Net sales at the Volvo Group fell by 9% to SEK272,622m (£25,743m in 2013). Operating income was SEK7,138m (£674m), down from SEK18,069m (£1,706m) in 2012. Operating income was negatively impacted by approximately SEK3.4bn (£321.06m) as a consequence of changes in currency exchange rates compared to the previous year.
“2013 was characterised by the most extensive product renewal in the history of the Group, with associated costs in manufacturing, sales, administration and research and development, as well as costs connected to restructuring primarily within the truck operations,” says the company.
“Since the streamlining towards commercial vehicles was initiated more than 10 years ago, the Volvo Group has grown into one of the world’s largest manufacturers of heavy-duty trucks, buses and construction equipment and is today also a leading manufacturer of heavy-duty diesel engines and marine and industrial engines.
“During this time, a number of acquisitions have been made, which have brought economies of scale and increased geographical reach.
Volvo Group has during this time also successfully established itself outside its historical markets of Europe and North America and gained a strong foothold in the growing markets of Eastern Europe, South America and Asia. During 2013, the markets outside of western Europe and North America accounted for 45% of the Group’s total sales, compared with 16% in 2000.”
