Scania Group Half-Year Report 2023

Scania continued to perform strongly in the second quarter, with growth in both delivery volumes and the service business, despite a challenging business environment. Our net sales increased by 36 percent to SEK 51.0 billion and with adjusted operating income of an all-time high SEK 7.0 billion, adjusted operating margin rose to 13.6 percent (7.6). Even though return on capital employed for Vehicles and Services increased to 26.0 percent (12.1), the work to improve our cost and capital efficiency continues, to allow for future investment.

Although we are starting to see somewhat lower transport activity in some markets, overall global truck demand remains at a high level in our key markets, mainly driven by replacement needs. The declining demand we previously saw in Latin America started to pick up by the end of the quarter. We continue to be restrictive in placing new orders due to already long delivery times, thereby ensuring the quality of the order book.

NET SALES BY PRODUCT

Total net sales for Vehicles and Services increased by 33 percent to SEK 51,006 m. (38,350) positively impacted by higher volumes and currency effects.
Net sales for Trucks increased by 46 percent to SEK 33,101 m. (22,702) due to higher volumes, price increases and a positive product mix.
Net sales for Services increased by 20 percent to SEK 10,500 m. (8,739). In local currency service net sales increased by 13 percent.

OPERATING INCOME

Operating income for Scania Group amounted to SEK 6,103 m. (2,859) in the second quarter, and the operating margin improved to 12.0 percent (7.6). As a consequence of the decision to divest the Financial Services segment to TRATON as of 1 April 2023 the Scania Group no longer includes Financial Services.
Items affecting comparability amounted to SEK 850 m., due to the close down of body production for Scania’s bus chassis in Poland. The adjusted operating income amounted to
SEK 6,953 m (2,859) corresponding to a margin of 13.6 percent (7.6). For further details see Note 8 Items affecting comparability.
The operating margin was positively impacted by higher volumes, price, product mix and currency, partly offset by higher cost of input goods.

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