Volvo Car

Profit Statement 2017 2018 2019
Sales SEK mil 208,646 252,653 274,117
Gross Profit SEK mil 46,658 49,331 52,070
EBITDA SEK mil 26,183 28,598 29,146
EBIT SEK mil 14,085 14,190 13,598
Financing Cost SEK mil 834 771 985
Pre-Tax Profit SEK mil 13,147 12,917 13,168
Net Profit SEK mil 7,960 6,840 7,115
Dividends SEK mil 0 0 0
Balance Sheet 2017 2018 2019
Total Assets SEK mil 190,164 211,234 241,564
Non-Current Assets SEK mil 100,855 110,172 124,053
Current Assets SEK mil 89,309 101,062 117,511
Working Capital SEK mil -175 -1,433 1,853
Shareholders' Equity SEK mil 54,660 61,251 63,648
Liabilities SEK mil 135,504 149,983 177,916
Total Debt SEK mil 26,783 23,648 36,386
Net Debt SEK mil -12,611 -18,099 -19,129
Ratios 2017 2018 2019
ROE % 16.2 11.8 11.4
ROCE % 9.00 6.53 6.06
Gross Margin % 22.4 19.5 19.0
EBITDA Margin % 12.5 11.3 10.6
EBIT Margin % 6.75 5.62 4.96
Net Margin % 3.82 2.71 2.60
Net Debt/EBITDA -0.482 -0.633 -0.656
Net Debt/Equity % -23.1 -29.5 -30.1
Cost of Financing % 3.26 3.06 3.28
Cash Flow 2017 2018 2019
Total Cash From Operations SEK mil 24,970 28,209 32,374
Total Cash From Investing SEK mil -28,770 -23,504 -20,801
Total Cash From Financing SEK mil 1,333 -743 -831
Net Change In Cash SEK mil -3,233 4,768 11,827
Cash Conversion Cycle days -4.27 -5.04 0.605
Cash Earnings SEK mil 20,024 20,014 22,653
Free Cash Flow SEK mil -3,800 4,705 11,573

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overview Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                  
Sales SEK mil     122,245 137,590 164,043 180,902 208,646    
Gross Profit SEK mil     20,311 23,571 35,805 38,682 46,658    
EBIT SEK mil     965 2,805 9,442 10,390 14,085    
Net Profit SEK mil     960 540 3,130 5,944 7,960    
                     
ROE % ...   4.13 1.83 9.09 15.3 16.2    
EBIT Margin %     0.789 2.04 5.76 5.74 6.75    
Net Margin %     0.785 0.392 1.91 3.29 3.82    
Employees     23,242 26,101 28,119 31,416 37,969    
balance sheet                  
Total Assets SEK mil     87,597 123,235 132,317 161,413 190,164    
Non-Current Assets SEK mil     49,225 74,101 68,317 82,075 100,855    
Current Assets SEK mil     38,372 49,134 64,000 79,338 89,309    
                     
Shareholders' Equity SEK mil     24,638 34,268 34,635 43,310 54,660    
Liabilities SEK mil     62,959 88,967 97,682 118,103 135,504    
Non-Current Liabilities SEK mil     24,108 35,469 30,473 41,979 39,119    
Current Liabilities SEK mil     38,851 53,498 67,209 76,124 96,385    
                     
