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Volvo Group – three months ended March 31, 2009

Demand weakened sharply in all markets during the first quarter.

• In the first quarter, net sales decreased by 27% to SEK 56.1 billion (76.6). Adjusted for currency fluctuations, net sales decreased by more than 40%
• The first quarter operating loss amounted to SEK 4,528 M (income 6,487)
• In the first quarter, operating cash flow in the Industrial Operations was negative in an amount of SEK 15.7 billion (neg. 3.3), primarily driven by a reduction of trade payables amounting to SEK 16.6 billion
• New funding of approximately SEK 30 billion secured, resulting in a continued good liquidity position

“The economic climate was very difficult in the Group’s markets in Europe, North America and Asia. Adjusted for currency movements, sales fell by more than 40%, to SEK 56 billion in a historically weak quarter. However, I continue to be optimistic about the future possibilities for the Volvo Group ¬– we have the products that customers want, as evidenced by continued high market shares, and we are active in industries characterized by long-term growth.” Leif Johansson, President and CEO.

Find the full report under Interim reports

April 24, 2009

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