VOLVO and

Financial and Operating Statistics 1978 VOLVO

VOLVO FINANCIAL AND OPERATING STATISTICS

Contents Page

Volvo in brief 1

Financial statistlcs, Consolidated 5 Financial Statistics, AB Volvo 13 Operating statistics, Consolidated 19

Administration 27

No tes

Figures In Swedish kronor (SEK) may be transialed at the approximate 1978 year-end exchange rates as follows:

GBP 1.00

=

SEK 8.70

USD 1.00

=

SEK 4.30

DEM 1 00

=

^{SEK 235.-}

FRF 1 00 = SEK 1 02.-

BEC 1 00

=

SEK 14.85

BEF 1 00

=

SEK 14.65

CHF 1 00 = SEK 265.-

NLG 100

=

^{SEK 217.-}

During the years 1969-1978, the inflation in Swed- en was as follows:

1969 4 per~ent

1970 8

1971 7

1972 6

1973 8

..

1974 1975 1976 1977 1978

11 percent

9 ..

10 13 7

Volvo shares are traded on the Stockholm Stock Exchange and on the exchanges in London, Frankfurt am Main, Dusseldorf, Hamburg and Oslo.

Financial Reports

These reports are published regularly by Volvo:

Preliminary Report on the year's operations Definite Report on the year's operations Annual Report

Interim Report, first quarter Financial and Operating Statistics Interim Report, first six months Interim Report, first three quarters

end of January end of March early May end of May end of July end of August end of November

The above reports as weil as other information may be obtained from:

Financial Relations Department AB Volvo

S-405 08 Gothenburg, Sweden

Volvo in brief

Page

History and business 2

Sah~s organizatlon

Production fadlmes 3 Capita! expenditures and fina.noing

Personnel 4 Genefat plans and goals Research and dewlopment Sha:reholders

VOLVO IN BRIEF

The Volvo Group develops, produces and markels products and services for transport and transport related purposes. The Group manufaotures more than 100 products which are sold in mora than 120 countries throughout the world.

History and business

AB Volvo commenced business as a wholly- owned subsidiary of AB Svenska Kullagertabriken, SKF, in 1926 in Gothenburg, Sweden, where the Group still has its headquarters and its largest plant. -The first Volvo productian ear lett the as- sembly Iine on April 14, 1927, and the flrst truck in 1928. The original productian models were de- signed to withstand the rigors of Sweden's rough roads and cold temperatures. This emphasis on durability has been a feature of Volvo products ever since.

Following the acquisition In 1 931 of Sköfde Gjuteri och Mekaniska Verkstad AB (now Volvo Skövde Plants), which manufaotures engines for the Volvo vehicles, the Company developed its business from an assembly to a manufacturing operation.

This was the first of a number of acquisitions of manufacturing companies, forming the foundation for the development of the Volvo Group. In 1941 AB Volvo acquired a majority holding in Svenska Flygmotor AB (now Volvo Flygmotor AB). Köpings Mekaniska Verkstads AB (now part of Volvo Com- ponents Corporation) was acquired in 1942, AB Bolinder-Munktall (now Volvo BM AB) in 1950 and Olofström AB (now Volvo Olofström Plants) in 1969. Volvo BM AB and Volvo Flygmotor AB re- main as subsidiaries, while the other campanies have been merged into the Parent Company.

In the 1960's Volvo's Swedish ear assembly, parts handling and Group head office were transferred to a new camplex at Torslanda, Gothenburg, which has since been expanded in several steps. The smaller Kalmar assembly plant, designed for com- pletely different productian methods and new forms of work organization, which in effect do away with assembly Iine techniques, was complet- ed in 1974.

Trucks are assembled at the Lundby Plant and a new central warehouse was completed at nearby Tuve, in the Gothenburg area, in 1978.

A bus chassis plant in Borås started productian in 1978.

Smaller faotories for the manufaoture of compo- nents have been acquired or established in various communities throughout Sweden, a number of which were selected to meet Government localiza- tion policy requirements.

lncreased emphasis on productian outside Swed- en- up to now in the form of assembly operations, with the main cqmponents belng delivered from the Group's Swedish faotorles- is in response to the need for close centact with major markets. lt also reflects the natural desire of some countries to have part of the manufacturing or assembly work carried out locally. Today such plantsexist in Belgium, the Netherlands, Great Britain, Canada, Australia, Peru, Iran, lndonesia, Thailand and Mal- aysia.

The first stage of a planned assembly plant in Chesapeake, Virginia, the United States, was ready In 1976. The premises are used as an inspection and transshipment point for lmported Volvo cars and trucks for the eastern part of the United States.

Following a cooperation agreement concluded in November, 1972, Volvo acquired a ene-third inter- est in DAF Car B.V., The Netherlands, in the begin- ning of 1973. In January, 1975, Volvo acquired additional shares in the company and the name was changed to Volvo Car B.V. Following a new agreement Volvo now holds a 55 percent interest Nationale Investeringsbank NV in the Netherlands has a 26 2/3 percent holding and the remaining 18 1 /3 percent of the shares are hel d by DSM (Dutch State Mines). which is owned by the Dutch Government.

The Company has modern productian faoiiities and a product program featuring cars in the medi- um-size class, the Volvo 66 and the Volvo 340.

A truck and bus assembly plant is under construc- tion in Brazil and productian will start at the end of 1979.

The build up of capacity in Sweden and abroad has been matehed by a gradual growth and strengthening of the distribution and dealer net-

work. Outside Sweden the Group maintains sales

companies, most of which have their own import terminals, in Western Europe, North America, South America, Australia and the Far East, as weil as a service organization in these areas and in Eastern Europe.

To finance sales in lmportant markets, Volvo has become a major shareholder in finance campanies in Sweden and Norway and owns finance campa- nies in Switzerland, The Netherlands and Belgium. In Sweden, a subsidiary company, Försäkrings AB Volvia, sells Volvo ear insurance, partly as an ex- tension to the Volvo five-year "PV-guarantee" for cars sold and registared in Sweden.

Volvo acquired Jofa AB, a Swedish sports equip- ment and small boat manufaoturer in 1 973 and Ryds Industri AB, a manufaoturer of fiberglass boats in 1974.

Sales organizatlon

The Volvo Group has a worldwidesales network with its own sales campanies In Sweden, Danmark, Finland, Norway, Great Britain, West Germany, Switzerland, Austria, The Netherlands, France, ltaly, Spain, the United States, Canada, Argentina, Brazil, Peru and Australia. Through its wh<>lly- owned subsidiary in Scandinavia, AB Volvator, Volvo owns or has interests in a number of dealer- ships in the Nordie countries, enabling it to partici- pale directly in the structural changes and growth of sales in these important market areas.

