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ELEVEN-YEAR SUMMARY
The eleven-year summary presents each year in accordance with the
Generally Accepted Accounting Practice (GAAP) for that year. Earlier
years are not restated when new accounting standards are applied. The
years 1999–2003 are accounted for in accordance with Swedish GAAP
for the respective year. As from 2004 the reporting is based on IFRS.
The transition to IFRS is described in note 3 in the 2005 and 2006
Annual Reports. As from January 1, 2007, the benefits from the syner-
gies created in the business units are transferred back to the product
areas. Also, as from January 1, 2007, the responsibility for the Group’s
treasury operations and real estate has been transferred from Volvo
Financial Services, which, as from January 1, 2007, only are consoli-
dated in accordance with the purchase method. Comparison figures for
2006 have been recalculated.
Consolidated income statements
SEK M 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Net sales 130,070 189,280 186,198 183,291 211,076 240,559 258,835 285,405 303,667 218,361 264,749
Cost of sales (104,548) (155,592) (151,569) (146,879) (164,170) (186,662) (199,054) (219,600) (237,578) (186,167) (201,797)
Gross income 25,522 33,688 34,629 36,412 46,906 53,897 59,781 65,805 66,089 32,194 62,952
Research and
development expenses (4,876) (5,391) (5,869) (6,829) (7,614) (7,557) (8,354) (11,059) (14,348) (13,193) (12,970)
Selling expenses (10,140) (15,766) (16,604) (16,866) (19,369) (20,778) (21,213) (26,068) (27,129) (25,334) (24,149)
Administrative expenses (4,974) (6,709) (5,658) (5,467) (5,483) (6,301) (6,551) (7,133) (6,940) (5,863) (5,666)
Other operating income and
expenses 622 (4,096) (4,152) (1,367) (618) (588) (3,466) 163 (1,915) (4,798) (2,023)
Income (loss) from investments
in associated companies 444 50 182 200 27 (557) 61 430 25 (14) (86)
Income from other investments 70 1,410 309 (3,579) 830 37 141 93 69 (6) (58)
Restructuring costs – (3,862) – – – – – – – –
Operating income (loss) 6,668 (676) 2,837 2,504 14,679 18,153 20,399 22,231 15,851 (17,013) 18,000
Interest income and similar credits 1,588 1,275 1,217 1,096 821 654 666 952 1,171 390 442
Interest expenses and
similar charges (1,845) (2,274) (1,840) (1,888) (1,254) (972) (585) (1,122) (1,935) (3,559) (3,142)
Other financial income
and expenses (165) (191) (201) (55) (1,210) 181 (181) (504) (1,077) (392) 213
Income (loss) after
financial items 6,246 (1,866) 2,013 1,657 13,036 18,016 20,299 21,557 14,010 (20,573) 15,514
Income taxes (1,510) 326 (590) (1,334) (3,129) (4,908) (3,981) (6,529) (3,994) 5,889 (4,302)
Income (loss) for the period 4,736 (1,540) 1,423 323 9,907 13,108 16,318 15,028 10,016 (14,685) 11,212
Attributable to
Equity holders of the
Parent Company 4,709 (1,467) 1,393 298 9,867 13,054 16,268 14,932 9,942 (14,718) 10,866
Minority interest 27 (73) 30 25 40 54 50 96 74 33 346
4,736 (1,540) 1,423 323 9,907 13,108 16,318 15,028 10,016 (14,685) 11,212
Consolidated income statements Industrial Operations
SEK M 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Net sales 120,392 180,615 177,080 174,768 202,171 231,191 249,020 276,795 294,932 208,487 257,375
Cost of sales (97,131) (149,477) (145,453) (141,256) (158,453) (180,823) (192,400) (214,160) (232,247) (179,578) (197,480)
Gross income 23,261 31,138 31,627 33,512 43,718 50,368 56,620 62,635 62,685 28,909 59,895
Research and
development expenses (4,876) (5,391) (5,869) (6,829) (7,614) (7,557) (8,354) (11,059) (14,348) (13,193) (12,970)
Selling expenses (9,285) (14,663) (15,393) (15,891) (18,317) (19,616) (19,999) (24,671) (25,597) (23,752) (22,649)
Administrative expenses (4,651) (6,474) (5,464) (5,259) (5,310) (6,147) (6,481) (7,092) (6,921) (5,838) (5,640)
Other operating income and
expenses 309 (3,071) (2,989) (540) 7 (397) (3,275) 249 (1,457) (2,432) (659)
Income from Volvo Financial
Services 1,499 325 490 926 1,365 2,033 – – – – –
Income (loss) from investments
in associated companies 341 (86) 126 166 2 (568) 61 428 23 (15) (86)
Income from other investments 70 1,408 309 (3,581) 828 37 141 93 69 (13) (57)
Restructuring costs – (3,862) – – – – – – – – –
Operating income (loss) 6,668 (676) 2,837 2,504 14,679 18,153 18,713 20,583 14,454 (16,333) 17,834
129