Volvo Car Ab Class B · OMXSTO:VOLCAR_B
Volvo Car Ab Class B — Q1 2017 Earnings Presentation
25 slides from Volvo Car Ab Class B's earnings presentation, March 2017
Slide 1: Volvo Car Group results presentation January – March 2017
VOLVO CAR GROUP results presentation January – march 2017 Patrik Tolf, deputy CFO and Head of Group Finance Nils Mösko, Vice president and Head of Investor RElations
Slide 2: Disclaimer
DISCLAIMER By accepting this document, the person to whom it is provided (the “Recipient”) agrees to be bound by the following obligations and limitations. This document has been prepared and issued by Volvo Car AB (together with its subsidiaries, “Volvo Cars”). The information contained in this doc
Slide 3: Performance Jan – March 2017
Performance Jan – March 2017 3.5 BN 129,000 ebit 7.3% Ebit margin retail sales 47.6 BN Net revenue -2.3 BN Operating and investing cash flow VOLVO CAR GROUP RESULTS PRESENTATION JANUARY-MARCH 2017 CURRENCY: SEK
Slide 4: Retail sales, Jan – March 2017
Retail sales, Jan – March 2017* Global growth +7.1% emea +9.2% Americas -13.8% robust Model Growth Asia pacific +16.0% ramp-up strong momentum VOLVO CAR GROUP RESULTS PRESENTATION JANUARY-MARCH 2017 *Comparable period: Jan – March 2016 4
Slide 5: Operations, Jan – March 2017
Operations, Jan – March 2017 Ramp up of S90 in daqing New xc60 revealed & V90 in torslanda VOLVO CAR GROUP RESULTS PRESENTATION JANUARY-MARCH 2017 5
Slide 6: Financials
Financials VOLVO CAR GROUP RESULTS PRESENTATION JANUARY-MARCH 2017 6
Slide 7: Overview of key financial developments, Jan – March 2017
Overview of key financial developments, Jan – March 2017 Wholesale (units) Net revenue (SEKbn) +9% +13% 127,966 139,052 47,592 42,027 2016 Q1 2017 Q1 2016 Q1 2017 Q1 EBIT (SEKbn) Net income (SEKbn) +11% +26% 3,491 2,606 3,145 2,069 2016 Q1 2017 Q1 2016 Q1 2017 Q1 VOLVO CAR GROUP RESULTS PRESENTATION
Slide 8: Financial statements – Income statement
Financial statements – Income statement Income statement Cash flow statement Balance sheet msek Q1 Q1 msek Q1 Q1 msek Q1 Q1 2017 2016 2017 2016 2017 2016 Intangible assets, Property, plant Net Revenue 47,592 42,027 Operating activities 3,019 3,232 85,591 82,075 & equipment etc. Inventories, Accounts
Slide 9: Net revenue strong growth, Jan – March 2017
Income Statement Net revenue strong growth, Jan – March 2017 MSEK +13% 1,405 47,592 1,540 2,620 42,027 2016 Q1 Volume Sales Mix Other 2017 Q1 VOLVO CAR GROUP RESULTS PRESENTATION JANUARY-MARCH 2017 9
Slide 10: EBIT improvement, Jan – March 2017
Income Statement ebit improvement, Jan – March 2017 MSEK +11% 566 660 3,491 3,145 -880 7.5% 7.3% EBIT EBIT margin margin 2016 Q1 Volume Sales Mix Fixed cost, 2017 Q1 Exchange and Other VOLVO CAR GROUP RESULTS PRESENTATION JANUARY-MARCH 2017 10
Slide 11: Financial statements – cash flow statement
Financial statements – cash flow statement Income statement Cash flow statement Balance sheet msek Q1 Q1 msek Q1 Q1 msek Q1 Q1 2017 2016 2017 2016 2017 2016 Intangible assets, Property, plant Net Revenue 47,592 42,027 Operating activities 3,019 3,232 85,591 82,075 & equipment etc. Inventories, Accou
Slide 12: Cash Flow, Jan – March 2017
Cash Flow Statement Cash Flow, Jan – March 2017 MSEK Free cash flow SEK -2 304 million 6,361 43,373 -2,870 40,840 4,738 -472 2,843 1,666 -5,323 38,635 39,174 Mkt sct Cash 2016 FY EBITDA Working capital Other items* Investments Financing** 2017 Q1 Liquidity Liquidity *Adjusted for interests and other
