Adjusted operating profit was SEK 21.732 billion (prior year: 13.745 billion), with an adjusted operating margin of 15.4% (previous year: 11.6%). Adjusted operating profit excludes the SEK 1.270 billion charge for the previously announced restructuring of Nova Buses and the negative impact of a SEK 6.0 billion charge related to claims arising from the European Commission’s 2016 antitrust settlement agreement.

Reported operating profit of SEK 14.462 billion (prior year: 13.745 billion); the positive impact of exchange rate fluctuations on operating profit of SEK 817 million; earnings per share SEK 5.30 (previous year: 5.14); cash flow from operating activities in Industrial Operations of SEK 12.553 billion (previous year: 7.199 billion); 30.2% (26.8% in the same period last year).

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According to the report, Volvo Group’s net sales for 2022 reached SEK 473.5 billion, an increase of 27 percent year-on-year. In the fourth quarter of 2022, net sales amounted to SEK 134.3 billion, an increase of 31 percent year-on-year.

Martin Lundstedt, president and CEO of the Volvo Group, said that the Group’s growth was strong in 2022, with good profitability and cash flow, IT House learned. Net sales for the year increased by more than SEK 100 billion, adjusted operating profit rose by SEK 50.5 billion and the adjusted operating margin was 10.7 percent.

The Volvo Group’s key financial figures for the fourth quarter and full year 2022 are as follows.

The fourth quarter of 2022

• Volvo Group’s net sales increased by 31 percent to SEK 134.3 billion in the fourth quarter of 2022 (compared to SEK 10.4 billion in the same period last year). Adjusted sales revenue increased by 17 percent due to currency fluctuations.
• Adjusted operating profit was SEK 12,171 million (10,060 million in the same period last year), with an adjusted operating margin of 9.1 percent (9.8 percent in the same period last year). Adjusted operating profit excludes a SEK 630 million claim related to the European Commission’s 2016 antitrust settlement decision.
• The reported operating profit was SEK 11,541 million (10,219 million in the same period last year).
• Exchange rate fluctuations had a positive impact on the operating profit of SEK 1,826 million.
• Earnings per share amounted to SEK 3.26 (3.93 in the same period last year).
• Cash flow from operating activities in the Industrial Operations segment amounted to SEK 18,918 million (year-ago period: SEK 23,579 million).

For the full year 2022

• Net sales for the year amounted to SEK 473.5 billion (year-ago period: 372.2 billion).
• Adjusted operating profit was SEK 50,467 million (SEK 41,015 million in the same period last year), with an adjusted operating margin of 10.7 percent (11.0 percent in the same period last year).
• Reported operating profit of SEK 45,712 million (SEK 43,074 million in the same period last year)
• Earnings per share were SEK 16.09 (16.12 in the same period last year).
• Cash flow from operating activities in the Industrial Operations segment amounted to SEK 35,327 million (SEK 29,440 million in the same period last year).
• The return on capital in the Industrial Operations segment was 27.4 percent (25.3 percent in the same period last year).
• The Board of Directors proposes a dividend of SEK 7.00 per ordinary share and an additional dividend of SEK 7.00 per share.

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