CRA Conference, SCCL Stockholm June 14. Eva Lindebäck Brandt Director Corporate Finance, AB Volvo
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1 CRA Conference, SCCL Stockholm June 14 Eva Lindebäck Brandt Director Corporate Finance, AB Volvo
2 Agenda VOLVO GROUP FINANCIAL MANAGEMENT CRA RELATIONSHIP NEW CRA REGULATIONS SUMMARY AB Volvo 2
3 Agenda VOLVO GROUP FINANCIAL MANAGEMENT CRA RELATIONSHIP NEW CRA REGULATIONS SUMMARY AB Volvo 3
4 AB Volvo 4
5 Volvo Group 2011 best year to date AB Volvo 5
6 Agenda VOLVO GROUP FINANCIAL MANAGEMENT CRA RELATIONSHIP NEW CRA REGULATIONS SUMMARY 6
7 Volvo Group - Financial Strategy Shareholders Long-term attractive and stable total return Financial key ratios to balance these objectives Debt providers Strong credit rating Financial strength and flexibility Financial objectives Net sales growth peers weighted average Operating margin = top 2 compared to peers Financial objectives Net debt / Equity < 40% under normal circumstances Customer Finance Return on equity 12-15% 7
8 Central treasury management - with diversified funding sources Capital Markets Market programs Structured finance Bank Markets Other Bilateral loans Syndicated facilities CP CAD 750 USCP USD EMTN USD Greensboro Curitiba CP SEK Gothenburg ECP USD Treasury Centre CP/MTN AUD 350 Treasury Representation Beijing Tokyo Singapore Agency funding 8
9 Agenda VOLVO GROUP FINANCIAL MANAGEMENT CRA RELATIONSHIP NEW CRA REGULATIONS SUMMARY 9
10 Importance of a strong and stable credit rating - For an industrial company Debt investors Customers Credit rating Suppliers Capital market access Debt Equity Customer financing Supply chain financing Equity investors Employees Partners 10
11 CRA relationship at AB Volvo Four CRAs for solicited credit rating Global Standard and Poor s (S&P) Moody s Local DBRS (Canada) R&I (Japan) Principles of Communication CRAs are insiders and are provided with company internal information CRA relationship Continuous dialogue with CRAs Volvo performance in general and issues related to Treasury and VFS in particular Annual face-to-face meetings with Executive Management and the agencies Ad hoc meetings on short term financial and business performance Commercial relation Substantial investments in CRA relationship Fees Management resources Additional fees M&A etc. 11
12 Volvo Credit Rating AB Volvo goal is to have a strong and stable investment grade rating Short- term Long-term Moody s (Global) P-2 Baa2, stable S&P (Global) A-2 BBB, stable S&P Nordic national scale K-2 - DBRS (Canada) R-2 (high) - R&I (Japan) a-1 A-, positive 12
13 Volvo s credit rating volatile credit rating history The graph shows the last years rating actions from the three agencies; Moody s, S&P and Fitch. After the Fitch raise in August 2011 the Volvo Group is at the same rating level at all three agencies Majority of peers still at a higher rating level A+/A1 (Positive) A+/A1 (Stable) A+/A1 (Negative) A+/A1 (Watch Negative) A/A2 (Positive) A/A2 (Stable) A/A2 (Negative) A/A2 (Watch Negative) A-/A3 (Positive) (Moody's) A-/A3 (Stable) Jan 09 Apr 08 (S&P) A-/A3 (Negative) A-/A3 (Watch Negative) BBB+/Baa1 (Positive) BBB+/Baa1 (Stable) BBB+/Baa1 (Negative) BBB+/Baa1 (Watch Negative) Oct 08 Jan 09 Feb 09 Apr 09 Feb 09 Apr 09 BBB/Baa2 (Positive) Aug 09 Jul 09 BBB/Baa2 (Stable) BBB/Baa2 (Negative) Jul 09 Apr 11 Feb 10 Aug 11 BBB/Baa2 (Watch Negative) Jan 10 BBB-/Baa3 (Positive) BBB-/Baa3 (Stable) BBB-/Baa3 (Negative) BBB-/Baa3 (Watch Negative) BB+/Ba1 (Positive) BB+/Ba1 (Stable) Nov 10 Mar 10 BB+/Ba1 (Negative) BB+/Ba1 (Watch Negative) Non Investment grade Moody's S&P Fitch 13
14 Agenda VOLVO GROUP FINANCIAL MANAGEMENT CRA RELATIONSHIP NEW CRA REGULATIONS SUMMARY 14
15 New CRA regulation Volvo Group strongly supports the European Commissions efforts with; Increased transparency and competition between the CRAs securing independence of the market participants non-discriminative and transparent fees Concerns regarding potential hindrances for future capital market access; proposed liability mandatory rotation 15
16 Agenda VOLVO GROUP FINANCIAL MANAGEMENT CRA RELATIONSHIP NEW CRA REGULATIONS SUMMARY 16
17 Summary A strong and stable credit rating important for capital market access, competitive customer financing and supply chain financing Important to be present in the market at all times, securing capital market access Important to clearly state the differences between the solicited and unsolicited credit ratings A credit rating should decrease volatility in the market not enforce it Supporting the objectives with the new CRA regulation but sees potential risks with; Mandatory rotation rules Proposed liability regime 17
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