More than 2,500 dealers, same of whom have more than one outlet, sell Volvo cars to the ulti- mata customer. Approximately 6 percent of the dealerships are located in the Nordie area, 59 percent in Europe (excluding the Nordie area} and 22 percent in North America.

Volvo's share of the Swedish market for cars in 1978 was about 25 percent, and for heavy trucks and buses over 50 percent Although Sweden is still the most important markel for the Group, the trend has been towards a growing percentaga of sales in other markets. Out of the total increase in sales of Skr 8,600 million between 197 4-1978 Skr 7,100 million, or 83 percent, occured in foreign m arkets.

VOLVO IN BRIEF

Divided into markel areas, 1978 Group sales were as follows:

Skr millions %

Sweden 4,874 25

Nordie area, excluding Sweden 2,453 13 Europe, excluding Nordie area 7,272 38

North America 2,357 12

Other markels 2,177 12

Total 19,133 100

The Group is attempting to improve the balance between the major markel areas and to increase its penetration of additional markets.

In order to develop sales for all product groups in markets outside Europe and North and south Am- erica, the Group has created a subsidiary, Volvo International Development Corporation. This unit evaluates the particular requirements of develop- ing markets, including possibilities for local assem- bly or manufacture of products. lt also markels the Group's products in these areas. The Group con- siders that its marketing organization is weil equipped to handie the increasing volume of sales expected in the future.

Production facilities

The Group's principal productian facilities are located in Sweden, where Volvo has 29 factories, including assembly plants for cars, trucks, buses, marine and industrial engines, construction equip- ment, farm and forest machinery and aircraft en- gines, as weil as factorias for productian of such vital components as engines, gearboxes, axles, brakes and bodies.

Volvo has established wholly-owned assembly plants in Belgium, Great Britain, Canada and Aus- tralia, and partly owned plants in Iran, Malaysia, Thailand , Brazil and Peru.

Volvo Car B.V.'s facilities include three modern plants, in Born and Oss in The Netherlands, and in St. Truiden in Belgium, as weil as an import facility at Beesd in the Netherlands.

Assembly work is also carried out in other local facilities in Greece, Portugal, Morocco, Venezuela and lndonesia.

In cooperation with Renault and Peugeot, Volvo has a factory at Douvrin in France for the manufac- ture of ear engines.

Capital expenditures and financing

Over the five-year period 1974-1978, the Group invested some Skr 3,900 million in property, plant and equipment, the bulk or two-thirds of it in Swed- en. lnvestment in plant and company acquisitions has been in the rang e of 4 to 1 O percent of Group sales per year. Most investment has related to the gradual expansion of produclive capacity, but investment in new facilities for technological devel- opment, and for the strengthening of the marketing organization, has also been significant.

During the last two years investments by product groups were (Skr millions):

1978 1977

C ars 342 265

Trucks and buses 188 261

Construction equipment, farm

and forest machinery 65 74

Marine and industrial engines 27 19

Aircraft engines, etc 36 25

Other product groups 10 12

Group total 668 656

The Group's operations have in recent years been characterized by a continued high rate of expan- sion. During the past five years, Group sales rose by some 115 percent Warking capital over the period has required considerable additions as the growing business volume and inflationary trends have made heavy demands on capital for invento- ry and receivables.

Operating resulls and the Group's policy of con- solidatian have made possible a large measure of internally generaled financing of investments. The Group's untaxed reserves rose by some Skr 1 ,600 million between 197 4 and 1978.

3

VOLVO IN BRIEF

PersonneJ

Volvo Group, number of employees

Y ear-end

Product groups, etc. 1978 1977

C ars 29,750 27,800

Trucks 12,250 12,100

Buses and Public transport

systems 950 1,000

Construction equipment, farm

and forest machinery 5,800 5,900 Marine and industrial engines 2,550 2,450 Aircraft engines, etc. 2,850 2,850 Volvator Group's dealers

(Nordie countries) 4,700 4,700

Other products and central

services 2,800 3,050

Group total 61,650 59,850

General plans och goals

In 1978 the Volvo Group was the largest industrial organization in the Nordie area in terms of sales.

The Group's export sales from Sweden accounted for more than 9% of total Swedish exports in 1978. The Group is the largest manufacturer of cars, trucks and buses in the Nordie area. At De- cember 31, 1978 the Group had 61,650 employees worldwide, 45,600 of whom were in Sweden.

As a result of its product development programs the Volvo Group has a eompetitive range of prod- ucts which is weil matehed to eurrent market needs. lt is the policy of the Group to continue to invest its resaureas In the development and im- provement of transpartatian products with the emphasis on greater economy, quality and safety.

At the same time, in order to take full advantage of its existing range of activities, the Group intends to achieve a better balance in the distribution of sales volume among its various product groups.

The Group has been able to save certain product development costs as a result of associations with European automobile and truck manufacturers.

Research and development

The Volvo Group places great emphasis on the quality and safety of its products and maintains an extensive il.nd continuous research program. A modern research center in Gothenburg currently employs a staff of about 1 ,000 people. In recent years expenditures for reserach, development and tooling has been between 5 and 1 O% of Group sales revenue.

Volvo automotive produets comply with the safety and environmental requirements currently appli- cable in the United states and other markats in which they are sold. The Company believes that its safety and antipollution standards will keep pace with, or be in advance of, the automotive industry in general. lt accordingly expects that its automo- tive products will continue to be acceptable under the applicable safety and environmental require- ments of all major markets.

In addition to research and development related to automotive products, the Company has been a pionear in improving the working environment of its employees. In particular, new methods of as- sembly and new materials handling systems have been developed. The Company also markets its expertisa relating to the design and operation of assembly plants.

Shareholders

Volvo has approximately 126,000 shareholders.

The company is free from darninating owner intar- ests, Volvo's shares have been Iisted on the Stock- holm Stock Exchange since 1935, on the London Stock Exchange since 1972 and on the Stock Ex- ehanges of Frankfurt/Main, Dusseldart and Ham- burg since 197 4 and on the Oslo Stock Exchange since June, 1979.

In a survey in 1974 it was shown that 45 percent of the share capita! was owned privately and 20 per- cent by institutions. The remaining part, 35 percent of the share capita! was administered by banks etc on behalf of owners. Less than five percent of the Volvo share capital is owned by persons or institu- tions outside Sweden.

