Key financial data

Read our summary of essential facts and figures about Volvo Car Group

Key Figures 2015 Restated 2014 (2) 2015/Restated 2014 (2) % change 2013 2012
Net revenue, MSEK 164 043 137 590 19.2% 122 245 124 547
Research and development expenses, MSEK -8 803 -7 193 22.4% -5 864 -6 289
Operating income, EBIT, MSEK 6 620 2 128 211.1% 1 919 66
Net income, MSEK 4 476 508 781.1% 960 -542
EBITDA, MSEK 16 019 9 491 68.8% 9 057 8 082
Operating & investing cash flow adjusted for marketable securities, MSEK 7 234 -4 766 251.8% 109 -4 929
EBIT margin, % (1) 4.0 1.5 177.8% 1.6 0.1%
EBITDA margin, % 9.8 6.9 42.0% 7.4 6.5%
Equity ratio, % 26.2 27.8 -5.8% 28.1 28.5%
Net debt (Net Cash if negative), MSEK -7 721 856 -1002.0% -2 607 -2 240
(1) Volvo Car Group has reclassified lease agreements with maturity less than one year from assets held under operating leases to inventory. Depreciation has as a result of the reclassification decreased by MSEK 716 (2014), MSEK 769 (2013).
(2) The comparative figures for 2014 are restated. As the incorporation of the Chinese entities is a common control transaction Volvo Car Group has elected to apply predecessor accounting, meaning that the comparative information is presented in the report as if the incorporated entities had always been controlled by Volvo Car Group.
Consolidated Income Statements (MSEK) 2015 Restated 2014 (1) 2015/Restated 2014 (1) % change 2013 2012
Net revenue 164 043 137 590 19.2% 122 245 124 547
Cost of sales -128 238 -114 019 12.5% -101 934 -104 600
Gross Income 35 805 23 571 51.9% 20 311 19 947
Research and development expenses -8 803 -7 193 22.4% -5 864 -6 289
Selling expenses -10 951 -8 708 25.8% -7 919 -8 642
Administrative expenses -7 234 -5 943 21.7% -5 129 -5 192
Other operating income 2 005 1 745 14.9% 1 509 1 032
Other operating expense -4 432 -1 535 188.7% -1 168 -814
Share of income in associates 230 191 20,4% 179 24
Operating income 6 620 2 128 211,1% 1 919 66
Financial income 238 342 -30.4% 87 120
Financial expenses -1 469 -1 315 11.7% -874 -1 180
Income before tax 5 389 1 155 366.6% 1 132 -994
Income tax -913 -647 41.1% -172 452
Net income for the period 4 476 508 781.1% 960 -542
Net income attributable to 3 130 540 479.6% 960 -542
Owners of the parent company 1 346 -32 4306.3% 0 -592
Non-controlling interests 4 476 508 781.1% - 50
(1) The comparative figures for 2014 are restated. As the incorporation of the Chinese entities is a common control transaction Volvo Car Group has elected to apply predecessor accounting, meaning that the comparative information is presented in the report as if the incorporated entities had always been controlled by Volvo Car Group.
Balance Sheets (MSEK) 2015 Restated 2014 (1) 2015/Restated 2014 (1) % change 2013 2012
Assets
Non-current assets
Intangible assets 22 834 20 649 10.6% 17 271 15 666
Property, plant and equipment 37 428 36 122 3.6% 25 653 25 654
Assets held under operating leases 2 172 1 942 11.8% 1 890 3 542
Investments in joint ventures and associates 701 612 14.5% 1 159 550
Other long-term securities holdings 15 13 15.4% 10 10
Deferred tax assets 3 841 3 107 23.6% 2 165 1 820
Other non-current assets 1 326 11 656 -88.6% 734 734
Total non-current assets 68 317 74 101 -7.8% 49 225 47 976
Current assets
Inventories 20 306 17 724 14.6% 14 416 11 812
Accounts receivable 8 859 7 674 15.4% 5 618 4 735
Current tax assets 307 355 -13.5% 97 87
Other current assets 5 393 5 332 1.1% 2 781 2 587
Marketable securities 3 512 1 047 235.4% 88 -
Cash and cash equivalents 25 623 17 002 50.7% 15 372 9 607
Total current assets 64 000 49 134 30.3% 38 372 28 828
TOTAL ASSETS 132 317 123 235 7.4% 87 597 76 804
EQUITY & LIABILITIES
Equity
Equity attributable to owners of the parent company 32 550 32 804 -0.8% 24 638 21 901
Non-controlling interests 2 085 1 464 42.4% - -
Total equity 34 635 34 268 1.1% 24 638 21 901
Non-current liabilities
Provisions for post-employment benefits 4 701 6 186 -24.0% 3 641 5 492
Deferred tax liabilities 1 768 3 337 -47.0% 1 759 1 556
