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Reduce staff, reduce inventory, increase liquidity...
Since the financial crisis spread, Daimler, Volvo, Scania and Mann, the four European commercial vehicle manufacturers, have continuously transmitted such signals to the outside world. From the 2008 financial reports that they released in February, they are indeed "injured" despite varying degrees of severity.
Daimler dragged down by Chrysler
In the year of 2008, Daimler’s performance in the first and second half of the year was an arduous battle. In the first half of the year, Daimler performed well and sales exceeded historical records, but in the second half of the year, sales performance fell sharply. Throughout 2008, Daimler’s net profit fell by 65% ​​to 1.4 billion euros, pre-tax profit fell from a record 8.7 billion euros in 2007 to 2.7 billion euros, and sales revenue dropped 4% year-on-year.
Q7/X5 The maximum drop of 260,000 luxury SUV market is suitable for the family of 15 "low profile" models 10 non-mainstream popular car price chart The off-road performance of the big game LX570 contrast GL450 The individuality design fashion home models eight dare to think Dare to do cool design concept car inventory this situation continues. Dieter Zetsche, chairman of the Daimler Group, expects that the world's major truck market will remain sluggish this year, and sales in 2009 will fall by at least 10% year-on-year. As a result, there is a risk that the company's performance will drop significantly.
In 2008, although the Daimler truck business had shrunk in the core markets of Western Europe and North America, the overall sales rose slightly, with 472,074 vehicles sold throughout the year, which was basically the same as in 2007 with revenue of 28.6 billion euros. Sales in Brazil, Indonesia, and the Middle East increased by 1%. Due to the financial crisis, sales of Daimler's truck business in the United States, Canada, and Japan fell sharply. Pre-tax profit was only 1.61 billion euros, which was 23.8% lower than the 2.12 billion euros in the same period in 2007.
The frustration of the truck business is on the one hand; on the other hand, due to the slump in Chrysler sales, Daimler, who holds part of Chrysler’s shares, is bound to be dragged down.
Recently, Daimler’s chief financial officer, Bodo Uebber, stated that Daimler has publicly sold 19.9% ​​shares of Chrysler held by it to any interested third parties and said that in the middle period (April 1, 2009 to September 2009) There will be no repurchase within 30 days.
Brazilian market boosts Scania's performance
Because the wading North American market is not deep, Scania's fate is very different from that of Daimler. Scania's 2008 financial report showed that its operating income reached the highest level in history, reaching 12.512 billion Swedish kronor (about 1.144 billion euros), and net profit increased by 4% to 8.89 billion Swedish kronor (about 813 million euros). The stock's gains rose to 11.11 Swedish kronor (approximately 1.02 euros). The board of directors decided to pay a dividend of 2.50 Swedish kroner (approximately 0.29 euros) per share.
Scania President and Chief Executive Officer Leif Stling said that in 2008, Scania had the largest increase in earnings in history, mainly due to good sales performance and high product prices. At the same time, Scania's service revenue is also at a relatively high level, an increase of 8% year-on-year.
In 2008, Scania's annual truck delivery was 66,516 vehicles, a year-on-year drop of 3%. Western and Central and Eastern European deliveries fell by 4% and 15%, respectively; in most Asian countries, especially in Saudi Arabia, deliveries increased year-on-year; in Latin America, supported by the Brazilian market, total deliveries totaled 8008, up 10 %, becoming Scania's largest truck sales market in 2008. It is understood that Scania began producing P, G and R series trucks in Brazil in 2008.
Of course, Scania was also affected by the economic downturn, some orders were postponed, and there was a risk of high inventory. In response, Leifstling said that the current order quantity is not an indicator that reflects the demand status of trucks. Instead, the delivery situation can better reflect the supply and demand situation.
Volvo still increases research and development despite losses
Volvo's 2008 financial report focused on its efforts to reduce inventory. In the fourth quarter of 2008, Volvo's new factory vehicles were reduced by 19%, and new vehicle inventory was reduced by 13%, which helped Volvo reduce its inventory of about SEK 6 billion.
This is more because Volvo's performance is not optimistic. In the fourth quarter of 2008, Volvo’s revenue was SEK 999 million (approximately EUR 91 million), a year-on-year decrease of 83%. The total revenue for 2008 was SEK 15.851 billion (approximately EUR 1.449 billion), a year-on-year decrease of 29%. %, the net loss was 1.35 billion kronor (about 123 million euros).
