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April 26, 2012 8:30 AM ET
Olof Persson – President and CEO
Christer Johansson – IR
Laura Lembke – Morgan Stanley
Nico Dil – JP Morgan
Frederic Stahl – UBS
Sébastien Gruter – Société Générale
Benjamin Maslen – Merrill Lynch
Ladies and gentlemen, welcome to the Volvo Report on First Three Months 2012. Today, I’m pleased to present, Olof Persson, CEO. (Operator Instructions) Afterwards there’ll be a question-and-answer session. Olof Persson, please begin.
Thank you very much and good morning and good afternoon to you all and welcome to the first quarter 2012 Volvo Group presentation. Follow me to Page #2 in the presentation and I think we can conclude that the first quarter for the Volvo Group can be summarized with a good momentum on sales side. We have increased our sales year-over-year to SEK 79 billion and that’s a 10% increase and we are posting a 7.9% operating margin.
I will come back to the group to track some CE a little bit more in detail. Just let me have a few minutes on the rest of the operations that we do have. And let me start in the bottom with Financial Services, where we can conclude that in the first quarter, we had a SEK 10.4 billion new financing which is very much in line with the growth of the sales. So we are constantly having around 25% penetration, which I think it’s a good and a balanced way of growing our customer financing.