Scania Annual Report 2011
Scania Annual Report 2011 Scania Annual Report 2011
96 notes to the consolidated financial statements NOTE 3 Operating segment reporting Scania’s operations are divided into two different operating segments, which are based on how the Board of Directors and the Executive Board monitor operations. The results and financial position of each respectiv e segment are monitored by the Board of Directors and the Executiv e Board, serving as the basis for decision making and allocation of resources. The Vehicles and Services operating segment encompasses the following products: trucks, buses and engines, including the services associated with these products. All products are based on shared basic components, and monitoring of results thus occurs on an aggre gated basis. Vehicles and Services are, moreover, organised into shared areas of responsibility. The Financial Services operating segment provides financial solutions to Scania customers, such as loan financing, lease contracts and insurance solutions. Scania’s internal pricing is determined accordin g to market principles, at “arm’s length distance”. The revenue and expenses, as well as the assets and liabilities, of each operating segment are − in all essen tia l respects − items directly attributable to that respective segment. Scania has a large number of customers all over the world, which means that its dependence on a single customer in each respective operating segment is very limited. OPERATING SEGMENT Income statement Vehicles and Services 4 Financial Services 5 Eliminations Scania Group January – December 2011 2010 2009 2011 2010 2009 2011 2010 2009 2011 2010 2009 Revenue from external customers 1 87,686 78,168 62,074 4,372 4,197 4,666 –1,749 –1,797 –1,842 90,309 80,568 64,898 Expenses –75,821 –65,609 –59,431 –3,855 –4,026 –4,841 1,749 1,797 1,842 –77,927 –67,838 –62,430 Income from holdings in associated companies 16 16 5 – – – – – – 16 16 5 Operating income 11,881 12,575 2,648 517 171 –175 – – – 12,398 12,746 2,473 Interest income 820 464 407 – – – – – – 820 464 407 Interest expenses –559 –657 –1,129 – – – – – – –559 –657 –1,129 Other financial income and expenses 2 –47 –20 –149 – – – – – – –47 –20 –149 Income before tax 12,095 12,362 1,777 517 171 –175 – – – 12,612 12,533 1,602 Taxes 2 –3,063 –3,389 –461 –127 –41 –12 – – – –3,190 –3,430 –473 Net income for the year 9,032 8,973 1,316 390 130 –187 – – – 9,422 9,103 1,129 Depreciation/ amortisation included in operating income 3 –2,609 –2,544 –2,748 –21 –21 –24 – – – –2,630 –2,565 –2,772 1 Elimination refers to lease income on operating leases. 2 Financial income and expenses as well as taxes are reported at segment level to better reflect the Financial Services operating segment, whose operations are based on net financing expense after taxes. For reasons of comparability, the corresponding information is also shown for the Vehicles and Services operating segment. 3 Value decrease in operating leases is not included. 4 Scania’s revenue in the Vehicles and Services segment by product can be seen in Note 4. 5 Scania’s revenue in the Financial Services segment by type can be seen in Note 6. Vehicles and Services Financial Services Scania Group Cash flow statement by segment 2011 2010 2009 2011 2010 2009 2011 2010 2009 Cash flow from operating activities 11,659 12,981 3,581 675 612 511 12,334 13,593 4,092 Change in working capital etc. –957 1,708 5,080 – – – –957 1,708 5,080 Cash flow from operating activities 10,702 14,689 8,661 675 612 511 11,377 15,301 9,172 Cash flow from investing activities –3,732 –2,809 –3,149 –7,477 531 4,504 –11,209 –2,278 1,355 Cash flow before financing activities 6,970 11,880 5,512 –6,802 1,143 5,015 168 13,023 10,527 financial reports Scania 2011
97 Balance sheet Vehicles and Services Financial Services Eliminations Scania Group 31 December 2011 2010 2009 2011 2010 2009 2011 2010 2009 2011 2010 2009 Assets Intangible non-current assets 2,529 2,323 2,292 15 20 25 – – – 2,544 2,343 2,317 Tangible non-current assets 20,286 20,401 22,016 33 36 33 – – – 20,319 20,437 22,049 Lease assets 8 5,406 4,148 3,774 8,301 8,497 8,898 –1,552 –1,472 –1,555 12,155 11,173 11,117 Shares and participations in associated companies 496 482 488 – – – – – – 496 482 488 Interest-bearing receivables, non-current 7 109 120 168 20,931 16,394 19,097 – – – 21,040 16,514 19,265 Other receivables, non-current 2,611 2,840 2,243 184 133 135 – – – 2,795 2,973 2,378 Inventories 14,522 12,961 11,762 – – – – – – 14,522 12,961 11,762 Interest-bearing receivables, current 7 194 143 148 13,003 11,246 12,409 – – – 13,197 11,389 12,557 Other receivables, current 6 9,906 9,918 8,779 1,057 988 1,212 –518 –617 –620 10,445 10,289 9,371 