Volvo 2008 Annual Report Download - page 29
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25
Board of Directors’ Report 2008
The third quarter
Net sales increased by 2% •
Operating income decreased by 37% •
Operating cash flow in Industrial Operations •
negative in an amount of SEK 6.1 billion
Sharp downturn – lower profitability•
Adjustments to lower demand•
The fourth quarter
Net sales decreased by 9% •
Operating income was negative in an amount of •
SEK 999 M
Inventory reduction contributed to positive operating •
cash flow of SEK 1.8 billion in Industrial Operations
Weak demand in most markets•
34
Q4Q3Q2Q1
77.069.680.476.7
Net sales, quarter,
SEK billion
Q4Q3Q2Q1
(1.0)3.27.26.5
Operating income,
quarter, SEK billion