Industrial operations   Customer Finance   Eliminations   Volvo Group Total
SEK M   2011 2010   2011 2010   2011 2010   2011 2010
Net sales Note 6,7 303,589 257,375   8,883 9,031   (2,104) (1,658)   310,367 264,749
Cost of sales   (231,516) (197,480)   (5,693) (5,974)   2,104 1,658   (235,104) (201,797)
Gross income   72,073 59,895   3,190 3,057   0 0   75,263 62,952
                         
Research and development expenses Note 6 (13,276) (12,970)   0 0   0 0   (13,276) (12,970)
Selling expenses   (24,383) (22,649)   (1,618) (1,500)   0 0   (26,001) (24,149)
Administrative expenses   (7,105) (5,640)   (27) (25)   0 0   (7,132) (5,666)
Other operating income and expenses Note 8 (1,045) (659)   (603) (1,365)   0 0   (1,649) (2,023)
Income from investments in associated companies Note 5,6 (82) (86)   0 0   0 0   (81) (86)
Income from other investments Note 5 (225) (57)   0 0   0 0   (225) (58)
Operating income   25,957 17,834   942 167   0 0   26,899 18,000
                         
Interest income and similar credits   644 544   0 0   (37) (102)   608 442
Interest expenses and similar charges   (2,912) (3,244)   0 0   37 102   (2,875) (3,142)
Other financial income and expenses Note 9 297 213   0 0   0 0   297 213
Income after financial items   23,986 15,347   942 167   0 0   24,929 15,514
                         
Income taxes Note 10 (6,490) (4,168)   (323) (134)   0 0   (6,814) (4,302)
Income for the period*   17,496 11,179   619 32   0 0   18,115 11,212
                         
* Attributable to:                        
Equity holders of the parent company                     17,751 10,866
Minority interests Note 11                   364 346
                      18,115 11,212
                         
Basic earnings per share, SEK Note 19                   8.76 5.36
Diluted earnings per share, SEK Note 19                   8.75 5.36