First quarter 2020
“The first quarter of 2020 was impacted by the measures in society to stop the spread of the COVID-19 pandemic. These began affecting our operations in China in February and had a severe impact on the Group as of mid-March, when our global supply chain was disrupted and production halted in most parts of our operations.
The reduced production and the lower demand impacted both the Group’s sales and profits negatively in Q1. Net sales decreased by 15% to SEK 91.4 billion. Our adjusted operating income amounted to SEK 7.1 billion (12.7) with a margin of 7.8% (11.8). Cash flow was negative of SEK 4.1 billion with the normal seasonal effect from higher working capital.
We maintain a strong financial position with net cash of SEK 57.8 billion in the Industrial Operations, pension and lease liabilities excluded,” says Martin Lundstedt, President and CEO.
Conference call for investors and analysts 09.00 a.m CEST
Volvo Group was represented by President and CEO Martin Lundstedt and CFO Jan Ytterberg.
An on-line presentation of the report, followed by a question-and-answer session was webcast.
Access the webcast.
SE: +46 8 519 993 85
Conference Reference: 301319942#
Follow us on Twitter: