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Stockholm
AB
Volvo is a supplier of commercial transport solutions providing products,
such as trucks, buses, construction equipment, drive systems for marine
and industrial applications, as well as aircraft engine components. The
Company also offers its customers financial services. The business areas
of the Company are Volvo Trucks, Renault Trucks, Mack Trucks, Nissan Diesel,
Buses, Construction Equipment, Volvo Penta, Volvo Aero and Financial Services.
The business units include Volvo 3P, Volvo Powertrain, Volvo Parts, Volvo
Logistics, Volvo Technology, Volvo Information Technology (IT), Volvo Real
Estate and Volvo Business Services. As of January 31, 2008, AB Volvo divested
the interest in the subsidiary Mack Trucks Inc to Volvo Holding USA AB.
As of December 31, 2008, the Company acquired 8.1% interest in Eicher Motors
Limited. As of December 31, 2008, AB Volvo and Eicher Motors formed the
joint-venture company VE Commercial Vehicles (VECV).
http://www.volvo.com
Volvo
Group – Report on operations 2009
by
Press Information – AB Volvo
In
the fourth quarter, the Volvo Group continued to have substantial costs
in connection with its effort to adjust the cost structure to a considerably
lower level of demand in the wake of the financial crisis, something that
contributed to an operating loss of slightly more than SEK 2 billion in
the quarter. The main focus during the quarter was on cash flow and the
Group created a positive cash flow of SEK 8.6 billion, which is one of
the best cash inflows ever for a single quarter.
•
In the fourth quarter net sales decreased by 23% to SEK 59.8 billion (78.0).
For the full year net sales decreased by 28% to SEK 218.4 billion (304.6)
•
The fourth quarter operating loss amounted to SEK 2,316 M (Loss SEK 999
M) including restructuring and layoff-related costs, residual value write-downs
and inventory write-downs of in total SEK 1.4 billion. The full year operating
loss amounted to SEK 17.0 billion (Income SEK 15.9 billion)
•
In the fourth quarter basic and diluted earnings per share amounted to
a negative SEK 0.99 (Negative SEK 0.67). Full-year earnings per share amounted
to a negative SEK 7.26 (Positive SEK 4.90)
•
In the fourth quarter, operating cash flow in the Industrial Operations
was positive in an amount of SEK 8.6 billion (1.8). Cash flow was positively
impacted by SEK 5.6 billion from a reduction of inventories
•
During the quarter, net debt in the Industrial Operations was reduced by
SEK 8.9 billion
•
The Board of Directors proposes that no dividend is distributed for the
year 2009 (SEK 2.00 per share)
”As
we have left 2009 behind us, I can say that, although demand remains at
historically low levels, we have reduced our cost base significantly, we
have reduced our inventory and lowered our capital tied-up, and that we
are financially stable thanks to low refinancing requirements combined
with good liquidity. We have also continued to invest in research and development
to be able to launch competitive products in the next few years. Therefore
I have a very positive view on the Group’s possibilities to strengthen
its positions on the world market.” Leif Johansson, President and CEO.
Find
the full report under Interim reports
February
5, 2010
Contacts
Investor Relations:
Christer
Johansson, +46 31 66 13 34
Patrik
Stenberg, +46 31 66 13 36
Anders
Christensson, +46 31 66 11 91
John
Hartwell, +1 212 418 7432
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