total deliveries 14, 577 8, 269 4, 243 2, 474 60, 360 60, 360 11,342 5,872 4,898 2,044 51, 310 5,024 56, 334 29 41 -13 21 18 N/A 7 47,613 28, 609 14,814 8, 828 198, 464 3, 994 202, 458 32,019 17,440 14,585 7,525 151,383 15,458 166,841 49 64 2 17 31 N/A 21 UD Trucks ¹ Total deliveries 51, 874 3, 936 4, 550 60, 360 60, 360 43,419 2,991 4,900 51, 310 5,024 56, 334 19 32 -7 18 N/A 7 167, 290 13,136 18, 038 198, 464 3, 994 202, 458 128,471 8,041 14,871 151,383 15,458 166,841 30 63 21 31 N/A 21 Volvo UD Trucks ¹ Renault Trucks Heavy- and medium-duty Light-duty 39, 090 14, 688 10,138 4, 550 31,901 5,024 13,572 8,672 4,900 23 N/A 8 17 -7 122, 525 3, 994 51, 460 33, 422 18, 038 93,846 15,458 41,117 26,246 14,871 31 N/A 25 27 21 Mack Other brands Total deliveries 6,310 272 60, 360 5,837 56, 334 8 N/A 7 23,631 848 202, 458 16,420 166,841 44 N/A 21 Non-consolidated ope rations VE Commercial Vehicles (Eicher) Dongfeng Commercial Vehicle Company (Dongfeng Trucks) 14, 934 28, 045 12,046 75,543 24 -63 51, 777 177, 430 30,192 221,217 71 -20 Number of trucks Deliverie s excluding UD Trucks Deliverie s excluding UD Trucks Heavy-duty ( 16 tons) Medium-duty (7-16 tons) Light-duty ( 7 tons) Total deliveries excluding UD Trucks 1Fo r mo re info rmatio n, please see A ppendix UD Trucks.
8 Report on the fourth quarter and full year 2021 Net sales and operating income SEK M Fourth quarter Year 2021 2020 Change % 2021 2020 Change % 32,157 19, 394 7,194 5,015 3, 405 67,164 27,832 15,509 4,693 4,871 2,491 55,396 16 25 53 3 37 21 107, 794 65, 281 23, 527 16,609 12, 233 225, 444 92,113 51,941 15,715 15,224 10,567 185, 559 17 26 50 9 16 21 52, 863 14,301 42,547 12,849 24 11 172, 163 53, 281 136,048 49,512 27 8 67,164 6,521 61,917 N/A 8 5, 438 22,703 230, 881 208, 262 N/A 11 6, 924 128 7, 052 8,045 821 8,866 -14 -84 -20 10. 3 10. 5 13.0 14.3 Net sale s excluding UD Trucks Europe North America South America Asia Africa and Oceania Total net sale s excluding UD Trucks Of which: Vehicles Services UD Trucks ² Total net sale s Adjusted ope rating income ¹ Adjustments Operating income Adjusted operating margin, % Operating margin, % 25, 567 1, 781 27, 349 17,251 -1,486 15, 764 11.1 11.8 8.3 7.6 48 220 73 1 Fo r mo re info rmatio n o n adjusted o perating inco me, please see no te 7. 2 Fo r mo re info rmatio n, please see A ppendix UD Trucks. Net sales and operating income For the full year 2021, net sales amounted to SEK 230,881 In Q4 2021, the truck operation’s net sales amounted to SEK M (208,262). Adjusted operating income amounted to SEK 67,164 M (61,917). Excluding currency effects and UD 25,567 M (17,251), corresponding to an adjusted operating Trucks, net sales increased by 21% with sales of vehicles margin of 11.1% (8.3). Reported operating income amounted increasing by 24% and sales of services by 10%. to SEK 27,349 M (15,764). In Q4 2021, adjusted operating income amounted to SEK 6,924 M (8,045), corresponding to an adjusted operating Important events margin of 10.3% (13.0). In Q4, the agreement to create a joint venture together with Compared with Q4 2020, the lower adjusted operating Daimler Truck and Traton Group to establish a pan-European income is an effect of higher material costs, lower earnings high-performance charging network for trucks and buses in joint ventures, an unfavorable product and market mix as aiming for 1,700 charging points across strategic locations well as higher R&D expenses. This was partly offset by was finalized. The creation of the joint venture is subject to effects from price realization, increased vehicle and service regulatory approvals. volumes as well as improved earnings in the used truck business. Compared with Q4 2020, currency movements had