Net Debt/EBITDA     -0.322 0.084 -0.410 -0.906 -0.482    
Net Debt/Equity %     -10.6 2.50 -22.3 -43.8 -23.1    
Cost of Financing % ...   5.16 5.28 5.57 4.51 3.26    
cash flow                  
Total Cash From Operations SEK mil     8,861 8,839 22,576 27,048 24,970    
Total Cash From Investing SEK mil     -8,840 -13,605 -15,342 -20,533 -28,770    
Total Cash From Financing SEK mil     5,765 3,641 1,445 5,792 1,333    
Net Change In Cash SEK mil     5,765 -531 8,621 13,012 -3,233    
income statement Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                  
Sales SEK mil     122,245 137,590 164,043 180,902 208,646    
Cost of Goods & Services SEK mil     101,934 114,019 128,238 142,220 161,988    
Gross Profit SEK mil     20,311 23,571 35,805 38,682 46,658    
Selling, General & Admin SEK mil     12,609 14,191 17,776 18,128 22,725    
Research & Development SEK mil     5,864 7,193 8,803 10,174 10,187    
Other Operating Expense SEK mil     977 642 1,349 1,830 1,931    
Staff Cost SEK mil     18,097 18,800 21,648 25,506 18,200    
Other Operating Cost (Income) SEK mil     734 1,745 2,005 2,206 3,054    
EBITDA SEK mil     8,103 10,168 18,841 20,917 26,183    
Depreciation SEK mil     4,438 4,584 5,627 6,232 12,064    
EBIT SEK mil     965 2,805 9,442 10,390 14,085    
Net Financing Cost SEK mil     435 691 982 816 479    
Financing Cost SEK mil     522 839 1,123 1,034 834    
Financing Income SEK mil     87.0 148 141 218 355    
FX (Gain) Loss SEK mil     -693 292 2,495 -41.0 533    
(Income) / Loss from Affiliates SEK mil     -179 191 230 -418 -200    
Extraordinary Cost SEK mil     0 0 0 0 0    
Pre-Tax Profit SEK mil     1,132 1,155 5,389 9,521 13,147    
Tax SEK mil     172 647 913 2,061 2,922    
Minorities SEK mil     0 -32.0 1,346 1,516 2,265    
Net Profit SEK mil     960 540 3,130 5,944 7,960    
Net Profit Avail. to Common SEK mil     960 540 3,130 5,944 7,960    
Dividends SEK mil     0 0 0 0 0    
growth rates                  
Total Revenue Growth % ...   -1.85 12.6 19.2 10.3 15.3    
Operating Cost Growth % ...   -4.09 12.1 26.0 7.51 16.8    
Staff Cost Growth % ...   10.7 3.88 15.1 17.8 -28.6    
EBITDA Growth % ...   1.87 25.5 85.3 11.0 25.2    
EBIT Growth % ...   -1,656 191 237 10.0 35.6    
Pre-Tax Profit Growth % ...   -214 2.03 367 76.7 38.1    
Net Profit Growth % ...   -262 -43.8 480 89.9 33.9    
ratios                  
ROE % ...   4.13 1.83 9.09 15.3 16.2    
ROA % ...   1.17 0.512 2.45 4.05 4.53    
ROCE % ...   1.79 0.829 4.42 8.32 9.00    
Gross Margin %     16.6 17.1 21.8 21.4 22.4    
EBITDA Margin %     6.63 7.39 11.5 11.6 12.5    
EBIT Margin %     0.789 2.04 5.76 5.74 6.75    
Net Margin %     0.785 0.392 1.91 3.29 3.82    
Payout Ratio %     0 0 0 0 0    
Cost of Financing % ...   5.16 5.28 5.57 4.51 3.26    
Net Debt/EBITDA     -0.322 0.084 -0.410 -0.906 -0.482    
balance sheet Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                  
Cash & Cash Equivalents SEK mil     15,460 18,049 29,135 43,373 39,394    
Receivables SEK mil     5,062 1,950 4,213 3,486 7,696    
Inventories SEK mil     14,416 17,724 20,306 21,198 30,665    
Other ST Assets SEK mil     3,434 11,411 10,346 11,281 11,554    
Current Assets SEK mil     38,372 49,134 64,000 79,338 89,309    
Property, Plant & Equipment SEK mil     27,543 38,064 39,600 47,951 57,822    
LT Investments & Receivables SEK mil     10.0 13.0 15.0 79.0 80.0    
Intangible Assets SEK mil     17,271 20,649 22,834 25,368 29,157    
Goodwill SEK mil     0 26.0 509 509 590    
Non-Current Assets SEK mil     49,225 74,101 68,317 82,075 100,855    
Total Assets SEK mil     87,597 123,235 132,317 161,413 190,164    
                     
