The Volvo Group has reached a settlement with the European Commission putting an end to a long-running EU antitrust investigation. As part of the settlement Volvo will pay a fine of EUR 670 M corresponding to SEK 6.3 bn. The amount is mainly covered by provisions made in 2014 and 2016, in total EUR 650 million (SEK 6.1 bn). An additional provision will have a negative impact of EUR 20 M (SEK 0.2 bn) on the operating income in the third quarter of 2016.
“In the second quarter we were able to continue the improvement of our underlying profitability despite declining sales, thanks to positive cost development. Sales decreased by 7% to SEK 78.9 billion. Despite this, the underlying operating income increased to SEK 6.1 billion, corresponding to an operating margin of 7.8%,” Martin Lundstedt, President and CEO.
AB Volvo hereby invites the media to a press conference on July 19, 2016 in conjunction with the release of the Volvo Group report for the second quarter 2016. The press conference will take place at Tändstickspalatset in Stockholm. The report is scheduled to be released at 7.20 a.m. CEST July 19.