a negative impact of SEK 163 M. In Q4 2020, income included a positive effect of SEK 322 M from a correction of In Germany, a fully-loaded Volvo FH heavy-duty electric truck was put through an independent energy-efficiency test. The truck exceeded its official range and used 50% less energy than its diesel counterpart. In January 2022, the electrification journey in North actuarial calculations of the Group’s pension liabilities. UD America continued with the launch of an upgraded version of Trucks had a marginally positive impact on adjusted the Volvo VNR heavy-duty electric truck. The new truck operating income in Q4 2020. For more information on features an increased range of up to 440 km (275 miles), adjusted operating income, please see Note 7. faster
In Q4 2021, the Volvo Group's net sales amounted to SEK 102,378 M compared with SEK 96,917 M in the same quarter the preceding year. Adjusted for both currency movements and the divestment of UD Trucks, net sales increased by 12%, of which vehicle sales by 14% and service sales by 9%. For the full year 2021, net sales amounted to SEK
May 02, 2018 · D. Program Evaluation ͟The organization has provided a description of the framework for how each program will be evaluated. The framework should include all the elements below: ͟The evaluation methods are cost-effective for the organization ͟Quantitative and qualitative data is being collected (at Basics tier, data collection must have begun)
Silat is a combative art of self-defense and survival rooted from Matay archipelago. It was traced at thé early of Langkasuka Kingdom (2nd century CE) till thé reign of Melaka (Malaysia) Sultanate era (13th century). Silat has now evolved to become part of social culture and tradition with thé appearance of a fine physical and spiritual .
On an exceptional basis, Member States may request UNESCO to provide thé candidates with access to thé platform so they can complète thé form by themselves. Thèse requests must be addressed to esd rize unesco. or by 15 A ril 2021 UNESCO will provide thé nomineewith accessto thé platform via their émail address.
̶The leading indicator of employee engagement is based on the quality of the relationship between employee and supervisor Empower your managers! ̶Help them understand the impact on the organization ̶Share important changes, plan options, tasks, and deadlines ̶Provide key messages and talking points ̶Prepare them to answer employee questions
Dr. Sunita Bharatwal** Dr. Pawan Garga*** Abstract Customer satisfaction is derived from thè functionalities and values, a product or Service can provide. The current study aims to segregate thè dimensions of ordine Service quality and gather insights on its impact on web shopping. The trends of purchases have
Chính Văn.- Còn đức Thế tôn thì tuệ giác cực kỳ trong sạch 8: hiện hành bất nhị 9, đạt đến vô tướng 10, đứng vào chỗ đứng của các đức Thế tôn 11, thể hiện tính bình đẳng của các Ngài, đến chỗ không còn chướng ngại 12, giáo pháp không thể khuynh đảo, tâm thức không bị cản trở, cái được
Ericsson Fourth Quarter Report 2013 1 Ericsson fourth quarter and full year report 2013 JANUARY 30, 2014 FOURTH QUARTER HIGHLIGHTS Sales of SEK 67.0 b., flat YoY. Sales for comparable units and adjusted for FX, increased 4% YoY. Operating income incl. JV of SEK 9.1 (-3.8) b. with operating margin of 13.5% (-5.7%), including a one-time
Le genou de Lucy. Odile Jacob. 1999. Coppens Y. Pré-textes. L’homme préhistorique en morceaux. Eds Odile Jacob. 2011. Costentin J., Delaveau P. Café, thé, chocolat, les bons effets sur le cerveau et pour le corps. Editions Odile Jacob. 2010. Crawford M., Marsh D. The driving force : food in human evolution and the future.
