Volvo 1997 Annual Report Download - page 40

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38
Consolidated incom e statements
SEK M 1995 1996 1997
Net sales Note 3 171,511 156,060 183,625
Cost of sales (128,529) (121,249) (138,990)
Gross income 42,982 34,811 44,635
Research and development expenses (7,343) (8,271) (8,659)
Selling expenses (17,418) (14,895) (17,160)
Administrative expenses (7,399) (6,685) (7,018)
Other operating income Note 4 4,168 5,086 3,187
Other operating expenses Note 4 (5,966) (6,336) (6,567)
Operating income before nonrecurring items 9,024 3,710 8,418
Nonrecurring items Note 5 1,215 — —
Operating income Note 6 10,239 3,710 8,418
Income from investments in associated companies Note 7 2,119 314 2,929
Income from other investments Note 8 788 9,007 1,168
Interest income and similar credits 3,996 4,817 3,486
Interest expenses and similar charges (3,757) (3,271) (2,748)
Other financial income and expenses Note 9 (337) (374) (77)
Income after financial items 13,048 14,203 13,176
Taxes Note 10 (3,741) (1,825) (2,705)
Minority interests Note 11 (45) 99 (112)
Net income 9,262 12,477 10,359
Volvo Group