• Net sales increased by 15% to SEK 60,172 M (52,253)
  
  
• Income for the period increased by 23% to SEK 3,998 M (3,248)
  
  
• Earnings per share rose by 24% to SEK 9.84 (7.93) before dilution
  
  
• Group operating margin improved to 9.0% (8.7)
  
  
• Operating cash flow, excluding Financial Services, amounted to a negative SEK 0.4 billion (neg: 1.3 billion)
  
  
• Acquisition of 13% of the shares in Nissan Diesel, with an option to acquire an additional 6%
  
  
• Strong demand for the new generation of trucks

As of January 1, 2005 AB Volvo complies with International Financial Reporting Standards (IFRS), previously known as IAS, as adopted by the European Union. In the comments on earnings, Volvo Financial Services is reported in accordance with the equity method. Financial information with Volvo Financial Services reported in accordance with the purchase method is provided in a separate section.