Other non-current provisions 5 909 5 857 0.9% 5 463 5 911
Liabilities to credit institutions 15 168 17 345 -12.6% 12 033 7 057
Liabilities to parent company - 1 143 - - -
Other non-current liabilities 2 927 1 601 82.8% 1 212 1 057
Total non-current liabilities 30 473 35 469 -14.1% 24 108 21 073
Current liabilities
Current provisions 12 456 10 484 18.8% 8 169 7 182
Liabilities to credit institutions 6 246 1 560 300.4% 820 310
Advance payments from customers 534 379 40.9% 317 187
Accounts payables 26 282 18 563 41.6% 13 632 12 626
Current tax liabilities 446 627 -28.9% 658 365
Liabilities to parent company - 1 651 - - -
Other current liabilities 21 245 20 234 5.0% 15 255 13 160
Total current liabilities 67 209 53 498 25.6% 38 851 33 830
TOTAL EQUITY & LIABILITIES 132 317 123 235 7.4% 87 597 76 804
(1) The comparative figures for 2014 are restated. As the incorporation of the Chinese entities is a common control transaction Volvo Car Group has elected to apply predecessor accounting, meaning that the comparative information is presented in the report as if the incorporated entities had always been controlled by Volvo Car Group.
Consolidated Statement of Cash Flows (MSEK) 2015 Restated 2014 (1) 2015/Restated 2014 (1) % change 2013 2012
Operating activities
Operating income 6 620 2 128 211.1% 1 919 66
Depreciation and amortisation of non-current assets 9 399 7 363 27.7% 7 138 8 016
Interest and similar items received 141 149 -5.4% 87 120
Interest and similar items paid -1 022 -875 16.8% -433 -423
Other financial items -176 -40 340.0% -80 -85
Income tax paid -1 645 -1 293 27.2% -573 -928
Adjustments for items not affecting cash flow -235 -552 -57.4% -281 -410
13 082 6 880 90.1% 7 777 6 356
Movements in working capital
Change in inventories -1 742 -2 272 -23.3% -349 1 407
Change in accounts receivable -994 -2 720 -63.5% -883 -928
Change in accounts payable 7 658 4 227 81.2% 1 006 -2 838
Change in items relating to repurchase commitments 29 -193 115.0% -47 -1 132
Change in provisions 1 979 2 507 -21.1% 767 -858
Change in other working capital assets/liabilities 2 564 410 525.4% 590 742
Cash flow from movements in working capital 9 494 1 959 384.6% 1 084 -3 607
Cash flow from operating activities 22 576 8 839 155.4% 8 861 2 749
Investing activities
Investments in shares and participations -2 213 275 -904.7% -520 -258
Investments in intangible assets -4 715 -5 234 -9.9% -4 188 -3 061
Investments in property, plant and equipment -8 677 -8 646 0.4% -4 714 -4 466
Disposal of property, plant and equipment 263 - - 66 93
Cash flow from investing activities -15 342 -13 605 12.8% -8 840 -7 678
Cash flow from operating and investing activities 7 234 -4 766 251.8% 21 -4 929
Financing activities
Proceeds from credit institutions 5 935 7 270 -18.4% 5 336 8 063
Repayment of liabilities to credit institutions -6 626 -5 101 29.9% -45 -7 251
Received shareholders' contribution 3 992 1 555 156.7% 293 -
Investments in marketable securities, net (2) -2 488 -978 154.4% -88 -
Other 632 895 -29.4% 104 14
Cash flow from financing activities 1 445 3 641 -60.3% -8 840 -7 678
Cash flow for the period 8 679 -1 125 871.5% 21 -4 929
Cash and cash equivalents at beginning of year 17 002 17 533 -3.0% 9 607 14 634
Exchange difference on cash and cash equivalents -58 594 -109.8% -21 -554
Cash and cash equivalents at end of year 25 623 17 002 50.7% 15 372 9 607
(1) The comparative figures for 2014 are restated. As the incorporation of the Chinese entities is a common control transaction Volvo Car Group has elected to apply predecessor accounting, meaning that the comparative information is presented in the report as if the incorporated entities had always been controlled by Volvo Car Group.
(2) Investments in marketable securities, net, has been reclassified from investing activities to financing activities, along with comparative figures for 2014. These investments are an integrated part of the cash management program in the group, included in the groups financing activities. This reclassification has no impact on the net cash for the year