Financial Statistics, Consolidated

Page lncöme statement 1 §69:

1978 6

Balance Sheet 1969--1978 7 Gross investmer.ts by market areas 197{}-1978

statements of changes in Financial Position 1974-1978 8 Gapitatization Dec. 1978 9 Profi:tabifrty 1973-1 978 1 O Profi1 margin 1971-1978

Key Financial Ratios 197 4-1978

Sales

by product groups 1969-1978 11 Sal13s by market areas 1969--1978

Exports from Swed,gn 1969--1978

Quarterly sales and income 1 977-1979 12

FINANCIAL STATISTICS, CONSOLIDATED

1969 1970 1971 .1972 1973 1974 1975 1976 1977 1978

lncome statement for 1969- 1978 (Skr millions)

Sales 4,400 5,324 6,104 7,346 8,986 10,537 13,692 15,743 16,168 19,133

Less: Cost of oeerations 3,780 4,772 5,496 6,389 7,834 9,477 12,563 14,430 14,935 17,625

Operating income before depreciation 620 552 608 957 1,152 1,060 1,129 1,313 1,233 1,508

Less: Provision for depreciation 124 131 166 237 285 358 488 558 599 658

Operating income after depreciation

according to plan 496 421 442 720 867 702 641 755 634 850

Add: Interest received less paid 56 37 19 36 40 (7) (142) (173) (170) (175)

Other income/(expenses) 1 1 2 2 2 4211 2

o

^{(113)21 (29)31}

lncome before allocations and taxes 553 459 463 758 909 737 501 582 351 646

Less: Allocation to/(reallocation from):⁴

General inventory reserves 57 167 85 102 179 384 375 343 49 122

Extra depreciation (23) 12 39 21 41 (11) 32 3 (21) (74)

Write-down of shares 11 10 20 10 23

lnvestment reserves (including in-

ventory investment reserves) 174 37 89 212 191 30 42 91 103

Other allocations⁵ 118 (8) (14) 6 20

lncome before taxes 334 243 240 403 488 193 60 159 317 475

Less: laxes 166 112 113 228 240 86 74 112 130 151

Minority interests in net results 1 2 2 (22) (16) (11) 12

Net income 168 131 127 174 246 105 8 63 ' 198 312

111n this amount an extraordinary profit made by Volvo

BM on sale of fixed assets is included. (Skr 40 mil- lion)

211n this amount extraordlnary capital gains of Skr 40

million and extraordlnary exchange losses of Skr

154 million have been included.

311n this amount exchange losses of Skr 31 milllon have been included.

4)AU allocations except the writ&-down of shares re- present untaxed reserves provided by the legislation in Sweden and some other countries.

51Special investment reserve, work environment. r&- serve and extra approprlation to insurance reserve.

FINANCIAL STATISTICS, CONSOLIDATED

1969 1970 1971 1972 1973 1974 1975 1976 1977 1978

Balance Sheet at year-end 196~1978 (Skr millions)

Assets Current assets

Cash, bank and short-term nates 982 603 981 1,298 1,578 1,414 1,589 1,837 1,868 2,385

Accounts receivable 929 1,011 1,222 1,481 1,743 2,102 2,918 3,336 3,929 3,888

lnventories 1,204 1,628 1,857 2,014 2,588 3,922 5,137 6,015 6,643 6,903

Current assets 3,115 3,242 4,060 4,793 5,909 7,438 9,644 11 '188 12,440 13,176

Blocked investment accounts

with Bank of Sweden 36 57 20 32 128 127 115 93 115 54

Fixed assets 1 '111 1,405 1,851 2,326 2,777 3,271 4,273 4,424 4,435 4,482

Total assets 4,262 4,704 5,931 7,151 8,814 10,836 14,032 15,705 16,990 17,712

Liabilities and shareholders' equity

Current liabilities 1,704 1,834 2,534 2,894 3,717 4,749 6,081 6,898 7,174 7,295

Long-term liabilities 355 406 648 883 1,049 1,447 2,583 2,923 3,661 3,867

Untaxed reserves 1,329 1,577 1,776 2,109 2,581 3,115 3,563 3,984 4,019 4,194

Minority interests in capita/ 4 5 11 8 10 80 65 185 199

Shareholders' equity 874 883 968 1,254 1,459 1,515 1,725 1,835 1,951 2,157

Totalliabilities and shareholders' equity 4,262 4,704 5,931 7,151 8,814 10,836 14,032 15,705 16,990 17,712

Assets pledged 705 620 1,029 1,049 1,523 1,876 2,151 2,361 2,833 2,758

Contingent liabilities 136 171 385 303 213 402 621 531 855 1,304

l nvestments approved¹ 967 1,068 923 1,239 1 '171 1,051 956 1,006

Gross investments by market areas 197~1978 (Skr millions)

Sweden 410 487 466 507 607 674 407 448 418

Nordie area, excluding Sweden 6 11 14 36 27 12 4 19 66

Europ'e, excluding Nordie area 27 83 128 80 107 265 197 153 170

North America 9 17 35 37 43 54 86 19 11

Other markets 8 14 9 18 38 29 10 17 3

Total 460 612 652 678 822 1,034 704 656 668

'lnvestments and expenses for property, plant and equipment decided on, but not yet provieled for, at the end of the year.

7

FINANCIAL STATISTICS, CONSOUDATED

1974 19752)

statement of Changes in Financial Position 1974-1978¹1 (Skr millions)

Funds supplied

lncome before allocations and taxes + 737 + 501

Depreclation charged against income

+

^{358 + 487}

Minority interests in income 1

+

²²

Taxes 86 74

Withdrawals from/allocations to blocked

accounts in Bank of Sweden + 1

+

¹²

Funds supplied from year's operations 1,009 948

lncrease in long-term liabilities + 398 + 851

Minority interest in shareholders'

equity of subsidiaries + 2 3

Changes in composition of Group etc. + 7 25

New issue of shares + 100 + 183

Total funds supplied 1,516 1,954

Application of funds

lnvestments in property, plant and

equipment, including company acquisitions

+

^{871 +1 ,034}

lnvestments in shares and particlpations + 81

+

⁴

Less: Residua! value of assets sold and scrapped 65 65

lncrease in long-term receivables + 31 + 21

Dividend paid + 75 + 79

Total funds applied 993 1,073

Change in working capita/ + 523 + 881

Specification of change in working capita/

lnventories +1,334 + 887

Current receivables + 387 + 663

Current liabilities (minus indicates an increase) - 1,033 772

Bank accounts, cash and short-term notes 165

+

¹⁰³

Total change in working capita! + 523 + 881

The degrea of self financing may be expressed as:

Funds supplied from year's operations, less dividend

x 100;;;;;;

lnvestments in property, plant, equipment, shares net

l )The Companies Act 1975 came into force on Jan- uary 1, 1977. The new layout of this statement is used here for the years 1974-1978. In the

1973-1977 editions of Volvo Financial and Operating Statistlcs ano1her layout was used of the statement of Changes in Financial Position for the years 1968-1977.

