Volvo Construction Equipment’s operating income for the fourth quarter of 2014 will be negatively impacted by approximately SEK 650 M from a provision for expected credit losses in China. The provision will have limited impact on the Volvo Group’s cash flow and net financial debt in the fourth quarter 2014.
The Volvo Group has on November 20, 2014 received a Statement of objections from the European Commission, stating the Commission’s preliminary view that Volvo and other companies in the truck industry may have breached EU antitrust rules. The Statement of objections does not prejudice the final outcome of the Commission proceedings. Volvo is now evaluating the implications of the Statement of objections.
Together with the UN agency UNIDO, USAID, and the OCP Foundation, the Volvo Group is starting a vocational training school for mechanics in Morocco. The school will be conducted in collaboration with local authorities and will train 150 students from Morocco, the Ivory Coast and Senegal every year.