<a href="/v5/viewer/files/Default_s.aspx?gKey=dgn36hhh&gInitPage=1">Scania Value nr 2 - 2009 - EN 1 A MAGAZINE FOR SCA</a> NIA’S SHAREHOLDERS QUARTER 2 2009 SEK m 25,000 Net sales 20,000 15,000 10,000 5,000 0 -07 Q2 -07 Q3 -07 Q4 -08 Q1 -08 Q2 -08 Q3 -08 Q4 -09 Q1 Report. Net sales decreased to SEK 14,429 m. > PAGE 2 -09 Q2 Interview. Four-day week has immediate impact, says Jan Ytterberg. > PAGE 3 Finance. Economists on the outlook in Scania’s markets > PAGE 6–7 Power and quality 1,908 The strength of the Scania brand. > PAGE 4–5 FIGURES IN FOCUS: Cash flow Vehicles and Services, first six months, SEK m.
<a href="/v5/viewer/files/Default_s.aspx?gKey=dgn36hhh&gInitPage=2">Scania Value nr 2 - 2009 - EN Sida 2 FIRST SIX MON</a> THS IN FIGURES Order bookings and deliveries by region, 6 months (number of vehicles) CENTRAL AND EASTERN EUROPE Order bookings WESTERN EUROPE Order bookings 5,745 -64% Deliveries 9,784 -51% LATIN AMERICA Order bookings 3,766 -52% Deliveries 4,421 -29% Net sales SEK m. 25,000 OTHER MARKETS Order bookings 1,654 -23% Deliveries 2,036 +46% Net sales by product segment, 6 m Other 2.0% Used vehicles 5.2% 20,000 Services 22.1% 15,000 10,000 Engines 1.2% 5,000 Buses and coaches 11.9% 0 Rolling 12 months Key fi gures (SEK m unless otherwise noted) Net sales, Scania Group Operating income, Vehicles and Services Operating income, Financial Services Operating income Net income before taxes Net income for the period Operating margin, percent Return on equity, percent Return on capital employed, Vehicles and Services, percent Earnings per share, SEK Cash fl ow, Vehicles and Services Number of employees, 30 June Order bookings (Units, trucks and bus chassis) Deliveries (Units, trucks and bus chassis) 2009, H1 30,288 536 -13 523 -17 29 1.7 15.5 17.8 0.04 1,908 32,623 14,284 20,667 2008, H1 45,885 7,353 282 7,635 7,763 5,551 16.6 43.5 50.3 6.94 2,844 35,892 37,255 39,574 Change in, % -34 -93 - -93 - -99 - - - - - - -62 -48 OPERATING INCOME fell by 93 percent to SEK 523 m. DELIVERIES fell by 48 percent to 20,667 and order bookings by 62 percent to 14,284 vehicles. H1 IN BRIEF: NET SALES decreased by 34 percent to SEK 30,288 m. 4 0 1,000 0 Trucks 57.6% 12 8 3,000 2,000 16 % 20 Operating income, SEK m. Operating margin, percent 4,000 ASIA Order bookings 2,451 -50% Deliveries 2,909 -27% Operating income and margin SEK m. 5,000 668 -90% Deliveries 1,517 -81% 2 SCANIA VALUE • Q2/2009 www.scania.com 2007 Q2 2007 Q3 2007 Q4 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2007 Q2 2007 Q3 2007 Q4 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2
<a href="/v5/viewer/files/Default_s.aspx?gKey=dgn36hhh&gInitPage=3">Scania Value nr 2 - 2009 - EN Sida 3 INTERVIEW tex</a> t: göran lind photo: carl-erik andersson “Four-day week has immidiate impact” Since June 1, Scania has applied a four-day work week in Sweden due to continued weak demand. This measure is having an immediate positive impact on earnings and cash flow, says Jan Ytterberg, Executive Vice President and CFO. “All employees in Sweden are getting one day off per work week, and Scania is paying for half the resulting income loss. Their working hours are 20 percent less and pay is 10 percent less,” Ytterberg explains. The reason behind this step is a sharp decline in demand. Due to the global recession, vehicle deliveries are at a very low level and there is a lower demand for services. As a result, Scania has to adjust the cost level and the alternative would have been to issue lay-off notices. But the fourday week has many advantages, even aside from enabling employees to keep their jobs. “The positive effects of issuing lay-off notices on earnings and cash flow materialise only after six to nine months. Now there is a more or less immediate impact as of June,” Ytterberg says. Reduced working hours affect a total of 12,000 employees and will lower Scania’s costs this year by more than SEK 300 m. The four-day week applies in principle to all employees in Sweden, which means that even Leif Östling, President and www.scania.com CEO, has a reduced salary and working hours. Scania had already introduced various forms of working hour reductions for more than 2,000 employees in the Netherlands, France, Germany and elsewhere. Choosing to reduce working hours instead of laying off employees is also consistent with Scania’s long-term strategy of preserving and improving its core competency. “The long-term problem is not a labour sur- plus, but a shortage of trained employees, which is why this measure will be positive for Scania’s earnings in the long term as well. We can respond more quickly once demand increases again. Retaining and improving the skills of employees will also strengthen Scania’s long-term competitiveness,” Ytterberg says. Support from the employees But it would not have been possible to implement the four-day week without the support of the company’s employees. In May, Scania’s Executive Board reached agreements with the Swedish Metal Workers’ Union and the other Swedish unions at Scania − Unionen, the Swedish Organisation for Managers (Ledarna) and the Swedish