102% 87%

2lln January 1975 AB Volvo incteased its holding of shares in Car BV to 75 Pf)r cent. The 1975 figures have been shown on the basis of a 75 per cent.

holding by AB Volvo of shares in Car BV as at 31st December 197 4. This means that the above state- ment shows funds suppilad and application of lunds for the Group in 1975 excluding the acquisition of Volvo Car BV.

1976 1977

+582 +351

+558 +599

+

16

+

11

-112 -130

+

22 - 22

1,066 8093)

+340 +739

- 15 +120

+ 7 + 33

+137

1,535 1,701

+740 +656

+ 10 + 26

57 - 67

+ 21

+

⁵

+ 94 +106

808 726

+727 +975

+878 +628

+418 +592

-817 -276

+248 + 31

+727 975

136% 113%

3l1n evaluatlog lunds supplied from the year's opera- tions and the degrea of self-financing, ~ should be notad lhat income before allocations and taxes in charged with write-ups on long-term loan liabilities in the amount of SEK 129 m.

1978

+646 +658 - 12 - 151 + 61 1.202 +206 + 13 - 14

1,407

+677 + 24 - 40 + 25 +106 792

;t-615

+260 - 41 - 121 +517 615

160%

FINANCIAL STATISTICS, CONSOLIDATED

Capitalization at December 31, 1978

The following table sets out the capitalization of the Volvo Group showing long-term debt and shareholders' equity as at December 31, 1978.

SEK

Long-term debt of the Volvo Group millions

Parent Company Unsecured

CHF 60 million 8% Bands 1975/90 at a price of 991/2% 153

CHF 30 million 41/2% Nates 1977/82 at a price of 100% 80 SEK 75 million 7 1 /Z% B onds 1971/91 at a price of 100% 57 SEK 100 million 7 3/4% B onds 197 4/89 at a price of 100% 78 SEK 100 million 91/4% B onds 1975/90 at a price of 100% 73 SEK 100 million 93/4% B onds 1 977/93 at a price of 100% 93 USD 25 million 8% B onds 1 972/87 at a price of 1001/2% 101 USD 25 million 91/2% B onds 1975/85 at a price of 991/2% 101

USD 6 million 93/4% B onds 1975/85 at a price of 100% 22

USD 35 million 8% B onds 1977/87 at a price of 100% 128

NLG 50 million 83/4% Bond s 1975/85 at a price of 100% 109

NLG 22.5 million 9% Bank loan 1974/89 49

NLG 15 million 815/16% Bank loan 1974/86 31

NLG 25 million 97/8% Bank loan 1976/91 54

NLG 25 million 97/8% Bank loan 1976/91 54

BEF 150 million 81/4% Bank loan 1978/82 22

BEF 100 million 81/3% Bank loan 1978/82 15

LUF 250 million 8% Bank loan 1978/86 37

Other 102

Total unsecured 1,359

Secured 254

Subsidiary Campanies Unsecured

Volvo BM AB

SEK 50 million 91/4% B onds 1976/91 at a price of 100% 40 SEK 75 million 93/4% B onds 1 977/92 at a price of 100% 65

,Other 40

Volvo Car B.V.

NLG 25 million 85/8% Private loan 1970/85 33

NLG 25 million 73/4% Private loan 1971/86 38

NLG 25 million 71/4% Private loan 1972/87 43

NLG 25 million 11% Private loan 191'4/94 54

NLG 50 million 91/2% Private loan 1975/2000 109

NLG 25 million 91/4% Private toan 1976/91 54

NLG 25 million 8 7/8% Private loan 1977/92 54

BEC 300 million 93/4% Private loan 1974/85 27

BEC 300 million 93/4% Private loan 1976/87 37

FRF 61.6 million 83/8% Export credit 1975/81 22

Other 55

Other subsidiaries 314

Total unsecured 985

Secured 509

Totaltong-term debt of the Volvo Group 3,107

Total long-term debt of the Volvo Group Pension Ilabillties

Deferred income tax tiability Minority interests

Shareholders' equity Share capita!

Legal reserves Retained earnings Special allocations

Less deferred income tax Ilability Total capitalizatlon

761 2,223

199

883 717 557 4,194 (2,223)

Maturities of the total long-term debt are due in:

1980 307

1981 319

1982 390

1983 273

1984 and thereatter 1 ,818

Total 3,107

3,107

3,183

4,128 1 0,418

9

t: t

l

FINANCIAL STATISTICS, CONSOUDATED

1971 . 1972

Profitability¹l, 1973-1978 (percent) C ars

Trucks and buses

Construction equipment, farm and forest machinery Marine and industrial engines

Aircraft engines, hydraulic machines, etc.

Group total

Profit margin3l 1971-1978 (percent)

C ars

'

8 11

Trucks and buses 10 11

Construction equipment, farm and forest machlnery 3 5

Marine and industrial engines

Aircraft engines. hydraulic machines, etc.

Group total

Key Financial Ratios

Interest coverage (multiple)6l

Pre-tax return on capita! employed (per cent.)⁷>

Atter-tax return on equity (per cent.)8l Cash flow as percentaga of sa1es9>

Net borrowing (Skr.m.)

Percantage of self-financing, total capital10>

Equity ratio (percent.)11l Equity ratio {percent.)12l Capita! tumover (mu1tiple)13l lnventory as percentaga of sales

Accounts receivable as percentaga of sales lnvestments as a percentaga of sales

1 >The profilabi/ity of the product gr ou ps has been calculated on the basis of a model developed within the Volvo Group whereby product group earnings are re latad to capital employed. Extraordinary lncome and expenses are not included in the earn- ings figures.

1 n determining capila l employed for each product group, all assels except cash and short-term notes have been lncluded with no deduction for liabilities.