Trade Payables SEK mil     13,632 18,563 26,282 30,508 38,536    
Short-Term Debt SEK mil     820 1,560 6,246 2,813 7,426    
Other ST Liabilities SEK mil     16,642 22,867 24,472 30,779 35,304    
Current Liabilities SEK mil     38,851 53,498 67,209 76,124 96,385    
Long-Term Debt SEK mil     12,033 17,345 15,168 21,609 19,357    
Other LT Liabilities SEK mil     12,075 18,124 15,305 20,370 19,762    
Non-Current Liabilities SEK mil     24,108 35,469 30,473 41,979 39,119    
Liabilities SEK mil     62,959 88,967 97,682 118,103 135,504    
Preferred Equity and Hybrid Capital SEK mil     0 0 0 0.500 0.500    
Share Capital SEK mil     9,708 19,318 14,543 19,509 19,490    
Treasury Stock SEK mil     0 0 0 0 0    
Equity Before Minority Interest SEK mil     24,638 32,804 32,550 39,536 48,729    
Minority Interest SEK mil     0 1,464 2,085 3,774 5,931    
Equity SEK mil     24,638 34,268 34,635 43,310 54,660    
growth rates                  
Total Asset Growth % ...   14.1 40.7 7.37 22.0 17.8    
Shareholders' Equity Growth % ...   12.5 39.1 1.07 25.0 26.2    
Net Debt Growth % ...   16.4 -133 -1,002 145 -33.5    
Total Debt Growth % ...   74.5 47.1 13.3 14.0 9.67    
ratios                  
Total Debt SEK mil     12,853 18,905 21,414 24,422 26,783    
Net Debt SEK mil     -2,607 856 -7,721 -18,951 -12,611    
Working Capital SEK mil     5,846 1,111 -1,763 -5,824 -175    
Capital Employed SEK mil     55,071 75,212 66,554 76,251 100,680    
Net Debt/Equity %     -10.6 2.50 -22.3 -43.8 -23.1    
Current Ratio     0.988 0.918 0.952 1.04 0.927    
Quick Ratio     0.528 0.374 0.496 0.616 0.489    
cash flow Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                  
Net Profit SEK mil     960 540 3,130 5,944 7,960    
Depreciation SEK mil     4,438 4,584 5,627 6,232 12,064    
Non-Cash Items SEK mil     -321 -1,023 582 2,921 2,158    
Change in Working Capital SEK mil     1,084 1,959 9,465 7,656 2,754    
Total Cash From Operations SEK mil     8,861 8,839 22,576 27,048 24,970    
                     
Capital Expenditures SEK mil     -8,336 -13,880 -13,129 -19,063 -26,688    
Net Change in LT Investment SEK mil     -520 275 -2,213 -1,462 -2,081    
Net Cash From Acquisitions SEK mil     0 0 0 0 0    
Other Investing Activities SEK mil     16.0 0 0 -8.00 -1.00    
Total Cash From Investing SEK mil     -8,840 -13,605 -15,342 -20,533 -28,770    
                     
Dividends Paid SEK mil     0 0 0 0 -2,188    
Issuance Of Shares SEK mil     0 0 0 4,979 -82.0    
Issuance Of Debt SEK mil     5,291 2,169 -691 1,641 2,547    
Other Financing Activities SEK mil     474 1,472 2,136 -828 1,056    
Total Cash From Financing SEK mil     5,765 3,641 1,445 5,792 1,333    
                     
Effect of FX Rates SEK mil     -21.0 594 -58.0 705 -766    
Net Change In Cash SEK mil     5,765 -531 8,621 13,012 -3,233    
ratios                  
Days Sales Outstanding days     15.1 5.17 9.37 7.03 13.5    
Days Sales Of Inventory days     51.6 56.7 57.8 54.4 69.1    
Days Payable Outstanding days     48.8 59.4 74.8 78.3 86.8    
Cash Conversion Cycle days     17.9 2.49 -7.64 -16.9 -4.27    
Cash Earnings SEK mil     5,398 5,124 8,757 12,176 20,024    
Free Cash Flow SEK mil     21.0 -4,766 7,234 6,515 -3,800    
Capital Expenditures (As % of Sales) %     6.82 10.1 8.00 10.5 12.8    
other ratios Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
                   