Association of Graduate Engineers − on reduced working hours, after their members had voted in favour. “Choosing to reduce working hours instead of laying off employees is consistent with Scania’s long-term strategy of preserving and improving its core competency,” says Jan Ytterberg, Executive Vice President. “The measure means personal sacrifices by employees. In spite of this, there was broad acceptance for the four-day week, which shows that there is support for the company’s strategy of dealing with the very sharp decline in demand with this measure,” the CFO says. At the same time, Ytterberg points out that the four-day week is only one of numerous measures the company is undertaking to lower costs and improve cash flow. Since the truck industry is highly cyclical, Scania has created a flexible system for responding to downturns and upturns in demand. Among other things, Scania has had 2,000 production employees with fixed-term temporary contracts and they have now left the company. At the same time, Scania is taking steps to adjust the entire cost level in the comany, from research and developement to the sales organisation. The measures went into effect during the first six months and contributed to Scania’s net income of roughly zero despite a strong decline in deliveries. “Cash flow is a top priority right now. One important factor has been to reduce the inventory of new trucks, which we succeeded in doing during the first half of the year. Cash flow in Vehicles and Services a amounted to around SEK 1,900 m, which has strengthened our financial position,” says Jan Ytterberg. Q2/2009 • SCANIA VALUE 3
<a href="/v5/viewer/files/Default_s.aspx?gKey=dgn36hhh&gInitPage=4">Scania Value nr 2 - 2009 - EN Sida 4 FOCUS: BRANDS</a> A powerful brand In today’s corporate world, the importance of strong brands is increasing. They are estimated to be worth a mind-boggling SEK 150 trillion in all. Scania Value has taken a close look at the Scania brand, inspecting the mental gearwheels that have become increasingly important to business success. “I saw a Scania-Vabis advertisement from the 1930s. It was amusing to note that by and large, it could have functioned even today − given its focus on fuel economy and quality,” says Erik Ljungberg, Scania’s Senior Vice President, Corporate Relations. Scania’s long history is characterized by a clear focus on heavy transport, performance and high quality. Due to this, the company has created a strong and durable brand that has survived the journey from Vabis’ start in Södertälje in 1891 to Scania’s position as a global manufacturer of heavy vehicles and engines today. “Scania” is the Latin name of Sweden’s southernmost province, Skåne, where a machinery manufacturing company known as Scania started operations in 1900. In 1911 Scania merged with Vagnfabriks-Aktiebolaget i Södertelge (Vabis), to form Scania-Vabis. Today’s Scania shares its history and the griffin − a mythological beast portrayed in its corporate symbol and also found on Skåne’s provincial coat of arms − with Saab Automobile AB and the Saab AB aerospace and defence equipment company, even though the three companies have operated separately in different industries since 1995. The older generation sometimes still speaks of “Saab-Scania”, a reference to the corporate group created in 1969 through a merger of Saab AB (which at the time included defence, aerospace and car manufacturing units) and Scania-Vabis, manufacturer of heavy trucks, buses and engines. “But in our important target groups, there has never been any doubt about what we and our brand stand for,” says Ljungberg. According to Ljungberg, a brand is like a personality. “It’s all about how you look, how you behave and how you speak. If words and actions don’t match, this creates a strange picture of a company and damages its brand.” 4 SCANIA VALUE • Q2/2009 The strength and endurance of the Scania brand can partly be explained in part by the fact that Scania’s products are designed to give its customers high profitability in their operations, where high quality and operational economy are prioritised. “Unlike car makers, we are not so depend- ent on the vagaries of fashion and on emotional decisions. Our customers are professionals and they make an assessment based on fuel economy, service and proper performance”. In many ways, Scania’s brand philosophy is in tune with the times. During most of the 20th at Scania is the company’s way of coping with the deep global financial crisis that has severely affected it − and all other global truck companies − in the form of decreased order bookings. Scania has invested in training and reached agreement with employee unions on shorter working hours in order to keep core competence within the company, to the greatest extent possible. This has elicited a positive response among employees as well as other stakeholders and the media. During the spring, the Swedish national business newspaper Dagens Industri singled out Scania’s crisis management as a role model for other companies: “Those that instead (of quickly laying off