Volvo CEO Leif Johansson believes that taking positive steps to ensure adequate cash flow is the most important. “It is difficult to evaluate the market trend in 2009 under the current economic environment. We do not believe that the market will recover in the first half of 2009, but will continue to take active measures. In order to make sufficient funds for product research and development, the company’s board of directors decided to reduce ordinary shares. The dividends are 2 SEK per share,†said Leif Johansson.
In early February, the Volvo Group has submitted a 400 million euro loan application to the European Investment Bank. On February 26th, according to the Swedish media, the Volvo Group plans to invest at least 20 billion Swedish kronor (about 1.8 billion euros) in the development of new truck models in the next five years. According to development needs, it may add another 10 billion Swedish kronor investment. . Finn Johnsson, Chairman of the Volvo Group's Board of Directors, said that this is the largest individual investment approved by Volvo's board of directors.
Mann's profit rose slightly
On February 19, the truck manufacturer Man Group announced that its 2008 net profit had a slight increase of 2%. At the same time, Man predicts that the current difficult market situation will lead to continued weakness in the demand for trucks and buses. In order to reduce expenses, the company does not rule out layoffs.
Man said that its 2008 operating income was 14.945 billion euros, up 6% from the 10.063 billion euros in 2007, of which the German market operating income was 3.704 billion euros, down 9%; the overseas market was 11.241 billion euros, an increase of 13%. The annual profit was 1.25 billion euros, a slight increase from the 1.22 billion euros in 2007.
For future market judgments, Mann said that the economic crisis will greatly affect the commercial vehicle market, especially in the key market where it competes with Daimler and Scania - Europe.
Man warned that market uncertainty will lead to layoffs. In his financial report, he wrote: "In 2009, affected by the economic environment, the number of employees of the company will decline." But the report did not specify the number of layoffs. At present, Mann employs 51,300 employees, including 2,200 temporary workers.
Stones of Other Hills
Pain and groan
If the European car business is in a state of collapse, the truck business has improved slightly, despite the fact that the four major European commercial vehicle manufacturers in the financial report of the fiscal year 2008 tried to paint a downturn with no sign of easing signs of a downturn in orders. .
In the fourth quarter of 2008, Scania's truck orders in Western Europe fell by 84% compared to the same period of last year. In fact, due to cancellation of orders, its performance in emerging markets was not optimistic.
Volvo’s fourth-quarter orders also saw a year-on-year drop of 82%, but it responded faster than other peers. As soon as it saw the biggest drop in sales in Western Europe in 20 years, it announced a reduction in production. Subsequently, other companies took similar measures: Man will shut down the plant in the first half of 2009 for 70 days and expect to reduce sales by 30%.
In spite of this, 18 months ago, the collective assessment of the value of global heavy truck manufacturers showed that in less than two years, their value has doubled and reached the highest level in history. Some industry insiders have even hinted that in sharp contrast with the intense cyclical fluctuations in the past, truck manufacturers have sought a "new model" for long-term and stable growth. The model is that booming emerging markets (such as Eastern Europe, South America, Middle East, and North Africa) will make up for the sluggish mature market.
David Clay, the Morgan Stanley analyst, defaults that unlike truck manufacturers, truck companies have at least 25% of their revenues from high-profit service businesses that have not been affected by the financial crisis. At the same time, truck companies can recover their courage from the development of some markets. In most markets, especially in North America, due to the drastic drop in fuel prices, the profits of truck operators have been correspondingly increased, allowing them to upgrade their equipment.
Truck companies can also benefit from rising emissions regulations. In Europe, the Euro V emission standard will take effect in October 2009. The US EPA-10 emission standard will also be implemented in January 2010. India and China are also accelerating this pace. When Europe adopts Euro VI standards in 2012, the emission standards of all developed markets will eventually be unified. So far, the expensive R&D investment of global truck manufacturers over the years will be rewarded.
Another positive sign is that many countries have increased their investment in infrastructure in their fiscal stimulus plans. The launch of major construction projects will increase the demand for heavy trucks and special vehicles.
Finally, as liquidity is reduced, a new round of mergers will begin. The forerunner may be Porsche, which successfully acquired Volkswagen in 2008, which is the largest shareholder of Scania and Mann. In January 2009, Man bought the truck business of Volkswagen's Brazilian company, while Mann's chief executive, Hakan Elsson, was still keen to unite with his former employer, Scania.
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