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G
Sensitivity analysis*
Currency effect on net sales from infl ows in foreign currency and translation effect when
consolidating net sales in foreign subsidiares for Industrial operations (G).
Changes in currency exchange rates compared to 2012 (Total SEK neg 15.8 bn)
Appreciation of SEK by 10% (Total SEK neg 25.1 bn) in relation to other currencies
0
(1)
(3)
(2)
(4)
(5)
(6)
(7) BRLAUD CAD EUR INR JPY RUB USD ZAR OtherGBP
Currency impact on operating income, SEK billion, Industrial Operations 2013 2012 Change
Net fl ows in foreign currency (2.7)
Realizedgains and losses onhedging contracts – – –
Unrealizedgains and lossesonhedging contracts – – –
Unrealizedgains and lossesonreceivables andliabilities in foreign currency (0.3) (0.3) –
Translation effect on operating income in foreign subsidiaries (0.7)
Total currency impact on operating income (3.4)
Currency impact onNet fl ows in foreign currency and Translationeffect on operating income in foreign subsidiaries are detailed in table
Hin key currencies.
The Volvo Group’s currency review
When the Volvo Group communicates the currency impact on operating income for Industrial operations, the following factors are included:
I
* The sensitivity analysis on currency rate risks is based on simplifi ed assumptions.
It is not unreasonable for the value in SEK to appreciates by 10% in relation to
other currencies. In reality, currencies usually do not change in the same direc-
tion at any given time, so the actual effect of exchange-rate changes may differ
from the sensitivity analysis. Please refer to table D G H
Changes in currency exchange rates compared to 2012 (Total SEK neg 3.4 bn)
Appreciation of SEK by 10% (Total SEK neg 4.5 bn) in relation to other currencies
0,2
0,3
0
0,1
(1,0)
(0,9)
(0,8)
(0,7)
(0,6)
(0,5)
(0,4)
(0,3)
(0,2)
(0,1)
BRLAUD CAD EUR JPY NOK RUB USD ZAR OtherGBP
H
Sensitivity analysis*
Currency effect on operating income from net fl ows in foreign currency and translation effect when
consolidating operating income in foreign subsidiaries for Industrial operations (H).
125125