| 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 |
Get all company financials in excel:
| 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 |
Get all company financials in excel:
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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