employees) follow Scania’s model, for example by training their employees, will earn enormous goodwill that will be deposited immediately in “ If words and actions don’t match, this creates a strange picture of a company and damages its brand,” says Erik Ljungberg. century, brands were basically a matter of having an attractive logotype and heavy advertising that praised the unique qualities of a product or service. Today competition has intensified. The ingredients of a strong brand have become more numerous, and the recipe for success is more complex. The brand is based on core values Today most experts in the field would agree with Amazon.com founder Jeff Bezos: “A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.” In Scania’s case, the brand is based on the company’s core values: putting the customer first in all situations, respecting the individual and always focusing on quality. One current example of how the values represented by its words and actions have matched their brand account.” The concept of quality is crucial to the Scania brand and includes not only the product. Today service and the ability to solve problems smoothly are crucial to customer relationships. “Today 33,000 employees work at Scania, and 15,000 of them work with sales and services, which means that they play a crucial role in how we are perceived,” he says. Although the buyers of Scania products are less affected by trends and image, engine sound and strength nevertheless help define the brand. “In particular, our V8 engine − which is cel- ebrating its 40th anniversary this year − is something of a legend in our industry. Its strength, in these contexts more a matter of torque than horsepower, and its reliability have played a major role in our brand,” Ljungberg notes. www.scania.com
<a href="/v5/viewer/files/Default_s.aspx?gKey=dgn36hhh&gInitPage=5">Scania Value nr 2 - 2009 - EN Sida 5 text: mattias</a> andersson photo: lennart ström By focusing clearly on heavy transport, performance and high quality, Scania has created a strong and durable brand. Hard figures onsoftvalues Is it possible to assign a value to strong brands? Attempts are being made in any event, and soon it will be easier − a common standard is in the pipeline. “The most important reason why companies are valued today at five to ten times the carrying amount of their equity is the economic benefits provided by strong brands,” says Jan Treffner, a brand expert at the consultancy and accounting company PricewaterhouseCoopers, who co-authored the recent book Varumärket som värdeskapare (Brand as a Creator of Value). The difficulties of evaluating a brand do not lie Jan Treffner in mathematical calculations − in principle, most people with a knowledge of secondary-school mathematics can handle this. “The hard part is calculating how much the brand contributes to a company’s financial results,” says Treffner, who continues: ”The obvious advantages of a brand are that it either helps a company to sell at a higher price (the brand generates a price premium) or that it contributes to larger sales volume (the brand generates a volume premium) or a combination of both.” Today there are various models for evaluating brands in exact monetary terms. The brand consultancy Interbrand’s model is based on analysts’ profit forecasts minus return on tangible assets. Other valuations are based on the licence fees A brand within the Scania brand Scania engines are synonymous with high quality and performance, with high torque on low revs, and thus a high degree of driveability. The V8 engine, which turns 40 years old in 2009, represents a strong brand within the brand: the Scania V8. When Scania launched its V8 in 1969, it was the most powerful diesel truck in Europe, with 350 hp of output and 1,245 Nm torque. From the beginning the engine was designed for turbocharging, and the V-shaped rocker covers over each cylinder head contributed to its special appearance. The V8 engine’s characteristics provided, and continue to provide, excellent driveability and fuel economy. Customers also like the V8 logo on the grille and the powerful sound of the engine. In 1991 Scania unveiled the first truck engine to exceed 500 hp. Nine years later the company launched a completely new 16-litre V8 engine, now featuring 620 hp and 3,000 Nm. In 2007, Scania upgraded all its V8 engines to meet Euro 5 emission standards. and royalties paid for the privilege of using a given brand. Soon it will be easier to evaluate brands. The German standardisation organisation DIN has taken the initiative for a common ISO standard for evaluating brands. Over the past two years some 15 countries have been working to devise a draft version of the standard. “It will be valuable to achieve a common stand- ard that allows comparisons, especially since awareness of the importance of brands and how they should be evaluated is low among the managements of many companies,” Treffner says. Even though the importance of strong brands has been emphasised for decades, Treffner believes that there are still various misunderstandings in this area. “The most common misunderstanding is to confuse a company’s trademarks with its brand. Trademarks − such as names, logotypes and designs − can be protected. But not a brand, which includes so much more,” he says. www.scania.com Q2/2009 • SCANIA VALUE 5
