During 2010, the Volvo Group grew at a good pace with increased sales in all regions, improved profitability and good cash flow. After having reported a substantial loss in 2009 when the global financial crisis hit hard and we were forced into considerable rationalizations, it is pleasing to note that recovery in growth and profitability has been swift.
The Group’s sales of SEK 265 billion during 2010 represented an increase of 21% compared with the preceding year. Demand for the Group’s products recovered strongly in essentially all markets. Demand continued to rise from already high levels in emerging markets, while in our mature markets, with the exception of