Volvo 2008 Annual Report Download - page 28
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24 Board of Directors’ Report 2008
Strong start to the year
– but a signifi cant downturn during the autumn
The fi rst quarter
Strong sales, +26% •
Operating income increased 12% •
Negative operating cash fl ow in Industrial Operations •
in an amount of SEK 3.3 billion
Strong growth and good profi tability in the truck •
operations
The second quarter
Net sales increased by 13% •
Operating income increased by 17% •
Operating cash fl ow in Industrial Operations •
SEK 4.9 billion
Improved profi tability in truck operations •
Cautiosness in Europe• 2
1
BOARD OF DIRECTORS’ REPORT