VOLVO CAR GROUP results presentation January March 2018

Transcription

1 VOLVO CAR GROUP results presentation January March 2018 Patrik Tolf, Deputy CFO & head of Group Finance Nils Mösko, vice president & Head of investor relations

2 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 document is derived from sources that have not been independently verified. Except in the case of fraudulent misrepresentation, no responsibility or liability is accepted by Volvo Cars or by any of its respective officers, employees, affiliates or agents in relation to the accuracy, completeness or sufficiency of any information contained herein or any other written or oral information made available by Volvo Cars in connection therewith or any data which any such information generates, or for any loss whatsoever arising from or in connection with the use of or reliance on this document and any such liability is expressly disclaimed. Analyses and opinions contained herein may be based on assumptions that, if altered, can change the analyses or opinions expressed. This document speaks as of the date hereof and in providing this document, Volvo Cars gives no undertaking and is under no obligation to provide the Recipient with access to any additional information or to update this document or to correct any inaccuracies in it which may become apparent. Volvo Cars past performance is not necessarily indicative of future results and nothing contained herein shall constitute any representation or warranty as to future performance of Volvo Cars or any security, credit, currency, rate or other market or economic measure. Nor does this document constitute a recommendation with respect to any securities. 2

3 Financial Summary q BNSEK 3.6 ebit BNSEK 56.8 Revenue 6.4% Ebit margin 147k units msek -2,800 Operating & investing cash flow 3

4 Volvo Car Group Sales Global growth +14.1% EUROPE +5.7% US +49.0% China +23.3% Comparable period: Jan Mar 2017 Europe is defined as EU + EFTA 4

5 Q highlights Complete SUV line up XC40 sales start a success 6,200 cars sold and 24,000 orders XC60 named World Car of the Year 2018 New V60 launched in February Lynk & Co cars to be produced in Ghent Named one of the World s Most Ethical Companies for the second time First climate neutral manufacturing plant renewable heating in Skövde 5

6 Financials 6

7 key financial developments Q Retail sales (units) Net revenue (MSEK) Investments (MSEK) 129,150 14% 147,400 47,800 19% 56,820 7,040-10% 6,340 Q117 Q118 Q117 Q118 Q117 Q118 EBIT (MSEK) Net income (MSEK) Free cash flow (MSEK) 3,500 3% 3,620-2% 2,600 2, % EBIT margin 6.4% EBIT margin -2,300-2,900 Q117 Q118 Q117 Q118 Q117 Q118 7

8 Income Statement Net revenue MSEK 19% 47,800 5,400 4, ,820 Q Volume Sales Mix and Pricing Other Q

9 Retail sales by carline and region Retail sales by carline Q Retail sales by carline Q XC 47% S 18% 35% V XC 47% S 15% 38% V Retail sales by region Q Retail sales by region Q Other US 14% 12% Other 13% US 11% 20% China 54% Europe China 58% 18% Europe 9

10 Income Statement ebit improvement MSEK 3% 1, ,500-1,590 3, % EBIT margin 6.4% EBIT margin Q Volume Sales Mix and Pricing Cost, FX and Other Q

11 Cash Flow Statement Cash Flow movements MSEK 54,600 Free cash flow MSEK -2,900 15,200 47,900 4,000 6,900-3,700-6,100-3,400 15,900 2,900 35,400 29, FY Liquidity EBITDA Working capital* Investments** Financing*** 2018 Q1 Liquidity Undrawn credit facilities Marketable securities Cash * Change in inventories, accounts receivables and accounts payables, **Adjusted for interests and other items, *** Adjusted for exchange on cash 11

12 Investments and R&D Investments (SEKbn) R&D Expenses (SEKbn) 13.6% % % of Revenue 13.9% % 14.4% LTM 2018 Q1 Tangible investments % % 2015 % of Revenue % 4.8% 4.4% LTM Q R&D expenses Intangible investments Non capitalised R&D 12

13 Liquidity & debt comfortable net cash position MSEK 47,900 15,900 Net cash position of SEK 10.4bn (2017 SEK12.5bn) 26,300 2,900 21,600 10,400 29,100 Liquidity 13,200 1,700 6,700 Debt Undrawn Credit Facilities Marketable Securities Cash & Cash Equivalents Bonds Short-term Debt Long-term Debt 13

14 Balanced Amortisation schedule MSEK 47,900 Funding by type Loans 36% 6,900 1,800 5,100 64% Bonds 1,100 1,500 3,000 5,100 3, Dec Liquidity Loans Bonds 14

15 Looking ahead 15

16 Outlook 2018 Further sales progress - complete SUV line up New disruptive business opportunities Complete product portfolio renewal Truly global manufacturing footprint Continued strong growth and improved profits 16

17 Questions 17

18 Volvo Cars Transformation NEW ERA AS AN INDEPENDENT, STANDALONE COMPANY UNDER GEELY OWNERSHIP PHASE I STRATEGIC TRANSFORMATION E PHASE II PROFITABLE GROWTH 2010 Zhejiang Geely Holding Group acquires Volvo Cars 2011 Initiation of strategic repositioning Commencement of the largest investment programme in the Company s history 2013 Introduces new generation powertrains % % 2014 Volvo Cars unveils the all-new XC90, the first product on the SPA platform 2015 Volvo Cars achieves new record unit sales of 503k and improved profitability % % % 2016 Volvo Cars another record year of sales 534k and earnings SEK 11bn Enters into the debt capital markets % % 2017 First OEM to commit to fully electrified fleet Launch new XC60 and XC40 (new segment entry) 30% stake in Lynk & Co New ways to consumers: Care By Volvo subscription based ownership Launch Polestar pure progressive performance Further footprint optimisation, new plant in US EBITDA margin, % EBITDA, MSEK LTM Q

19 Another year of strong growth Retail sales (Thousand) Net revenue (SEKbn) EBIT (SEKbn) 5.3% LTM Q Retail sales CAGR Investments (SEKbn) 12.4% LTM Q Net Revenue CAGR % % +44% % 6.7% % LTM Q % margin EBIT CAGR LTM 2018 Q1 Intangible investments Tangible investments Non capitalised R&D 19

20 VOLVO CAR GROUP RESULTS PRESENTATION JANUARY-DECEMBER