Net sales and operating income
During the first quarter of 2013, Volvo Group’s net sales decreased by 25% to SEK 58,344 M (77,803) and operating income amounted to SEK 482 M (6,240). For detailed information on the development, see separate sections below.
Net interest expense in the first quarter was SEK 460 M compared with an expense of SEK 690 M in the previous year. In the fourth quarter of 2012 net interest expense amounted to SEK 413 M.
Other financial income and expenses amounted to a negative SEK 123 M compared with a positive SEK 72 M in the first quarter of 2012. The change is primarily an effect of the market valuation of derivatives used to hedge cash flow and interest rate exposure being negative in a total amount of SEK 75 M compared to a positive SEK 139 M in the first quarter of 2012.
The tax expense in the first quarter amounted to SEK 147 M (1,497).
Income for the period and earnings per share
Income for the period amounted to a negative SEK 248 M in the first quarter of 2013 compared with a positive SEK 4,125 M in the first quarter of 2012.
Basic and diluted earnings per share in the first quarter amounted to a negative SEK 0.15 compared to basic earnings per share of a positive SEK 2.00 and diluted earnings per share of SEK 1.99 in the first quarter of 2012.