<a href="/v5/viewer/files/Default_s.aspx?gKey=dgn36hhh&gInitPage=6">Scania Value nr 2 - 2009 - EN Sida 6 FINANCE To br</a> ing about a genuine economic take-off there has to be an upswing in private consumption. Waiting for the turnaround The world economy has suffered a downturn that is unprecedented in post-war history, which has severely affected Scania’s most important markets. Today a majority of economists are actually beginning to believe that the worst is over. When will the economy rebound? This is the 64,000 dollar question being asked all over the world ever since the most acute phase of the financial crisis passed. Many are hoping for a rapid return to an economic boom, but there is unusually great uncertainty among forecasters. No one knows for sure when a turnaround will come. But there are some facts we can rely “We have had a very steep down- on: The abrupt halt in the economy that followed the financial market excesses in the US and the collapse of Lehman Brothers is historic. The Gross Domestic Product of the world’s industrialised countries fell by 7.5 percent during the fourth quarter of 2008 (measured year-on-year). The first quarter of this year is expected to show a similar decline. Virtually all macroeconomists also seem to agree that it will take time before the world economy is back in balance. The downturn is not only deep but also globally synchronised. There is no country that can act as a worldwide economic engine. Furthermore, there has been a broad price decline on homes and financial assets, which will hold back private consumption in the near future. And credit losses at banks may offer unpleasant surprises. 6 SCANIA VALUE • Q2/2009 Mauro Gozzo, economist at the Swedish Trade Council. turn during the past two quarters that is unprecedented during the postwar period. It has mainly affected trade and industry. Households have become extremely cautious about their expenditures, and this has hurt industries like autos and home electronics in particular. But companies are also postponing their investments. This is a global crisis that has affected the whole world, which is why it is so deep,” says Mauro Gozzo, chief economist at the Swedish Trade Council. Meanwhile there are various signs that the bottom of the downturn has passed. The stock market, which is traditionally six months ahead of the economic cycle, began to celebrate in advance with a major spring rally. Bond yields have climbed and the credit market is working a little better than last autumn. “All indications is that things are moving in the right direction. Expansive fiscal policy in the European Union and the United States will have an impact starting next year. But the most important factor in bringing about a genuine economic takeoff will be an upswing in private consumption. That will require greater confidence in the economy,” says Shahiduzzaman Quoreshi, an economist at Sweden’s National Institute of Economic Research. The International Monetary Fund (IMF) gen- erally agrees. The world economy is on its way out of the recession, aided by fiscal stimulus measures, wrote the IMF in the July issue of its World Economic Outlook, raising its forecast for global growth next year to 2.5 percent, or 0.6 percentage points higher than in its April forecast. The recovery is occurring slowly, however, and the most important remaining task is to get the financial system to start functioning more normally, according to the IMF. Outlook in Scania’s markets Half of Scania’s sales during 2008 occurred in western Europe, with Germany, Great Britain and France as the biggest markets. Germany, with its large exports of investment goods and motor vehicles, is among the countries most severely affected by the downturn. The IMF expects German GDP to fall by more than 6 percent this year and continue shrinking in 2010. In Great Britain, whose economy is more strongly connected to the US, 15 years of strong growth have been replaced by the worst recession since the 1930s. Despite a relatively weak British pound, the situation is only marginally better than in Germany; the IMF expects a GDP decline of 4 percent this year and around zero growth in 2010. “Germany has been hit harder than many other EU countries, and that is because it is a very exportdependent economy,” says Quoreshi. www.scania.com
