Scania Annual Report 2011

More documents

Recommendations

Info

144 audit report Audit Report TRANSLATION FROM THE SWEDISH ORIGINAL To the annual meeting of the shareholders of Scania AB (publ), corporate identity number 556184-8564 REport on the annual accounts and consolidated accounts We have audited the annual accounts and consolidated accounts of Scania AB (publ) for the year 2011, except the corporate gover nance report on pages 63–73. The annual accounts and consolidated accounts of the company are included in the printed version of this document on pages 32–143. Responsibilities of the Board of Directors and the President for the annual accounts and consolidated accounts The Board of Directors and the President are responsible for the preparation and fair presentation of these annual accounts in accordance with the Annual Accounts Act and of the consolidated accounts in accordance with International Financial Reporting Standards, as adopted by the EU, and the Annual Accounts Act, and for such internal control as the Board of Directors and the President determine is necessary to enable the preparation of annual accounts and consolidated accounts that are free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on these annual account s and consolidated accounts based on our audit. We conducted our audit in accordance with International Standards on Auditing and generally accepted auditing standards in Sweden. Those standards require that we comply with ethical requirements and plan and perform the audi t to obtain reasonable assurance about whether the annual account s and consolidated accounts are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual accounts and consolidated accounts. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the annual accounts and consolidated accounts, whether due to fraud or error. In making those risk assessments, the auditor con siders internal control relevant to the company’s preparation and fair presentation of the annual accounts and consolidated accounts in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Director s and the President, as well as evaluating the overall presentation of the annual accounts and consolidated accounts. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the annual accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all materia l respects, the financial position of the parent company as of 31 December 2011 and of its financial performance and its cash flows for the year then ended in accordance with the Annual Accounts Act, and the consolidated accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the group as of 31 December 2011 and of their financial performance and cash flows in accordance with International Financial Reporting Standards, as adopted by the EU, and the Annual Accounts Act. Our opinions do not cover the corporate governance report on pages 63-73. The Report of the Directors is consistent with the other parts of the annual accounts and consolidated accounts. We therefore recommend that the annual meeting of shareholders adopt the income statement and balance sheet for the parent company and the group. Report on other legal and regulatory requirements In addition to our audit of the annual accounts and consolidated accounts, we have examined the proposed appropriations of the company’ s profit or loss and the administration of the Board of Directors and the President of Scania AB (publ) for the year 2011. Responsibilities of the Board of Directors and the President The Board of Directors is responsible for the proposal for appropriations of the company’s profit or loss. The Board of Directors and the President are responsible for administration under the Companies Act, and it is also their responsibility to ensure that the corporate governance report on pages 63–73 is prepared in accordance with the Annual Accounts Act. Auditor’s responsibility Our responsibility is to express an opinion with reasonable assuranc e on the proposed appropriations of the company’s profit or loss and on the administration based on our audit. We conducted the audit in accordance with generally accepted auditing standards in Sweden. As a basis for our opinion on the Board of Directors’ proposed appro priations of the company’s profit or loss, we examined the Board of Directors’ reasoned statement and a selection of supporting evidence in order to be able to assess whether the proposal is in accor dance with the Companies Act. As a basis for our opinion concerning discharge from liability, in addition to our audit of the annual accounts and consolidated accounts, we examined significant decisions, actions taken and financial reports Scania 2011
