Segment overview

Net sales by business area
  Fourth quarter
SEK M 2011 2010
Trucks 57,291 48,041
Construction Equipment 16,750 14,657
Buses 6,680 5,602
Volvo Penta 1,948 2,031
Volvo Aero 1,871 1,850
Eliminations and other 248 (207)
Industrial operations 84,788 71,974
     
Customer Finance 2,321 1,951
Eliminations (602) (528)
Volvo Group 86,507 73,398
     

Operating income by business area
  Fourth quarter
SEK M 2011 2010
Trucks 4,906 3,490
Construction Equipment 1,649 1,758
Buses 295 221
Volvo Penta 94 73
Volvo Aero 151 282
Group functions and other (402) (404)
Industrial operations 6,693 5,420
     
Customer Finance 262 98
Volvo Group 6,955 5,518

Operating margin by business area
  Fourth quarter
% 2011 2010
Trucks 8.6 7.3
Construction Equipment 9.8 12.0
Buses 4.4 3.9
Volvo Penta 4.8 3.6
Volvo Aero 8.1 15.2
Industrial operations 7.9 7.5
Volvo Group 8.0 7.5