Current investments, cash and cash equivalents 11,468 9,552 6,648 328 316 499 – – – 11,796 9,868 7,147 Total assets 67,527 62,888 58,318 43,852 37,630 42,308 –2,070 –2,089 –2,175 109,309 98,429 98,451 Equity and liabilities Equity 30,005 25,850 18,885 4,507 4,186 4,418 – – – 34,512 30,036 23,303 Interest-bearing liabilities 9 1,418 2,909 10,204 37,375 31,497 36,228 – – – 38,793 34,406 46,432 Provisions for pensions 5,514 5,134 4,963 25 24 20 – – – 5,539 5,158 4,983 Other non-current provisions 3,223 3,030 2,106 4 2 3 – – – 3,227 3,032 2,109 Other liabilities, non-current 4,897 4,029 3,716 600 610 700 – – – 5,497 4,639 4,416 Current provisions 1,593 1,376 1,097 4 18 3 – – – 1,597 1,394 1,100 Other liabilities, current 6, 8 20,877 20,560 17,347 1,337 1,293 936 –2,070 –2,089 –2,175 20,144 19,764 16,108 Total equity and liabilities 67,527 62,888 58,318 43,852 37,630 42,308 –2,070 –2,089 –2,175 109,309 98,429 98,451 Gross investment for the period in – Intangible non-current assets 437 373 310 4 5 5 – – – 441 378 315 – Tangible non-current assets 2,597 1,663 3,126 15 22 18 – – – 2,612 1,685 3,144 – Lease assets 8 2,650 2,400 1,362 3,486 3,913 3,789 –558 –378 – 5,578 5,935 5,151 6 Elimination refers to intra-Group receivables and liabilities between the two segments. 7 Interest-bearing receivables in the Financial Services segment mainly consist of hire purchase receivables and financial lease receivables. 8 Elimination refers to deferred gain on lease assets. 9 Refers to interest-bearing liabilities that are not allocated between non-current and current by segment. financial reports Scania 2011
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97<br />
Balance sheet Vehicles and Services Financial Services Eliminations <strong>Scania</strong> Group<br />
31 December <strong>2011</strong> 2010 2009 <strong>2011</strong> 2010 2009 <strong>2011</strong> 2010 2009 <strong>2011</strong> 2010 2009<br />
Assets<br />
Intangible non-current<br />
assets 2,529 2,323 2,292 15 20 25 – – – 2,544 2,343 2,317<br />
Tangible non-current<br />
assets 20,286 20,401 22,016 33 36 33 – – – 20,319 20,437 22,049<br />
Lease assets 8 5,406 4,148 3,774 8,301 8,497 8,898 –1,552 –1,472 –1,555 12,155 11,173 11,117<br />
Shares and<br />
participations<br />
in associated<br />
companies 496 482 488 – – – – – – 496 482 488<br />
Interest-bearing<br />
receivables,<br />
non-current 7 109 120 168 20,931 16,394 19,097 – – – 21,040 16,514 19,265<br />
Other receivables,<br />
non-current 2,611 2,840 2,243 184 133 135 – – – 2,795 2,973 2,378<br />
Inventories 14,522 12,961 11,762 – – – – – – 14,522 12,961 11,762<br />
Interest-bearing<br />
receivables, current 7 194 143 148 13,003 11,246 12,409 – – – 13,197 11,389 12,557<br />
Other receivables,<br />
current 6 9,906 9,918 8,779 1,057 988 1,212 –518 –617 –620 10,445 10,289 9,371<br />
Current investments,<br />
cash and cash<br />
equivalents 11,468 9,552 6,648 328 316 499 – – – 11,796 9,868 7,147<br />
Total assets 67,527 62,888 58,318 43,852 37,630 42,308 –2,070 –2,089 –2,175 109,309 98,429 98,451<br />
Equity and liabilities<br />
Equity 30,005 25,850 18,885 4,507 4,186 4,418 – – – 34,512 30,036 23,303<br />
Interest-bearing<br />
liabilities 9 1,418 2,909 10,204 37,375 31,497 36,228 – – – 38,793 34,406 46,432<br />
Provisions for pensions 5,514 5,134 4,963 25 24 20 – – – 5,539 5,158 4,983<br />
Other non-current<br />
provisions 3,223 3,030 2,106 4 2 3 – – – 3,227 3,032 2,109<br />
Other liabilities,<br />
non-current 4,897 4,029 3,716 600 610 700 – – – 5,497 4,639 4,416<br />
Current provisions 1,593 1,376 1,097 4 18 3 – – – 1,597 1,394 1,100<br />
Other liabilities,<br />
current 6, 8 20,877 20,560 17,347 1,337 1,293 936 –2,070 –2,089 –2,175 20,144 19,764 16,108<br />
Total equity and<br />
liabilities 67,527 62,888 58,318 43,852 37,630 42,308 –2,070 –2,089 –2,175 109,309 98,429 98,451<br />
Gross investment<br />
for the period in<br />
– Intangible non-current<br />
assets 437 373 310 4 5 5 – – – 441 378 315<br />
– Tangible non-current<br />
assets 2,597 1,663 3,126 15 22 18 – – – 2,612 1,685 3,144<br />
– Lease assets 8 2,650 2,400 1,362 3,486 3,913 3,789 –558 –378 – 5,578 5,935 5,151<br />
6 Elimination refers to intra-Group receivables and liabilities between the two segments.<br />
7 Interest-bearing receivables in the Financial Services segment mainly consist of hire purchase receivables<br />
and financial lease receivables.<br />
8 Elimination refers to deferred gain on lease assets.<br />
9 Refers to interest-bearing liabilities that are not allocated between non-current and current by segment.<br />
financial reports <strong>Scania</strong> <strong>2011</strong>
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