Financial targets

Financial targets

Since 2012 the financial targets for the Volvo Group comprises growth and profitability of the Group’s various operations measured and benchmarked annually against competitors. This creates a clear picture of how the operations are developing compared to the industry.

• The annual organic sales growth for the truck, bus and construction equipment operations, as well as Volvo Penta, shall be equal to or exceed a weighted-average for comparable competitors.

• Each year, the operating margin for the truck, bus and construction equipment operations, as well as Volvo Penta, shall be ranked among the top two companies when benchmarked against relevant competitors.

• The targeted capital structure is set for the Industrial Operations net financial debt excluding provisions for post-employment benefits, which shall be below 35% of shareholders’ equity under normal conditions.

• The customer finance operations have a target of 12-15% return on shareholders’ equity (ROE) with an equity ratio equal not less than 8%. 

Comparison groups

In order to facilitate the benchmark for Financial Targets, the truck operations will be measured jointly with the bus operations whereas the construction equipment operations will be measured together with Volvo Penta.
The following competitors are included in the respective comparison groups: 

Trucks and buses
Daimler, Iveco, MAN, Navistar, Paccar, Scania, Sinotruk

Volvo CE and Volvo Penta
Brunswick, CAT, CNH, Cummins, Deere, Hitachi Construction Machinery, Komatsu, Terex

Further information on the outcome is available in the Volvo Group's Annual Report.


Volvo methodology for Peer comparison

Volvo methodology for Peer comparison(PDF, 0.2 MB)
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