<a href="/v5/viewer/files/Default_s.aspx?gKey=dgn36hhh&gInitPage=7">Scania Value nr 2 - 2009 - EN Sida 7 text: göran l</a> ind photo: istock photo Last year Brazil was Scania’s largest single market. The country was rather unaffected by the financial crisis for a long time. GDP rose last year by more than 5 percent. This year, the global cyclical downturn is also affecting Latin America, and the IMF expects a small decline in Brazilian GDP. Thanks to strong government finances and low inflation, however, Brazil will be one of the best-performing large economies in the world during 2009. The IMF has also adjusted its 2010 growth forecast for Latin America upward, mainly due to rising commodity prices. The Brazilian economy is expected to expand by 2.5 percent. “Brazil, too, has been hit by negative growth, but with a certain time lag. The country still experienced good growth during the third quarter of 2008, but in the fourth quarter its growth plunged. There is still some hope that the economic crisis in Brazil will be short-lived. The country previously had big problems with its government debt, but that situation has improved quite a lot in recent years, thereby allowing it room to pursue a stimulus policy in order to get out of the slump,” says Gozzo, adding that the willingness of Brazilian households to spend their money seems intact. Russia was Scania’s most expansive market for years. The country has been hit hard by the economic crisis, and this year its economy is expected to remain weaker than in other large emerging markets. The IMF expects Russian GDP to shrink by a full 6.5 percent this year but expand by 1.5 percent in 2010. “Russia is of course highly dependent on the oil and gas market situation. Meanwhile it is severely affected by the financial crisis, since many market players in Russia have been highly leveraged. We are now seeing rising oil prices, which promises a recovery in the Russian economy. We believe that there may be a slight downturn during the autumn, but in 2010 we expect rising oil prices,” Gozzo says. “Steeper economic slowdown than before” The truck market has been heavily affected by the steep downturn in the global economy. But Hampus Engellau, analyst at Handelsbanken, thinks that the market is getting close to the bottom. What is the connection between general economic performance and the heavy truck market? “Generally, we can say that in mature markets like North America and Europe, the truck market grows at the same rate as the economy grows. This is clearest in North America, and it has to do with the fact that freight volume is a measure of output, retail sales and consumption. In Europe, the picture is partly different. Above all, this is because of EU enlargement, which introduced new high-growth countries into the Union. Production has moved to eastern Europe. Meanwhile living standards are rising there, and this is leading to higher freight volume, which in turn has required a build-up in the truck population. We can look at what has happened in the 12 newest member countries, where about 10,000 new trucks were sold in 2003 compared to about 50,000 in 2008. In western Europe, the market has grown by 4-5 percent annually during the same period.” Highest sales in Brazil Scania’s sales on the ten biggest markets, SEK m, 2008. Brazil Great Britain Germany France Russia Norway Sweden Netherlands Italy Spain 9,321 7,639 5,602 4,923 4,471 4,403 4,353 4,349 3,805 2,946 Are trucks early or late in the economic cycle? “Trucks are a very early cyclical indicator. Absolutely earliest is freight volume, but when it declines, this quickly hurts truck manufacturers. Another factor is that operators that buy trucks tend to buy new ones when things are going well, which may create general overcapacity.” western Europe by 45 percent, resulting in a total downturn of nearly 50 percent.” Risk aversion and problems for companies in raising bank loans are a strong ingredient in this recession. Do you foresee any easing on that front? Hampus Engellau “The European market has gone from being almost in free fall to beginning to get close to the bottom.” “In western Europe it is possible to finance new truck purchases, but in eastern Europe we can say that there is simply no financing. Hauliers with sound operations may possibly obtain financing from the manufacturers themselves. Fundamentally, there is still structural growth and rising living standards in eastern Europe, and this will lead to strong demand, but it will be some time before this has any effect on the financing situation.” What are the indications that a turnaround in the truck market is under way? The truck market will turn around sooner or later. If we look at the European market, it has gone from being almost in free fall to beginning to get close to the bottom, where we can begin to gauge some form of demand. But it will take a long time before we are back at 2007 and 2008 volumes. In 2010 we can expect zero growth during the first half and perhaps two or three percent during the second half.” Is this economic cycle unfolding differently from others? Is the heavy truck industry being harder hit than during other recessions? “It is definitely different from a normal economic slowdown. The downturn is significantly steeper this time around. If we look at what happened in the European market during the early 1990s, truck manufacturing volume fell by nearly 30 percent during one year. This year we are seeing eastern Europe fall by about 70 percent and www.scania.com What are the major risks? What might cause the crisis to be long-lasting? “I think we have been through the worst. What may possibly pose a risk is if we run into a major bankruptcy, for example by a bank or a large manufacturing company. But it appears as if governments are determined to go in and save companies in such cases. They seem to have learned a lesson from the Lehman Brothers bankruptcy: that the secondary effects were so large that it ended up being more expensive to let them go bankrupt than it would have cost to save the bank.” Q2/2009 • SCANIA VALUE 7