Slide 13: Financial statements – balance sheet
Financial statements – balance sheet Income statement Cash flow statement Balance sheet msek Q1 Q1 msek Q1 Q1 msek Q1 Q1 2017 2016 2017 2016 2017 2016 Intangible assets, Property, plant Net Revenue 47,592 42,027 Operating activities 3,019 3,232 85,591 82,075 & equipment etc. Inventories, Accounts re
Slide 14: Liquidity & debt structure as of March 31, 2017
Balance Sheet Liquidity & debt structure as of March 31, 2017 MSEK 47,139 6,299 1,666 23,001 16,702 Net cash position of SEK17bn 24,138 39,174 7,679 2,776 Undrawn Revolving Credit Facility (RCF) Marketable Securities Cash & Cash Equivalents 13,683 Bonds Short-term Debt Long-term Debt Liquidity Debt
Slide 15: Investments as of Dec 31, 2016
Balance Sheet Investments as of Dec 31, 2016 Investments (BNSEK) 13,5% 13,4% 11,4% 24 19 19 6 % Revenue 5 5 Intangible investments 5 Non capitalised R&D 5 Tangible investments 5 13 9 9 2014 2015 2016 VOLVO CAR GROUP RESULTS PRESENTATION JANUARY-MARCH 2017 15
Slide 16: Amortisation schedule as of Dec 31, 2016
Balance Sheet Amortisation schedule as of Dec 31, 2016 MSEK 43,373 Liquidity Loans Bonds 6,737 4,766 1,961 3,266 3,609 2,813 3,000 4,777 2016 2017 2018 2019 2020 2021 2022 VOLVO CAR GROUP RESULTS PRESENTATION JANUARY-MARCH 2017 16
Slide 17: Outlook and focus 2017
Outlook and focus 2017 Sales growth New XC60 ramp-up Maintained strong profit level Launch of New XC40 Continued industrial transformation Electrification & AD VOLVO CAR GROUP RESULTS PRESENTATION JANUARY-MARCH 2017
Slide 18: Q&A
Q&A VOLVO CAR GROUP RESULTS PRESENTATION JANUARY-MARCH 2017 18
Slide 19: Appendix 1: Revenue by carline and region
Appendix 1: Revenue by carline and region Revenue by carline Revenue by region S Americas 16% 18% EMEA 55% XC 53% 30% V 27% Asia Pacific VOLVO CAR GROUP RESULTS PRESENTATION JANUARY-MARCH 2017 19
Slide 20: Appendix 2: Working Capital and CCC Days
Appendix 2: Working Capital and CCC DAys Change in Working capital (MSEK) 12 months rolling CCC* days 15 -5 -1 2,184 -3 -2,539 6 -4,647 -76 Inventory Receivables Payables 2017 2016 Q1 Inventory Receivables Payables 2017 Q1 Q1 WC *CCC = Cash Conversion Cycle VOLVO CAR GROUP RESULTS PRESENTATION JANUA
Slide 21: Appendix 3: Retail sales
Appendix 3: Retail sales VOLVO CAR GROUP RESULTS PRESENTATION JANUARY-DECEMBER 2016 21
Slide 22: Appendix 4: Key figures – extended version
Appendix 4: Key figures – extended version Q12017 Key figures Q1 2017 Q1 2016 vs Q1 2016 Retail sales (units) 129,148 120,591 7.1% Wholesale (units) 139,052 127,966 8.7% Net revenue (MSEK) 47,592 42,027 13.2% Research and development expenses (MSEK) -2,672 -2,413 10.7% Operating income, EBIT (MSEK)
Slide 23: Appendix 5: Definitions of performance measures
Appendix 5: Definitions of performance measures Performance measures disclosed in the presentation are those that are deemed to give the most true and fair, as well as relevant view of Volvo Car Group’s financial performance for a reader of the presentation. VOLVO CAR GROUP RESULTS PRESENTATION JANU
Slide 24: Appendix 6: Reconciliation tables of performance measures
Appendix 6: Reconciliation tables of performance measures VOLVO CAR GROUP RESULTS PRESENTATION JANUARY-DECEMBER 2016 24
Slide 25: VOLVO CAR GROUP RESULTS PRESENTATION JANUARY-DECEMBER 2016
VOLVO CAR GROUP RESULTS PRESENTATION JANUARY-DECEMBER 2016 25