Assets have been determined on the basis of the ne current replacement val u e of property, plant and equipment

The staled profitabilily for the Group shows the return on total capita! employed, including cash and short-term notes.

11 16

10 1

7.6 10.3

2lExcluding products from Volvo Car B .V. the return on investments is 4 percent

3)profit margin shows the respective product groups' shares of Volvo Group income alter financial income and expenses (before 1976: income before alloca- tions and laxes) as a percentaga of the Group's · invoiced sales.

4>Excluding products from Volvo Car B.V. the income is 3 percent

5)Excluding capita! gain made by Volvo BM.

1973 1974 1975 1976

14 6 22) 2

15 13 11 11

9 14 11 7

18 12 3 5

11 11 11 10

12 9 ^{6 6}

9 3 14) 1

12 11 7 9

9 12 9 3

15 95l -1 1

15 15 15 19

10.1 6.65

' 3.7 3.7

4.2 2.3 2.2

9.3 7.3 7.2

11.6 7.5 7.8

9.6 6.9 6.8

1,003 1,864 575

38 33 43

42.8 38.3 37.5

27.6 24.8 24.0

0.97 0.98 1.0

37 38 38

20 21 21

7.8 7.6 4.5

Slinterest coverage ratio is calculated as operating income alter depreciation, plus Interest income, plus dividend income divided by interest expenses.

71Return on capita! employed before tax is calculated as lncome before allocations and laxes adiusted for extraordinary income and expenses, plus interest expenses divided by average total assets.

8lReturn on shareholders' equity alter taxes is calcula- ted as income before allocations, adjusted for extraordinary income and expenses and mulliplied by 0.47, divided by average shareholders' equity, minority interests and 47 per cent of untaxed reser- ves less dividend paid.

9Jcash flow equals lunds supplied from years opera- tions as shown in Statement of Changes in Financial Position on page B.

1977 1978

o

⁴

11 11

3 - 1

4 - 3

13 10

5 5

-1 2

11 10

-1 - 5

1 - 5

21 18

2.9 3.4

1.8 2.2

6.4 7.1

5.8 7.5

5.0 6.3

497 -332

38 78

36.2 37.0

23.7 24.4

0.95 1.08

41 36

24 20

4.1 3.5

tOJrhe degre11 of self-financing of total capita! may be expressed as:

Funds supplied from year's operations, less dividend payment

---x100 lnvestments in fixed assets, shares etc.,

plus increase or decrease in inventories, accounts' recelvable and liquid lunds.

11 lEquity ratio is calculated as shareholder's equity, minority capita!, and untaxed reserves as a percen- taga of total assets shown in balance sheet.

12lEquity ratio Is calculated as shareholders' equity, minority capita!, and 47 per cent of untaxed re- serves as a percentaga of total assets shown in balance sheet.

13lCapital tumover is calculated as sales divlded by

FINANCIAL STATISTICS, CONSOLIDATED

1969 1970 1971 1972 1973 1974 1975 1976 1977 1978

Sales by product groups 1969-1978 (Skr millions)

C ars 2,516 3,127 3,640 4,332 5,132 5,569 7,525 8,441 8,310 10,257

Trucks 9141) 1,03J1l 1' 127 1,396 1,854 2,307 2,990 3,634 4,059 4,830

Buses ^{1) 1)} 61 112 134 211 321 428 447 455

Construction equipment. farm and forest

machinery 583 680 745 819 986 1,349 1,588 1,778 1,729 1,773

Marine and industrial engines 177 202 256 335 424 507 601 747 802 911

Aircraft engines, hydraulic machines, etc. 132 117 ¹⁸⁹ 255 290 330 372 379 433 504

Other products 78 161 86 97 166 264 295 336 388 403

Total 4,400 5,324 6,104 7,346 8,986 10,537 13,692 15,743 16,168 .19,133

Sales by market areas 1969-1978 (Skr millions)

Sweden 1,736 1,856 1,923 2,209 2,703 3,385 3,993 5,009 4,716 4,874

Nordie area excluding Sweden 739 850 947 1,043 1,258 1,388 1,625 2,069 2,266 2,453

Europe excluding Nordie area 822 1,150 1,487 2,054 2,543 2,594 3,848 4,741 5,382 7,272

North America 769 1,079 1,271 1,406 1,592 1,851 2,165 1,708 1,855 2,357

Other markets 334 389 476 634 890 1,319 2,061 2,216 1,949 2,177

Total 4,400 5,324 6,104 7,346 8,986 10,537 13,692 15,743 16,168 19,133

Exports from Sweden 1969-1978 (Skr millions)

2,071 2,578 3,058 3,728 4,477 5,448 6,789 6,850 7,081 9,013

1lBuses included in the figurs for trucks In 1969-1970.

11

FINANCIAL STATISTICS, CONSOLIOATED

Quarterly sales and income 1977-197911

Sales (Skr millions) 1st q u arter 2nd quarter 3rd quarter 4th quarter Whole year

lncome after financial income and expenses (Skr millions) 1st quarter

2nd quarter 3rd quarter 4th quarter Whole year

Profit margin (income after financial income and expenses as a percentage of sales) 1st q u arter

2nd quarter 3rd quarter 4th quarter Whole year

Adjusted income in Skr per share4>

1st q u arter 2nd quarter 3rd quarter 4th quarter Whole year

1lThe Campanies Act1975 caiT\e into force on Jan- uary 1, 1977.

Quarterly sales and income for the years 1973-1977 were reported in a somewhat different way as can be seen in former editions of Volvo Financial and Operating Statistics.

2)After allocatidn of a special grant from the Dutch Governmentto Volvo Car B.V., in total Skr 193 million, with 25%to each quarter.

3)After allocation of a special grant from the Dutch Government to Volvo Car B.V., Skr 199 million with 25% to each quarter.

1977

3,428 4,123 3,826 4,791 16,168

129¹)

151 ^t)

49¹>

136¹)

465

3.8 3.7 1.3 2.8 2.9

3.40 4.00 1.30 3.60 12.30

1978

4,260 4,854 4,367 5,652

165²)

230^2>

144²>

1382)

677

3.9 4.7 3.3 2.4 3.5

4.40 6.10 3.80 3.70 17.20

4>Atter allocation of a special grant from the Dutch Government to Volvo Car B.V., Skr 11 million or 25% of the estimated grant for 1979.

5lAdjusted income is defined as income after financial income and expenses reduced by a tax Ilability of 53%. The calculation is based on the number of shares outstanding at the end of each perid.

1979

5,320

4.4

6.2

Financial Statistics, AB Volvo

$hare capita!

