The improved demand was clearly visible in our truck operations, with order intake rising by 75% while deliveries increased by 41%. Order intake gradually increased from low levels in Europe and
The growth and profitability development of Construction Equipment was strong throughout the year with a gradual improvement in Europe and North America, and with a very good contribution from emerging markets, particularly
Buses' sales increased by 11% and the operating margin rose to 3.8%. The business area had a positive trend in profitability throughout the year despite relatively low volumes in the important markets of Europe and
Volvo Penta turned around with a profit of SEK 578 M and a margin of 6.6% despite continued weak demand for marine engines. With one of the industry’s broadest product ranges and a global network of service and distributors, Volvo Penta is strategically well-positioned to be an innovative partner to important boat builders. The industrial engine business had a good development and the aim is to further increase sales of industrial engines by breaking into new segments of the market.
Volvo Aero’s operating income rose to SEK 286 M despite a loss of SEK 538 M related to the divestment of the U.S.-based service business. Core operations developed strongly due to increased volumes, resulting in improved capacity utilization, improved productivity and lower costs. Volvo Aero remains well-established with participation in many interesting engine programs that will be entering production in coming years.
In our Customer Finance Operations profitability gradually improved as our customers' business activity increased, which in turn led to a more stable financial situation for them. As a consequence of the Volvo Group’s increased sales of new products, we also see that our credit portfolio is growing again.