During the second quarter of 2013, Volvo Group’s net sales decreased by 12% to SEK 72,756 M (82,943). Adjusted for both changes in exchange rates and acquired and divested units (primarily Volvo Aero) net sales decreased by 4%. Operating income amounted to SEK 3,262 M (7,709). For detailed information on the development, see separate sections below.Financial items
Net interest expense in the second quarter was SEK 611 M compared with an expense of SEK 668 M in the previous year. In the first quarter of 2013 net interest expense amounted to SEK 460 M.
Other financial income and expenses amounted to a positive SEK 229 M compared with a negative SEK 245 M in the second 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 positive in an amount of SEK 121 M compared to a negative SEK 180 M in the second quarter of 2012.Income taxes
The tax expense in the second quarter amounted to SEK 795 M (1,823).Income for the period and earnings per share
Income for the period amounted to SEK 2,086 M in the second quarter of 2013 compared with SEK 4,972 M in the second quarter of 2012.
Basic and diluted earnings per share in the second quarter amounted to SEK 0.99 compared to SEK 2.41 in the second quarter of 2012.