Employees     23,242 26,101 28,119 31,416 37,969    
Cost Per Employee USD per month     9,948 8,438 7,900 7,731 4,626    
Cost Per Employee (Local Currency) SEK per month     64,886 60,023 64,156 67,657 39,945    
Operating Cost (As % of Sales) %     16.4 16.4 17.3 16.9 17.1    
Research & Development (As % of Sales) %     4.80 5.23 5.37 5.62 4.88    
Staff Cost (As % of Sales) %     14.8 13.7 13.2 14.1 8.72    
Effective Tax Rate %     15.2 56.0 16.9 21.6 22.2    
Revenues From Abroad SEK mil ... ... ... ... ... ... ...    
Domestic Revenues SEK mil ... ... ... ... ... ... ...    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ...    
Total Revenue Growth (5-year average) % ... ... ... ... ... 7.56 10.9    
sales of vehicles Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
                   
Sales From Automotive SEK mil     111,243 125,207 149,279 164,621 189,868    
Price Per Vehicle Sold SEK     260,011 268,762 296,703 308,087 332,182    
EBIT Per Vehicle Sold SEK     2,256 6,021 18,767 19,445 24,642    
Net Profit Per Vehicle Sold SEK     2,244 1,159 6,221 11,124 13,926    
Price Per Vehicle Sold (USD) USD     39,865 37,783 36,536 35,204 38,469    
EBIT Per Vehicle Sold (USD) USD     346 846 2,311 2,222 2,854    
Net Profit Per Vehicle Sold (USD) USD     344 163 766 1,271 1,613    
Sales of Vehicles vehicles     427,840 465,866 503,127 534,332 571,577    
Sales of Vehicles Abroad vehicles     375,580 404,509 431,927 459,935 501,309    
Sales of Vehicles Abroad (As % of Total) %     87.8 86.8 85.8 86.1 87.7    
vehicles by brand Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
                   
Sales of XC60 vehicles ...   114,010 136,993 159,617 161,092 184,966    
Sales of XC40 vehicles ...   0 0 0 0 96.0    
Sales of XC90 vehicles ...   23,784 17,869 43,102 92,449 87,518    
Sales of V60 vehicles ...   54,666 61,977 61,341 60,637 51,911    
Sales of S90 vehicles ...   0 0 0 7,383 46,602    
Sales of V40 vehicles ...   99,911 110,864 106,631 101,380 95,370    
Sales of S60 vehicles ...   61,646 67,623 64,078 61,941 54,197    
Sales of V90 vehicles ...   0 0 0 7,674 50,575    
Sales of XC70 vehicles ...   24,418 29,092 30,175 0 0    
Sales of S80 vehicles ...   11,482 12,489 10,330 0 0    
Sales of V70 vehicles ...   26,133 27,795 27,841 0 0    
Sales of S40 vehicles ...   181 0 0 0 0    
Sales of V50 vehicles ...   223 0 0 0 0    
Sales of C30 vehicles ...   5,628 0 0 0 0    

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Finance

Volvo Car has been growing its sales by 14.8% a year on average in the last 5 years. EBITDA has grown on average by 23.4% a year during that time to total of SEK 29,146 mil in 2019, or 10.6% of sales. That’s compared to 11.5% average margin seen in last five years.

The company netted SEK 7,115 mil in 2019 implying ROE of 11.4% and ROCE of 6.06%. Again, the average figures were 12.8% and 6.87%, respectively when looking at the previous 5 years.

Volvo Car’s net debt amounted to SEK -19,129 mil at the end of 2019, or -30.1% of equity. When compared to EBITDA, net debt was -0.656x, down when compared to average of -0.617x seen in the last 5 years.

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