Second quarter 2020
“The second quarter of 2020 was characterized by the COVID-19 pandemic and its negative effects on society and economic development. Measures adopted by countries to control the spread had a significant impact on our production and supply chain as well as on demand for our products and services. Our net sales decreased by 39% to SEK 73.2 billion. After having been standing still in April, production was gradually restarted in May and is currently running well thanks to great efforts by our colleagues and suppliers.
We also took forceful actions to reduce activities and costs, including salary reductions, temporary layoffs as part of governmental programs and a reduction of purchased services. All of these activities contributed to the Volvo Group achieving an adjusted operating income of SEK 3.3 billion (15.1) with a margin of 4.5% (12.5),” 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: 301328041#
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