1995 1996 1997 Net sales 171,511 156,060 183,625 Operating income before nonrecurring items, automotive operations 7,493 3,619 8,392 Net income 9,262 12,477 10,359 Income per share, SEK 20.20 26.90 22.90 Cash dividend, SEK per share 4.00 (1) 4.30 5.00 (2) Capital expenditures for property, plant and equipment 6,491 8,200 9,863 Research and development expenses 7,343 8,271 8,659 Number of employees, December 31 79,050 70,330 72,900 Plus one share of Swedish Match for each Volvo share held. Proposed by the Board of Directors. Unless otherwise stated, all amounts shown in the Annual Report are in millions of Swedish kronor (SEK M). Figures in prior years are adjusted to reflect the new Annual Accounts Act which is applied from January 1, 1997. Definitions of key ratios appear in Notes to the consolidated financial statements, Note 1.