Quotafions of Volvo shares Data per

snare

Numb«. of snareholders Dlstriblnion of shares The targ.est shareho«iers Untaxed reserves

1926--1978 1970-1979 196Q-1978 1969--1978

Dec.

1978 Apr\11979

Page 14 15 16 17

FINANCIAL STATISTICS, AB VOLVO

AB Volvo, share capital 1926-1978 (in Skr) The share capita! of AB Volvo at December 31,

1978, Skr 882,569,250 was divided inta 7,831,350

Share capital Nu m ber Dividend Dividend A-shares and 9,820,035 B-shares, each with a par

of shares pershare total value of Skr 50. Each of the A-shares earrias one

vote and each of the B-shares carrles one-tenth of

1926 200,000 2,000 a vote but in all other respects they rank pari

1930 4,200,000 42,000 rights issue 20:1 Skr 100 passu with the A-shares.

19351> 13,000,000 260,000 2.50 650,000 rights issue

Out of Volvo's shares only 1,371,260 "A" shares 1937 18,200,000 364,000 2.50 910,000 rights issue 2:5 Skr 50

1938 18,200,000 364,000 3.- 1,092,000 and 2, 117,183 "B" shares, known as free shares

(representing less than two-fifths of the share capi- 1942 20,000,000 400,000²> 3.- 1,092,000 rights issue tal and carrying less than one-fifth of the votes for 1943 25,000,000 500,000 3.- 1,500,000 rights issue 1:4 Skr 50 the total share capital) may be acquired either by 1945 37,500,000 750,000 3.- 2,250,000 rights issue 1:2 Skr 50 subscription or transfer by

1951 56,250,000 1,125,000 3.- 3,375,000 rights issue 1:2 Skr 50

o

any non-Swedish citizen, corporation or institu-

1952. 75,000,000 1,500,000 3.- 4,500,000 scrip issue 1 :3 tio n;

1954 75,000,000 1,500,000 3.60 5,400,000

o

any Swedish trading partnershlp with a non-

Swedish partner,

1955 90,000,000 1,800,000 3.- 5,400,000 scrip issue 1 :5 O any Swedish cooperative association;

1959 108,000,000 2,160,000 3.- 6,480,000 scrip issue 1 :5

o

any Swedish limited company issuing bearer_

1960 114,000,000 2,280,000 3.- 6,840,000 rights issue ³> shares; or

1961 114,000,000 2,280,000 3.75 8,550,000 D any other Swedish limited company whose Arti-

1962 142,500,000 2,850,000 rights issue 1:4 Skr 60 cles of Association do not contain certaln restric- 171,000,000 3,420,000 3.- 10,260,000 scrip issue 1 :5 tians on the acquisition of certaln assets.

1963 171,000,000 3,420,000 4.- 13,680,000

1964 228,000,000 4,560,000 3.- 13,680,000 scrip issue 1 :3 Free shares are designaled "Fria" on the relative

1965 228,000,000 4,560,000 3.90 17,784,000 share certificates. The remalning Volvo shares are

know as restricted shares and may only be ac- 1966 273,600,000 5,472,000 rights issue 1 :5 Skr 75 quired by subscription or transfer by Swedish citiz-

342,000,000 6,840,000 3.50 23,940,000 scrip issue 1 :4 ens and certaln Swedish campanies or associa- 1967 342,000,000 6,840,000 4.50 30,780,000 tions. These shares are designaled "Bundna" on

l,

¹⁹⁶⁸ 342,000,000 6,840,000 5.50 37,620,000 the relative share certificates.

1969 342,000,000 6,840,000 6.- 41,040,000

1970 513,000, 000 10,260,000 4.- 41,040,000 scrip issue 1 :2 A right issue was announced on March 4, 1979 on the basis of 1 new share for every 5 shares held at 19721l 598,500,000 11,970,000 rights issue 1 :6 Skr 80 a price of Skr 60 per share. Subscription will taka

607,180,000 12,143,600 rights issue ³> place during the period 20th June to 7th Septem- 613,430,000⁴> 12,268,600 4.- 49,074,400 rights issue ³> ber, 1979. Payment for new shares subscribed for 1973 624,505,000 12,490,100 6.- 74,940,600 rights issue ³> under this issue can be made at any time between

1974¹> 653,755,000 13,075,100 6.- 78,450,600 non-public issue ⁵> 20th June to 19th October, 1979. The new shares

1975 784,506,000 15,690,120 6.- 94,140,720 rights issue 1 :5 Skr 70 will carry the right to any dividend payable in re- 1976 882,569,250 17,651,385 6.- 105,908,31

o

rights issue 1 :8 Skr 70 spect of the financial year ending 31st December,

1978 882,569,250 17,651,385 7.- 123,559,695 1979 and subsequent years.

The number of shares will be increased by

1) The par value was originally Skr 100 but was changed to Skr 50 3) New Volvo shares issued as payment for acquisitlon of other 1 ,556,270 "A" shares and 1,964,007 "B" shares

in 1935. lntroduction on the Slackholm Stock E.xchange in 1935, companies. and the new share capita! wili be Skr

on the London S1ock Exchange in 1972, on Hamburg, Dussel-

4) The regisiered share capital of the Company amounted to Skr 1,059,083,1 00.

dorf and Frankfurt Stock Exchanges in 1974 and on Oslo Stock

E.xchange in 1979. 612.680 million at the end of the year. Alter regisiratlon of all 5) A special non-public issue of newshares to the National Pen- 2) Rights issue shares not dividend bearing in 1942.

share increases decided upon during 1972 the share capital sion lnsurance Fund. Fourth Fund Managing Board at Skr 171.

amounts to Skr 613.430 million.

FINANCIAL STATISTICS, AB VOLVO

Quotations of Volvoshares on the Stockholm stock Exchange, 1970-April 1979.

(closing price, highs and lows per months, in Skr)

\50 :scrip i&sue 1:2 ! Rights issue

l ^{11:6-80 300}

1~90

...

l< O 'l" ...

'Ti~'il

¹_{Jiz o}

l i ••

tnn

l 250

; 1

¹

11

^{~· l}

"l

.,;150

~~

^{2 ~}

l .. .

_poo

^l

^;

~~J.I.LI

^l

l l

]!t~"

'''l''""

....

1••·1

^l

IU

i ^{i 150}

zoo

1 ¹

¹¹

^·il

¹

¹

150

.

