Industrial operations   Customer Finance   Eliminations   Volvo Group
SEK M   2012 2011   2012 2011   2012 2011   2012 2011
Net sales Note 6,7 296,031 303,589   9,783 8,883   (2,167) (2,104)   303,647 310,367
Cost of sales   (231,216) (233,097)   (6,036) (5,693)   2,167 2,104   (235,085) (236,685)
Gross income   64,815 70,492   3.747 3,190   0 0   68,562 73,682
                         
Research and development expenses Note 6 (14,794) (13,276)   0 0   0 0   (14,794) (13,276)
Selling expenses   (26,582) (25,181)   (1,666) (1,618)   0 0   (28,248) (26,799)
Administrative expenses   (5,639) (4,753)   (30) 0   0 0   (5,669) (4,753)
Other operating income and expenses Note 8 (1,600) (1,045)   (559) (603)   0 0   (2,160) (1,649)
Income from investments in associated companies Note 5,6 (23) (82)   0 0   0 0   (23) (81)
Income from other investments Note 5 (46) (225)   0 0   0 0   (47) (225)
Operating income   16,130 25,930   1,492 969   0 0   17,622 26,899
                         
Interest income and similar credits   510 644   0 0   0 (37)   510 608
Interest expenses and similar charges   (2,476) (2,912)   0 0   0 37   (2,476) (2,875)
Other financial income and expenses Note 9 (301) 297   0 0   0 0   (301) 297
Income after financial items   13,863 23,959   1,492 969   0 0   15,355 24,929
                         
Income taxes Note 10 (3,663) (6,490)   (434) (323)   0 0   (4,097) (6,814)
Income for the period*   10,200 17,496   1,058 646   0 0   11,258 18,115
                         
* Attributable to:                        
Equity holders of the parent company                     11,039 17,751
Minority interests Note 11                   219 364
                      11,258 18,115
                         
Basic earnings per share, SEK Note 19                   5.44 8.76
Diluted earnings per share, SEK Note 19                   5.44 8.75