145 Audit Report, continued circum stances of the company in order to determine whether any member of the Board of Directors or President is liable to the company. We also examined whether any member of the Board of Directors or the President has, in any other way, acted in contravention of the Companies Act, the Annua l Accounts Act or the Articles of Association. We believe that the audit evidence which we have obtained as described above is sufficient and appropriate in order to provide a basis for our opinions. Furthermore, we have read the corporate governance report and based on this reading, together with our knowledge of the company and the Group, we believe that the audit evidence we have obtained is sufficient to provide a basis for our opinion. This statutory review has another aim and direction, and is substantially less exhaustive in scope, than an audit conducted in accordance with International Standards on Auditing (ISA) and other generally accepted auditing standards in Sweden. Opinions We recommend to the annual meeting of shareholders that the profit be appropriated in accordance with the proposal in the Report of the Directors and that the members of the Board of Directors and the President be discharged from liability for the financial year. A corporate governance report has been prepared and its statutory content is consistent with the other parts of the annual accounts and the consolidated accounts. Stockholm, 10 February 2012 Ernst & Young AB Lars Träff Authorised Public Accountant financial reports Scania 2011
Page 1 and 2:
ANNUAL REPORT 2011
Page 3 and 4:
1 Operations 2-31 Statement of the
Page 5 and 6:
SCANIA’S STRATEGY 3 Our solution
Page 7 and 8:
The world of Scania Scania is a glo
Page 9 and 10:
scania’s strategY 7 Scania’s st
Page 11 and 12:
SCANIA’S STRATEGY 9 The change in
Page 13 and 14:
SCANIA’S STRATEGY 11 The aluminiu
Page 15 and 16:
SCANIA’S STRATEGY 13 Profitable b
Page 17 and 18:
SCANIA’S STRATEGY 15 Component mo
Page 19 and 20:
SCANIA’S STRATEGY 17 Methods for
Page 21 and 22:
SCANIA’S STRATEGY 19 Scania is st
Page 23 and 24:
market - TRUCKS 21 Effective overal
Page 25 and 26:
23 assembles the bodies for the Sca
Page 27 and 28:
100 years of innovation In 2011, Sc
Page 29 and 30:
27 Productivity and energy efficien
Page 31 and 32:
SCANIA’S STRATEGY 29 service tech
Page 33:
SCANIA’S STRATEGY 31 Experience s
Page 36 and 37:
34 MARKET Lastbilar nettoomsättnin
Page 38 and 39:
36 production
Page 40 and 41:
38 production Greater flexibility w
Page 42 and 43:
40 RESEARCH AND DEVELOPMENT
Page 44 and 45:
42 RESEARCH AND DEVELOPMENT Scania
Page 46 and 47:
44 SCANIA’S SUSTAINABILITY WORK R
Page 48 and 49:
46 SCANIA’S SUSTAINABILITY WORK K
Page 50 and 51:
48 SCANIA’S SUSTAINABILITY WORK S
Page 52 and 53:
50 SCANIA’S SUSTAINABILITY WORK S
Page 54 and 55:
52 SCANIA’S SUSTAINABILITY WORK C
Page 56 and 57:
54 SCANIA’S SUSTAINABILITY WORK M
Page 58 and 59:
56 Scania share data Scania share d
Page 60 and 61:
58 Annual General Meeting and Finan
Page 62 and 63:
60 Risks and risk management servic
Page 64 and 65:
62 Risks and risk management Produc
Page 66 and 67:
64 CORPORATE GOVERNANCE REPORT owne
Page 68 and 69:
66 CORPORATE GOVERNANCE REPORT The
Page 70 and 71:
68 CORPORATE GOVERNANCE REPORT by t
Page 72 and 73:
70 BOARD OF DIRECTORS Board of Dire
Page 74 and 75:
72 EXECUTIVE BOARD AND CORPORATE UN
Page 76 and 77:
financial reports Amounts in tables
Page 78 and 79:
76 group financial review Group fin
Page 80 and 81:
78 group financial review During 20
Page 82 and 83:
80 consolidated income statements C
Page 84 and 85:
82 consolidated balance sheets Cons
Page 86 and 87:
84 Consolidated statement of change
Page 88 and 89:
86 notes to the consolidated financ
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97: 94 notes to the consolidated financ
Page 102 and 103: 100 notes to the consolidated finan
Page 140 and 141: 138 parent company financial statem
Page 142 and 143: 140 notes to the parent company fin
Page 144 and 145: 142 proposed guidelines for salary
Page 148 and 149: 146 quarterly data Quarterly data,
Page 150 and 151: 148 key financial ratios and figure
Page 152 and 153: 150 multi-year statistical review M
Page 154 and 155: 152 The Annual Report contains forw
Page 156: Scania AB (publ), SE-151 87 Södert
show all

Scania Annual Report 2011

Create successful ePaper yourself

Delete template?

Save as template?