GÖTEBORG, Sweden--(BUSINESS WIRE)--Regulatory News:
During the fourth quarter of 2010, the Volvo Group continued to grow at a good pace with higher sales in all regions, improved profitability and a very strong cash flow. Year-on-year sales were up 23% to SEK 73.4 billion. Operating income improved to SEK 5.5 billion and the operating cash flow from Industrial operations amounted to SEK 15.1 billion. As a result of improved profitability and strong cash flow, net debt in the Industrial operations is now down to 37% of shareholders’ equity, which is in accordance with our objective.
· In the fourth quarter, net sales increased by 23% to SEK 73.4 billion (59.8). Adjusted for currency movements, sales increased by 29%. For the full year, net sales increased by 21% to SEK 264.7 billion (218.4). Adjusted for currency movements, sales increased by 26%.
· The fourth quarter operating income amounted to SEK 5,518 M (Loss SEK 2,316 M). Operating margin in the fourth quarter was 7.5% (Negative 3.9%). The full-year operating income amounted to SEK 18.0 billion (Loss SEK 17.0 billion).
· In the fourth quarter, basic and diluted earnings per share amounted to SEK 1.59 (Negative SEK 0.99). Full-year earnings per share amounted to SEK 5.36 (Negative SEK 7.26).
· In the fourth quarter, operating cash flow in the Industrial Operations was positive in an amount of SEK 15.1 billion (8.6).
· During the quarter, net debt in the Industrial Operations was reduced by SEK 13.7 billion and amounted to 37.4% of shareholders’ equity at year end.
· The Board of Directors proposes an ordinary dividend of SEK 2.50 per share (0).
“As a result of the Volvo Group’s improved profitability, good cash flow generation, reduced debt level and better market outlook, as well as the investments that we have made and continue to make in our facilities and product development, I have confidence in the Group’s performance, from both a short and long-term perspective.” Leif Johansson, President and CEO.
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