<a href="/v5/viewer/files/Default_s.aspx?gKey=dgn36hhh&gInitPage=8">Scania Value nr 2 - 2009 - EN Sida 8 NOTES Scania </a> delivers 85 ethanol buses Scania has sold 85 ethanol-powered articulated buses to Busslink, operator of bus services for Storstockholms Lokaltrafik (SL), the regional public transport company in the Swedish capital. The order from Busslink is Scania Sverige’s largest single bus transaction in the Swedish market since 2004. Scania’s bus sales in Sweden began 2009 very strongly, and some 100 such vehicles have been registered so far this year. “Behind this success is our ability to offer a complete bus and coach range featuring both diesel and renewable fuel engines. The buses that were just ordered will be equipped with third-generation Scania ethanol engines, which shows that our strategy has been correct,” says Lars Nyström, who is in charge of bus and coach sales at Scania’s Swedish distributor, Scania Sverige AB. Today Stockholm already boasts the world’s largest fleet of ethanol buses providing service in the central areas of the city. The 85 buses for Busslink will go into service on routes supplied from depots in the northern and southern suburbs of Stockholm. Forty of the buses are specifically designed for urban traffic while the others are adapted for regional service. Deliveries will begin this autumn and will be completed during the spring of 2010. Scania has more than 20 years of experience with ethanol buses in practical operation. The company has delivered 600 such buses, about 500 of them to Swedish cities. Internationally, there is now growing interest in ethanoloperated vehicles. Five questions to a shareholder Börje Blixt, pensioner in Malmö, Sweden What will you look at the most in Scania’s first-half interim report? “Above all, I’ll be searching for indications of whether the trend will begin to turn more positive. I usually read the President and CEO’s comments quite thoroughly. Even though Swedish companies are usually rather cautious about forecasts, there is often something to extract there.” How do you go about choosing what shares you want to invest in? “I usually get hold of the annual report of the company in question. Then I usually look at the past share price trend and who is on the company’s board of directors and in its management. Then I usually check out various figures in the balance sheets and income statements.” Why did you choose to invest in Scania? “I previously owned shares in Volvo, so I wanted to spread my risks a little. Scania shares seemed to be a little fun, where you could expect that a little more would happen.” How long have you owned shares in Scania? “I’ve bought Scania shares in various lots over a number of years. I bought the first ones so long ago that I don’t remember exactly when it was. But I’ve owned them for more than 10 years.” The order from Busslink is Scania Sverige’s largest single bus transaction in the Swedish market since 2004. Testing of unique hybrid buses in Stockholm To further improve the environment in the Swedish capital, Scania is now starting full-scale operational trials with six ethanol-fuelled hybrid buses. The hybrid technology will reduce fuel consumption by 25 percent. The use of ethanol will reduce net carbon dioxide emissions by up to 90 percent. The trials will be run in cooperation with Stockholm Public Transport (SL) and the operator Swebus. During the two-year trial period, the buses will serve one of the more demanding and heavily used lines in Stockholm. “These operational trials will give us valuable experience of how hybrid technology shapes up in real life, as well as of its environmental effects,” says Göran Hammarberg, Head of Bus Development at Scania. The trials are also supported Göran Hammarberg by the Swedish Energy Agency and the Swedish Environmental Protection Agency. UPCOMING FINANCIAL EVENTS 26 October 2009 Interim report, January–September 2009 3 February 2010 Year-end report, January–December 2009 29 April 2010 Interim report, January–March 2010 Scania Value is published by Scania and distributed to Scania shareholders. Publisher and Editor-in-chief Per Hillström ir@scania.com Project Manager goran.lind@appelberg.com Art Director: magdalena.taubert@appelberg.com Production Appelberg Publishing www.appelberg.com Printing: Trosa Tryckeri Cover photo: Stefan Almers Address Scania Investor Relations SE-151 87 Södertälje Tel: 08-553 81 000 What do think about the future outlook of Scania shares? “I hope and trust that they will turn upward rather soon. I’m optimistic about Scania’s future share price trend.” foto: carl-erik andersson
