Volvo Trucks to refine performance indicators
Published: 22 Sep 11 12:14 CET | Print version
Online: http://www.thelocal.se/36300/20110922/
Sweden's Volvo Group, the world's second-largest truck maker, announced on Thursday plans to begin using new financial targets measuring not only growth but also how it fares against key competitors.
- EU green lights Volvo and Dongfeng merger (8 May 13)
- Volvo posts biggest loss since financial crisis (25 Apr 13)
- Swedish truck drivers call off national strike (24 Apr 13)
The company said it next year would replace the financial targets adopted in 2006, calling among other things for 10-percent annual sales increases and operating margins of seven percent or more, with a system mainly comparing its performance to its main competitors.
"The annual organic sales growth for the truck, bus and construction equipment, as well as Volvo Penta, shall be equal to or exceed a weighted-average for comparable competitors," was the top item on its list.
As for margins, they should now for all its businesses "be ranked among the top two companies when benchmarked against relevant competitors," Volvo said.
The Swedish company meanwhile said it would maintain its 12-15 percent return of equity target and still aimed for an annual equity to assets ratio of over eight percent.
It also said it would stand by its target that net debt not exceed 40 percent of shareholder equity under normal conditions.
Swedbank analyst Niclas Höglund described the new targets as a bit "vague," but told Dow Jones Newswires that "when you look at what they are really trying to say, it's still a pretty strong signal."
The new sales target of equal to or above the average of comparable competitors was on the low side, but nothing markets should be too concerned about, he said.
Following the announcement, the company saw its stock price slump 2.69 percent to 70.50 kronor per share in early trading on a Stockholm stock exchange down 2.66 percent.
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