14 Criterios de Optimización
14.3 Restricción de dosis
year-end the price was SEK 79.10 (84.70). The lowest price paid was SEK 75.90 on December 14 and the highest price paid was SEK 120.50 on April 27.
In 2015, a total of 2.1 billion (2.1) Volvo shares at a value of SEK 203 billion (192) were traded on Nasdaq Stockholm, correspond- ing to a daily average of 8.4 million shares (8.7). The Volvo share was the fourth most traded share on Nasdaq Stockholm in 2015. At year-end, Volvo’s market capitalization totalled SEK 169 billion (181).
According to Fidessa, the trading on Nasdaq Stockholm accounted for 49% (48) of the turnover in the Volvo B share, Bats Chi-X Europe accounted for 36%, Boat for 6% and LSE Group for 5%.
Share conversion option
In accordance with a resolution on the AGM on April 6, 2011, the Articles of Association have been amended to include a conver- sion clause, stipulating that series A shares may be converted into series B shares, after a request sent to the Board.
During 2015 a total of 7,633,140 A shares were converted to B shares, representing 1.5% of the outstanding A shares at the end of 2014.
Further information on the procedure is available on the Volvo Group’s web site: www.volvogroup.com
Ownership changes
During the year Industrivärden decreased its holding of B shares and increased the holding of A shares. Cevian Capital increased its holding of both A and B shares. At year end, Industrivärden was
the largest owner followed by Cevian Capital, Norges Bank Investment Management, SHB and Alecta, when measured as share of voting rights.
Dividend
The Board proposes a dividend of SEK 3.00 per share for the financial year of 2015, which would mean that a total of SEK 6.093 M would be transferred to AB Volvo’s shareholders. For the preceding year a dividend of SEK 3.00 per share was paid out.
Communication with shareholders
Dialogue with the shareholders is important for Volvo. In addition to the Annual General Meeting and a number of larger activities aimed at professional investors, private shareholders and stock market analysts, the relationship between Volvo and the stock market is maintained through such events as press and telephone conferences in conjunction with the publication of interim reports, meetings with retail shareholders’ associations, investor meetings and visits, as well as road shows in Europe, North America and Asia.
On the website www.volvogroup.com it is possible to access financial reports, search for information concerning the share, insider trading in Volvo shares and statistics for truck deliveries. It is also possible to access information concerning the Group’s governance, including information about the Annual General Meeting, the Board of Directors, Group Management and other areas that are regulated in the “Swedish Code of Corporate Gov- ernance.” The website also offers the possibility to subscribe to information from Volvo.
ONE OF THE MOST TRADED
S H A R E S I N S TO C K H O L M
Many of the world’s leading stock markets had a volatile development in 2015 and ended the year lower than they started. The price of the Volvo B share decreased by 7% during the year.
GROUP PERFORMANCE BOARD OF DIRECTORS’ REPORT 2015
THE SHARE
Diluted earnings per share
Dividend per share
1 Proposed by the Board of Directors.
11 8.75 3.00 12 5.61 3.00 13 1.76 3.00 14 1.03 3.00 15 7.41 3.001
The largest shareholders in AB Volvo, December 31, 20151 Voting rights, % Capital, % Industrivärden 22.3 7.1 Cevian Capital 14.8 8.4 Norges Bank Investment Management 6.1 5.6 SHB 2 5.8 1.9 Alecta 4.5 3.9
1 Adjusted for shares owned by AB Volvo, which carry no voting rights at the AGM. AB Volvo held 20,728,135 class A shares and 76,975,610 class B shares comprising in total 4.6% of the number of registered shares on December 31, 2015. 2 Comprises shares held by SHB, SHB
Pension Fund, SHB Employee Fund, SHB Pensionskassa and Oktogonen.
Share capital, December 31, 2015
Registered number of shares1 2,128,420,220 of which, Series A shares2 505,481,960 of which, Series B shares3 1,622,938,260
Quota value, SEK 1.20 Share capital, SEK M 2,554 Number of
shareholders 234,989 Private persons 221,050 Legal entities 13,939
For further details on the Volvo share, see note 19.
1 The number of outstanding shares was 2,030,716,475 on December 31, 2015. 2 Series A shares carry one vote each. 3 Series B shares carry one tenth of
a vote each. Source: SIX
OMX Stockholm PI Index
Volvo B OMX Stockholm Industrial Goods & Services
11 12 13 14 15 60 90 180 150 120
PRICE TREND, VOLVO SERIES B SHARES, 2010–2015, SEK
Source: SIX
OMX Stockholm PI Index
Volvo B OMX Stockholm Industrial Goods & Services
Q2 Q3 Q4 70 130 Q1 115 100 85
PRICE TREND, VOLVO SERIES B SHARES, 2015, SEK
Sweden 59% United Kingdom 16% The U.S. 14% Luxembourg 3% Belgium 1% Switzerland 1% Others 6% 1 Share of capital, registered shares.
OWNERSHIP BY COUNTRY1
More details on the Volvo share and Volvo’s holding of treasury shares are provided in note 19 to the financial statements and in the Eleven-year summary.
Non-Swedish owners 41% Other Swedish insitutions 34% Swedish private shareholders 12% Swedish mutual funds 13%
1 Share of capital, registered shares.
The employees' ownership of shares in Volvo through pension foundations is insignificant.
OWNERSHIP CATEGORIES1
SEK 1,000 invested in Volvo B shares on December 30, 1982, was worth SEK 58,780 at the end of 2015.
SEK 58,780 SEK 1,000
1982
2015 The Volvo Group strives to create long-term value for its shareholders.
The Volvo Group’s origins can be traced to 1927, when the first serial produced Volvo car rolled out of the factory in Göteborg, Sweden. The first serial produced truck saw the light of day in 1928 and was an immediate success. In 1935, AB Volvo was listed on the Stockholm Stock Exchange.
The graph shows the total return for the Volvo B share, meas- ured as the share price development with all dividends re- invested, since December 30, 1982, which is as far back as the comparison index, SIX Return Index, stretches. SIX Return Index measures the total return for the Stockholm Stock Exchange as whole.
The graph shows that SEK 1,000 invested in the Volvo B-share in 1982 had grown to SEK 58,780 at the end of 2015, under the condition that all dividends have been reinvested in Volvo B shares.