_:

l t~

^{l i>'}

! ! _!

l ^{l 100}

.

l

l -r

l

l 1

••- •F---

l l

. lr ••

: _! l.

l

i

^{Rights hsue}

• 1:5-70

!!light• issue 1 :B-70

Il o o

100 - l l

l 250 1250

.

l

-.

l !00 !zoo

~! ₁₇₅ ⁰¹⁷⁵

i

l l .

... ₁₁

•1(11

^l ₁₂^l _,

¹

¹

¹

^t12:

'lr

, ^.. :

^l

_"l.

lt o o

100 _~u ⁹⁰

III 1.11

~1""1

80

Il .11.11

150 100 i_ !SO

. ....

l. ···1.1

^l

^'l

• 90

.

_{BO • 70}

,,.

⁷⁰

••ru --

^"l

^r•

80 l

l .. ⁷⁰

... ...

^l

i

⁶⁰

60

••.

• 70

11

_100 ~·

;----

^{i ___ 60 --t '}

^~_5_0

90 l 60 l ^{50 l}

1970

!

¹⁹⁷¹

!

^{1972 1973 1974 ~··t•:}

...

~~· - - - ' 45

l

! u

^{l 40}

!

Par val u e. Skr 50 ^{l975 19761 l 9 77 1 9 78}

Source: Aktiv Placering ab

1969 1970 1971 1972 1973 1974 1975

Data per Share 1969-1978 adjusted for issues of new shares

Restated net income, Skr¹l 21.10 17.60 17.70 25.20 29.60 21.70 14.20

Dividend, Skr 3.14 3.14 3.14 3.46 5.19 5.19 5.68

Share price at year-end, Skr 176 121 181 241 177 106 131

P/E at year-end 8 7 10 10 6 5 9

Dividend yield at year-end, percent 1.8 2.6 1.7 1.4 2.9 4.9 4.3

Growth rate of dividend, percent 9.4

o o

10.2 50.0

o

9.4

Number of shareholdera, Dec. 31 61,500 72,000 82,500 99,300 108,000 116,900 121,000

1)Restated net income pershare is defined as consoll- Adjustments for issues have been made. On calcu- dated income before allocations and laxes reduced lating the resulls for 1974 a capital gain of Skr 40 by a tax liability of 50 percent for 1969-1971 and 53 miiiK>n by Volvo BM has been excluded. For 1977 a percent for 1972-1978. capital gain of Skr 40 milllon and exchange losses

on loans of Skr 154 milllon have been excluded.

J.J•

•••

1979

1976 1977 1978

15.50 12.30 17.20

6.00 6.00 7.00

93 59 75

6 5 4

6.5 10.2 9.3

5.6

o

^16.7

124,300 127,600 126,000

15

!'·

FINANCIAL STATISTICS, AB VOLVO

Distributlon of shares, December 31, 1978

This table has been camplied primarily from information provided by Värdepapperscentralen VPC AB

(the Swedish seeurities Register Center) Volvo shareholders with:

Max 100 shares

Min 101, max 500 shares Min 501, max 1,000 shares Min 1 ,001, max 10,000 shares More than 10,000 shares Share coupon certificates not yet exchanged, approx.

Total

The largest shareholders in Volvo as In April 1979

Allmänna Pensionsfonden, Fjärde Fondstyrelsen (The National Pension lnsurance Fund, Fourth Fund Managing Board) Custos AB (a Swedish investment company)

Approx

Svenska Handelsbankens Pensionsstiftelse {pension fund of SvenskaHandelsbanken) Pensionsstiftelserna Praktikertjänst (private pension fund)

Sv~nska Personal-Pensionskassan (one of the largest Swedish private pension funds) Broströms Rederi AB (a shipping company)

Livförsäkrings AB Skandia (a Swedish Iife insurance company) Kredittjänst ek. för. (a private society)

lnvestment AB Golleetor (a Swedish investment company) Försäkrings AB Skandia (a Swedish insurance company) VADO Beheer BV (incorporated in the Netherlands)

l nvestment AB Promotion (a Swedish investment company)

16

No. of Percent of s hare- all share- holders holders

99,500 79.0

22,500 17.8

2,400 1.9

1,300 1 .. 0

80 0.1

200 0.2

126,000 100.0

Total No. of Percent Average No.

shares owned of share of shares

in size class capita! per holder

3,264,000 18.5 33

4,717,000 26,7 209

1,683,000 9.5 703

2,674,000 15.2 2,104

5,304,000 30.0 68,884

9,500 0.1 50

17,651,385 100.0 140

Per cent. Per cent.

Number of of share of total

shares capita! vetes

928,912 5.26 5.70

446,800 2.53 3.97

431,942 2.45 3.84

420,000 2.38 1.61

272,200 1.54 1.36

181 ,016 1.03 2.05

169,356 0.96 1.03

163,250 0.92 0.77

161,870 0.92 1.84

117,990 0.67 0.64

110,000 0.62_ 0.12

108,000 0.61 0.91

l

J

l

FINANCIAL STATISTICS, AB VOLVO

Untaxed reserves General

A brief presentation of "Special allocations"I"Un- taxed reserves" appears on page 44 of the 1978 Volvo Annual Report

For purposes of international camparisans be- tween companies, something more than half of these reserves may be regarded as a deferred income tax liability, and something less than half as retainad earnings.

The three most important reserves are described below in greater detail tnan in the Annual Report General inventory reserve

Volvo's inventories are valued at the lower of cost (FIFO) or market This value is, however, adjusted for tax purposes through the General inventory reserve. The following figures are from page 34 of the 1978 Annual Report (Parent company's bal- ance sheet).

lnventories

General inventory reserve lnventory value for tax pur- poses

1978 Skr m.

2,881.6 1,656.0

1,225.6

100%

57%

43%

Swedish tax law permits the write-down of invanto- rles to 40 percent of their basic value, or to a low- er figure in exceptional cases. There are two sup- plementary rules.

1. If, at the end of a year, the value of inventories is lessthan the averaga of the corresponding values at the two preceding year-ends, the company may write down its inventories by 60% of that average value.

2. Raw materials and staple commodities may be valued at 70% of the lowest market price du ring the preceding ten years.

lt may also be notad that Swedish tax authorities normally permit a special deduction for obsoles- cence at a flat rate of 5%. The obsolescence re- serves are not shown separatsly in the balance sheet but are deducted directly from the value of inventories.

In accordance with the main rule, the taxpayer may show a ciasing balance in the General inven- tory reserve of up to 60% of the basic val u e of the inventories. The difference between the opening and closing balances is shown in the income statement

The movement of the Parent Company's General inventory reserve during 1978 was as follows:

Balance Dec 31, ,1977

Charged to 1978 income statement Balance Dec 31, 1978

Extra depreciation

Skr m.

1,515 141 1,656

Extra depreciation represents the difference be- tween depreciation for tax purposes and deprecia- tion according to plan (i.e. financial depreciation).

Extra depreciation shown in the income statement is accumulated in the balance sheet as "Accumu- lated extra depreciation." · Swedish tax law permits the depreciation of ma- chinery and equipment by 30% annually, using the declin i ng balance method, or by 20%, using the straight Iine method, whichever is more beneficial for the company in a given year. Small assets and assets with an economic Iife of lessthan three years are written off in the year of acquisition. No distinction is made between different types of ma- chinery and equipment

With the exception of bulldings written down against the investment reserves, Volvo uses the same rates for both tax and financial depreciation on buildings.

Most of the accumulated extra depreciation re- presents write-downs against investment reserves.

(See below.)

lnvestment reserve General

Allocations to this reserve are voluntary. The maxi- mum allocation allowed is 40% of income before allocations to investment reserves, donations and taxes, as shown in the income statement This is approximately illustraled by the following figures from the Parent Company's 1978 income state- ment:

lncome before allocations and taxes Group contributlons

General inventory reserve Extra depreciation

Recovery of allocation to Special in- vestment reserve and work environ- ment reserve

40% of 265.3

· Actual allocation

Skr m.

321.5

+

23.0 - 141.0

+

59.0

+

2.8 265.3 106.0 100.0 Recoveries from inventory investment reserves may also be used for allocations to investment reserves.

The allocation is deductible for tax purposes but the company must deposit 46% of the allocation in a non-interest-bearing account in the Bank of Sweden. The final date for filing the company's tax returns is also the final date for making this depos- it.

Permission to utilize the investment reserve may be obtained from the Government or the Swedish Labor Market Board when and where the eco- nomic and employment situation in Sweden so warrants. The investment reserve may be used for several purposes, the most important of which are the construction of buildings and the acquisition of new machinery and equipment.

Amounts withdrawn from the reserve are used to write down the value of investments in such bulld- ings and machinery, as a result of which future depreciation for tax purposes is limited to the val- ue remaining following the write-down.

Immadiately following receipt of approval to utilize the investment reserve, 46% of the amount re- leasad may be withdrawn from the blocked ac- count in the Bank of Sweden.

There are two types of approvals which, depend- ing on the amount released from the investment reserve, may be designaled "1 00% approval" or

"75% approval."

17

FINANCIAL STATISTICS, AB VOLVO

Untaxed reserves contlnued

"1 00% ap prov als"

100% approvals give the Company a possibility to write down 100% of approved investments imme- diately. These approvals, which may be granled to all or selected Swedish companies, are mostly given for the purpose of stimulating the general economy in Sweden. The investments for which the approvals are granted must be made whithin a given period of time. Approvals of this type are always combined with an extra allowance of 10%

when investments are made in fixed assets. The extra allowance gives a reduction of the tax ex- pense but is otherwise not shown on the books.

100% approvals will be granted generally for the year 1979.

"75% approvals"

With this type of approval, the company is permit- led to write down 75% of the investments against the investment reserve. Approvals of this type normally refer to investment projaets covering a period of more than two years. In addition to permitting the use of funds already allocated to the investment reserve, approvals of this type often allow the use of up to 75% of future allocations, up to a certaln amount.

"Free sector"

Five years after it has made an allocation to the investment reserve, a company may use 30% of the allocation - the so-called "free sector" - with- out special approval from the Government. If, how- evar, the company has already utilized a portion of the allocation, the free seetar is reduced by a ear- respanding amount. Of the funds released, 46%

may be withdrawn from the Bank of Sweden in the normal mannar.

Accounting example

The followlng nates are designed to clarify the various entries involved. The,example Is based on a "75% approval."

a) An allocation, which is deductible for tax pur- poses, is made to the investment reserve. An application to utilize 75% of the allocation may already have been aproved by the autho- rities.

b) 46% of the allocation must be deposited in a blocked account in the Bank of Sweden.

c) 75% of the deposit may be withdrawn when final approval to utilize the investment reserve

18

has been granted. If the company has receiv- ed permission to utilize future allocations, approval is conlingent upon two conditlons and is theretors only preliminary:

The correct deposit must be made.

-The company's tax returns must be approved.

When these two conditlons have been fulfilled, final approval is granled automatically. In practice, this means !hat 75% of the deposit often may be withdrawn after only a few weeks.

d-e) The investment may, for example, be financed in this way.

f) From a tax viewpoint, this entry represents a 75% wrlte-down of the investment.

Property, plant and equipment Accumulated extra depreciation Residurl value for tax purposes

Balance sheet accounts

Assets Liabilities

Skr m.

100 75 25

g) Although the lnvestment Is written down to Skr 25m. from a tax accounting viewpoint, depreciation according to plan is based on Skr 1 00 m. as u s u al. For both tax and tinan- cia! purposes, 4% is a very common rate of depreciation of Volvo plants.

h) The residua! value for tax purposes, as shown in f), above, is Skr 25m.

Tax depreciation of 4%

x

25 = Skr 1 m.

(2% additio.nal depreciation is usually allowed during the first five years - disre- garded here).

This means that only Skr ~ m. out of the total financial depreciation of Skr 4 m. is deductible for tax purposes. Skr 3 m. is therefore shown as recovered extra depre- ciation.

lncome statement accounts

Cash and banks

Blocked account with the Central

Bank of Sweden Allocation to

lnvestment reserve lovestment reserve

dr er

b T r · · · · er

46 c

J5 .

Property, plant and aquipment

, T.

§$ .

Long-term habilities

~ j !$,; •

Accumulated extra depreciation

dr er

g

dr er dr et

8

Atlt:F{ (fillA.t®'t:~

Dapraciation according to plan

ta~

4

l .

Extra depreciaUon

, (

Operating Statistics, Consolidated

Range of products ProducfJon Productian by plant and country Number of vehicles sold Regtstratlons, certain m:arkets Pufchasing

19~1978

19e9-1978 1969-1978

196~1978 196~1978

Number .of 8f\\\P!Oyees 1969-1978 Salaries, wag.es al'ld social benefits 1969-1978 Wortd productian of vehlcles 1969-1978

20 21 22

25