2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001
Gross margin, %(1 23.7 23.3 13.9 21.3 22.6 22.7 21.8 21.6 19.2 17.9 17.2
Research and development expenses as percentage of net sales(1 4.4 5.0 6.3 4.9 4.0 3.4 3.3 3.8 3.9 3.3 3.0
Selling expenses as percentage of net sales(1 8.0 8.8 11.4 8.7 8.9 8.0 8.5 9.1 9.1 8.7 8.1
Administration expenses as percentage of net sales(1 2.3 2.2 2.8 2.3 2.6 2.6 2.7 2.6 3.0 3.1 3.6
Return on shareholders' equity, % 23.1 16.0 (19.7) 12.1 18.1 19.6 17.8 13.9 0.4 1.7 neg
Interest coverage, times(1 9.6 5.9 (4.7) 8.8 20.7 26.1 16.7 11.0 1.9 2.2 neg
Self-financing ratio, % 118 270 137 5 153 189 116 163 152 110 92
Self-financing ratio Industrial Operations, % 210 294 (16) 78 265 235 173 268 243 196 148
Financial position, Industrial Operations, SEK M (19,346) (24,691) (41,489) (29,795) (4,305) 23,076 18,675 18,110 (2,426) (6,063) (7,042)
Net financial position as percentage of shareholders' equity , Industrial Operations (25.2) (37.4) (70.9) (39.7) (5.7) 29.2 23.7 25.8 (3.3) (7.7) (8.2)
Shareholders’ equity as percentage of total assets 24.3 23.3 20.2 22.7 25.7 33.7 30.6 31.3 31.4 32.8 32.8
Shareholders’ equity as percentage of total assets, Industrial Operations 28.5 26.9 23.8 28.4 30.8 40.6 40.4 40.0 40.5 42.4 41.8
Shareholders’ equity excluding minority interest as percentage of total assets 23.9 23.0 20.0 22.6 25.6 33.6 30.5 31.2 31.3 32.7 32.6
1) Pertains to the Industrial Operations. For periods up to and including 2006, Volvo Financial Services is included and consolidated according to the equity method.