| US$ | 2004 | 2003 | Change |
| Sales (in millions) | 6,144 | 5,301 | +16% |
| Operating income (in millions) | 513 | 427 | +20% |
| Net income (in millions) | 326 | 268 | +22% |
| Earnings per share | 3.46 | 2.81 | +23% |
| Cash from operations (in millions) | 680 | 529 | +29% |
| Return on shareholders' equity (%) | 13.2 | 12.2 | +8% |
| Dividends paid (in millions) | 70 | 51 | +37% |
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Net SalesIn 2004, Autoliv's sales continued to outgrow the light vehicle production in Europe, North America and Japan. Consolidated sales rose by 16% to $6.1 billion and organic sales by 8%, despite flat vehicle production in these, Autoliv's most important, markets. Since 2000, Autoliv's sales (including acquisitions and currency effects) have grown by almost 50%, compared to a 4% decline in the light vehicle production in these markets. |
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Earnings per ShareThe turnaround since 2001 continued in 2004 and earnings per share, assuming dilution, hit a record-breaking $3.46, an increase of 23% from 2003. In 2001, earnings were hit by a drop in vehicle production, peaking raw material prices and negative currency effects. Pro forma numbers show earnings using the same accounting principles for all years and exclude Unusual Items in 2001. |
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Cash FlowIn 2004, operations continued to generate over one-half billion dollars in cash before capital expenditures and reached a new all-time-high of $680 million. After capital expenditures, net, cash flow improved by 30% from 2003 to $368 million. This cash was used for reduction of net debt ($186 million), stock buy-backs ($144 million) and dividend payments ($70 million). |