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Thursday, April 24, 2014
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Report on the fourth quarter and the full year 2013 of AB Volvo

08/02/2014 16:16 (75 Day 00:25 minutes ago)

The FINANCIAL -- AB Volvo has entered into 2014 with a new product portfolio that will strengthen the Group’s competitiveness, according to AB Volvo.

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During 2013, extra costs associated with the product renewal put pressure on the Group’s profitability, and this was also the case in the fourth quarter. In the fourth quarter, the Group’s net sales rose 8% year-on-year, and amounted to SEK 76.6 billion with an operating margin of 4.0% adjusted for restructuring charges and the write-down of Volvo Rents. The seasonally good operating cash flow of SEK 10.3 billion in our Industrial Operations contributed to the strengthening of our financial position, according to AB Volvo.

 

In the fourth quarter, net sales increased by 8% to SEK 76.6 billion (70.8). Adjusted for currency movements and acquired and divested units net sales increased by 13%.

The fourth quarter operating income amounted to SEK 3,077 M (2,190) excluding restructuring charges of SEK 581 M (990) and a write-down of Volvo Rents of SEK 1,500 M. Including restructuring charges and the write-down operating income amounted to SEK 996 M (1,200). Currency exchange rates had a negative impact of SEK 1,007 M, according to AB Volvo.

 

 Operating margin in the fourth quarter was 4.0% (3.1) excluding restructuring charges and the write-down of Volvo Rents. Including restructuring charges and the write-down operating margin amounted to 1.3% (1.7).

In the fourth quarter, diluted earnings per share were SEK 0.24 (0.40). In the fourth quarter, operating cash flow in the Industrial Operations was positive in an amount of SEK 10.3 billion (4.7), which contributed to a reduction of the net financial debt-to-equity-ratio to 29.0%.

The Board of Directors proposes a dividend of SEK 3.00 per share, according to AB Volvo.

 

Structural reduction of white-collar employees by 4,400 planned, including the previously announced reduction of 2,000 consultants and employees, of which a majority will be implemented during 2014.

"The fourth quarter for the Volvo Group was characterized by a high activity level, with a number of product launches. We have entered into 2014 with a new product portfolio that will strengthen the Group’s competitiveness. During 2013, extra costs associated with the product renewal put pressure on the Group’s profitability, and this was also the case in the fourth quarter. In the fourth quarter, the Group’s net sales rose 8% year-on-year, and amounted to SEK 76.6 billion with an operating margin of 4.0% adjusted for restructuring charges and the write-down of Volvo Rents. The seasonally good operating cash flow of SEK 10.3 billion in our Industrial Operations contributed to the strengthening of our financial position," said Olof Persson, President and CEO.

 

 

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