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SCANIA INTERIM REPORT

JANUARI - SEPTEMBER 1998

HIGHLIGHTS

Third quarter of 1998, compared to third quarter of 1997

 

Operating income rose by 37 percent.

European sales volume rose, which improved earnings.

Order bookings in western Europe levelled off.

Price levels in local European currencies remained stable.

In Latin America and in central and eastern Europe demand declined. 

RESULTS

Third quarter of 1998, compared to third quarter of 1997

 

Number of trucks and buses sold: 11,038 (10,601), an increase of 4 percent.

Sales: SEK 10,385 m. (9,247) [USD 1,321 m. (1,176)]*, an increase of 12 percent.

Operating income: SEK 851 m. (620) [USD 108 m. (79)], an increase of 37 percent.

Operating margin: 8.2 (6.7) percent. 

First nine months of 1998, compared to first nine months of 1997

 

Number of trucks and buses sold: 35,748 (33,034), an increase of 8 percent.

Sales: SEK 32,412 m. (28,188) [USD 4,124 m. (3,586)], an increase of 15 percent.

Operating income: SEK 2,490 m. (2,043) [USD 317 m. (260)], an increase of 22 percent.

Operating margin: 7.7 (7.2) percent. 

Income after financial items:

SEK 2,242 m. (1,851) [USD 285 m. (235)], an increase of 21 percent.

Net income: SEK 1,580 m. (1,350) [USD 201 m. (172)].

Earnings per share: SEK 7.90 (6.75) [USD 1.00 (0.85)].

Earnings per share according to U.S. GAAP: SEK 7.85 (7.80) [USD 1.00 (1.00)]. 

THE MARKET

Third quarter of 1998, compared to third quarter of 1997

 

Order bookings for heavy trucks in western European markets were unchanged.

In European operations, truck deliveries rose by about 17 percent. 

First nine months of 1998, compared to first nine months of 1997

 

Order bookings for heavy trucks in western European markets rose by more than 15 percent.

Scania's market share for heavy trucks in western Europe was 15.1 (14.9) percent.

In Latin America, truck deliveries declined by 18 percent. Scania's market share in Brazil was 32.7 (39.5) percent. 

* Translated solely for the convenience of the reader at an exchange rate of SEK 7.86 = USD 1.00.

SUMMARY

Jan-Sept

1998

Jan-Sept

Jan-Sept

Change 

Units

USD m.*

1998

1997

Trucks and buses

- Order bookings

38,158

38,351

-1% 

- Sales

35,748

33,034

8% 

Amounts in SEK m. unless otherwise stated

Sales

4,124

32,412

28,188

15% 

Operating income

317

2,490

2,043

22% 

Income after financial

items

285

2,242

1,851

21% 

Net income

201

1,580

1,350

17% 

Operating cash flows

162

1,276

-448

Capital expenditures

170

1,330

2,092

-36% 

Number of employees

30 Sept

1998

31 Dec

1997 

Total number of

employees

23,599

23,763 

* Translated solely for the convenience of the reader at an exchange rate of SEK 7.86 = USD 1.00.

Scania's operating income during the first nine months of the year was SEK 2,490 m. an improvement of SEK 447 m. or 22 percent. High volume and positive currency rate effects in European operations strengthened earnings. Operating income for Latin America was negative due to lower demand and expenses for the introduction of the 4-series buses.

The market

In western Europe Scania's order bookings during the third quarter of 1998 were at about the same level as in the corresponding period of last year. This indicates a total market in western Europe of 200,000 heavy trucks for 1998. Prices were stable during the quarter. During the first nine months of 1998, 154,270 (125,545) heavy trucks were registered. Scania's market share was 15.1 (14.9) percent.

The market in central and eastern Europe was cautious. International haulage to Russia declined, which increased uncertainty among hauliers in the region. Order bookings declined during the third quarter both compared to the previous quarters of 1998 and the third quarter of 1997.

In the Far East, demand remained low. Scania's operations focused mainly on providing service to existing customers and on keeping its distribution network intact.

During August and September, truck sales declined in Brazil. Market developments in LatinAmerica remain uncertain and sales are expected to decline by between 15 and 20 percent for the full year.

The changeover to the 4-series was completed when the chassis for long-distance buses were introduced in Latin America during September. This makes Scania the first heavy vehicle manufacturer with a uniform global product range, comprising both trucks and buses.

Louise Jarn Melander, Communications and Public Affairs

 

Tel. +46 8 5538 1212, mobile tel. +46 70 607 60 30

Magnus Hahn, Communications and Public Affairs

Tel. +46 8 5538 3510, mobile tel. +46 70 551 79 03

Ulf Söderström, Communications and Public Affairs

Tel. +46 8 5538 1044, mobile tel. +46 70 680 95 95

Oscar Stjerngren, Investor Relations

Tel. +46 8 5538 3657, mobile tel. +46 70 598 36 58